Gone are the days where in order to sell your property you simply had to pop into your local estate agent’s branch to pop it on to the market and wait for a buyer.
Thanks to the internet there are now more ways than ever to sell an unwanted property or move to your next home.
So if you decide not to use your local agent, what are your options? We look at some of the most popular.
Usually popular for properties with an ‘issue’ such as structural problems or a short lease, auctions are increasingly being used for more standard property where the seller would like a faster than normal sale.
Auctions are frequented by property investors and developers meaning the chance of bagging a cash buyer is much greater albeit at a more ‘realistic’ (lower) price.
You’ll still need to pay a fee on completion, usually around 2% plus VAT and there may be an entry fee, typically approximately £500.00.
Online Estate Agents
Online agents pitch that they offer all of the benefits of a ‘traditional’ agency without the high fee. What’s not to like there? However, while it’s true they offer great value for money, they do have some distinct differences to traditional agents.
For example, you’ll probably be expected to do all the viewings yourself unless you pay extra and you might have to pay upfront to get the best deal. If you choose to use online agents, be sure to check our online estate agent reviews to find the best one for you.
In recent years the ‘fast house sale’ sector has blossomed after a less than salubrious start (the OFT had to intervene). A Property Ombudsman Code of Practice and formation of a trade organisation, The NAPB has increased professionalism no end.
All companies work differently but most will offer a percentage of market value, usually around 80% and cover all fees, cutting out the expensive estate agent and lawyer. It won’t suit everyone but can work well for those seeking a fast, certain sale – many completions take place within a matter of a few days.
With omnipotent social media and sites such as eBay and Gumtree, many sellers have a go themselves to sell for the price of an ad rather than thousands to an agent. But you’ll need to be prepared to go it alone when it comes to negotiations and sale progression.
Many buyers still shy away from private sales due to a lack of portal advertising and the fear of fraud so you may not achieve the best price.
Whichever route you may take, don’t underestimate the importance of good legal advice so shop around for a good solicitor to get things through as quickly as possible.
Instruct them before you begin any marketing so they can begin the legal work early enough to prevent delaying the sale when a buyer is found.
And don’t sign anything until they have OK’d it – selling a home is a complex business and there are plenty of things that can trip the unwary.
For more tips like this, read our guide on how to sell your home for free.