SELL YOUR HOME IN SEVEN DAYS?
Fact and fiction about
an emerging new way to sell your property
If you are suffering the frustrations of trying
to move house then you may be tempted to contact
one of a new breed of property dealers boasting
instant purchase of your existing property and
a hassle free, no chain process.
No wonder many people now believe that it is
worth giving up a little of the value of their
home just to get all these problems out of the
way in one fell swoop. The process of moving
home remains one of the most stressful experiences
in modern life and little improvement is promised
by the introduction of homebuyer packs next
year. Buyers dropping out, chains breaking down
and even finding a buyer in the first place
are all a thing of the past once you have agreed
the deal with your homebuying company. Typically,
they have cash on hand, do not need to get a
mortgage and because their purchase of your
property is an investment and not a personal
decision, they will not change their mind.
So what’s the catch? Non really provided
that you take a little care in your choice of
homebuying company and you accept that you will
not get the very best price for your home. That
said, if you go down this route you immediately
become a cash buyer for your next home, so very
often you can get sufficient discount on your
new place to cover the loss on the sale.
Homebuying companies need to make a profit
of course. This means that the price at which
they are prepared to buy will be less than market
value, allowing them to sell your property at
their leisure and make a profit. And here’s
where it pays to shop around. Companies will
usually quote a percentage discount price and
figures vary considerably. Try to get over 80%
if you can, this still leaves the company with
a profit after their costs. Also, always get
an indication of what the percentage offer will
be before you part with any money. Companies
who will not give this information may have
something to hide, like a very low percentage
which would be totally unacceptable to you.
Usually, the company will ask you to make a
contribution towards the valuation of your property.
This is perfectly reasonable but you should
ask a few questions before agreeing to pay.
Firstly check that the valuer will be independent
of the company. If you are contributing then
the valuer should be working for you as well
as the company and he should be briefed to be
fair to both parties. Secondly, check that he
will be a Royal Institution of Chartered Surveyors
member, this will protect you from under valuation.
Thirdly, make sure that the valuation will be
both internal and external, the true value of
your home cannot be assessed by a “drive
by” valuation only. Finally, do not pay
more than you have to towards the valuation.
If a company asks you for more than £300
to £400 then they are probably making
a profit on the valuation and may not be interested
in buying your home at all.
UK Property Bank plc are the premier company
in the field and have a reputation for fast
friendly service, a straightforward and transparent
process and are known to quote consistently
around 80%, sometimes higher. Their highly approachable
staff are often available outside office hours
and have proved to be a pleasure to deal with,
this organisation should definitely be top of
your list for a quote on your property. They
can be contacted on 0800 694 9392.
So that’s it. A few simple questions
on first enquiry and a little shopping around
will soon give you a feel for where the best
deal is. This way you should get at least 80%
for your home and your outlay should be minimal.
Here’s a checklist to help you get the
best deal:
1. Shop around. There is more than one
company out there and even an extra 1% will
make a big difference to your pocket.
2. Get a percentage quote before you pay.
You should not be expected to pay towards a
valuation fee without knowing what percentage
you will receive.
3. Check the valuation procedure. Make
sure an independent valuation will be done,
that it will be internal and external, done
by an RICS member and that you will get a copy
yourself.
4. Don’t pay over the odds. A
full valuation should not cost more than £300
- £400.
5. Always try UK Property Bank LLP.
They will often provide a percentage quote by
telephone and have a reputation for high quotes,
fast service and a simple, transparent process.
Telephone 0800 694 9392 for an initial
chat.
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