Current economic conditions are compelling many people to sell their houses due to relocation or just to downsize. A lot of people want to sell as quickly as possible for immediate cash.
Selling your house is a big decision and you want to make sure you get the best possible deal. You have three options through which you can sell: an estate agency, a private sale, or a cash house buyer company.
Estate agencies are expert property sellers. They take away the stress involved in selling your property by handling all the details for you. They have more access to a network of buyers and listing services than a private individual.
If you need quick cash, remember that selling your home through an estate agent can be a long process. In a cold market, the entire process can take up to 180 days. You will also have to pay the agency a commission on the sale which usually amounts to around 5% of the total sale.
Some people choose to sell their houses themselves over the internet or through adverts in local papers. Selling your house privately may not be as easy as you think, especially if you are advertising for “buy my house for cash” buyers.
The advantage of a private sale is that you cut out the middle man, i.e., the agent. This will save you commission fees. If you are organised and have the time to market your property, schedule viewings, do follow-ups and so on you will save yourself lots of money.
There are several websites that you can list your property on for free, saving on advertising costs.
The disadvantages of selling your house privately include:
- Getting low offers in a stagnant market
- Dealing with delays due to buyers waiting for bank loans
- Having to pay for any additional charges or fees involved
- Hiring a solicitor to handle the sale
- Opening yourself up to property scams or fraud
House buying companies offer you an immediate cash sale. Reputable buy my house for cash house buying companies offer the following advantages:
- They work according to your timeline, even if it is urgent.
- You can sell your house “as is” without worrying about renovations or repairs.
- There are no added fees because they take care of additional charges, including legal fees.
- They work with established solicitors to get the paperwork moving quickly.
- There is no waiting for bank loans or mortgages to come through to pay you. You get cash quickly because it is a cash sale using the company’s private equity.
- The proceeds from the sale are usually transferred to your bank account within a week of completion of the sale.
The disadvantage to such companies is you are probably going to get significantly less for your house than you would selling by more traditional means.
To Sum Up
Selling your house can be an overwhelming prospect. How you choose to sell depends on your immediate needs. If you want a quick house sale with minimal hassle and fast cash, a buy my house for cash house buyer may be the perfect solution. Remember to look at all options before making a decision.
Disclaimer: MoneyMagpie is not a licensed financial advisor and therefore information found here including opinions, commentary, suggestions or strategies are for informational, entertainment or educational purposes only. This should not be considered as financial advice. Anyone thinking of investing should conduct their own due diligence.