| Do you need to sell your house quickly? This is | | | | made on your property, however, you should |
| Part 2 of a series of articles designed to help | | | | expect the paperwork and money transfers to |
| inform you about the many options available to | | | | have been completed within anywhere from six |
| you to help you sell your house fast. Read on and | | | | to twelve weeks. |
| find out about the amazing options you have to | | | | What are the costs involved? |
| speed up the sale of YOUR property. | | | | You should take into account: |
| SELLING YOUR HOUSE THROUGH AN ESTATE | | | | - Estate agent's fee (usually 1% - 4% of your |
| AGENT | | | | home's final selling price). For example if your |
| Why would you sell your property through an | | | | home sells for £120,000, you would have to pay |
| estate agent? | | | | the estate agent between £1,200 and £4,800. |
| This is, of course, the immediate choice for most | | | | - Legal fees (usually several hundred pounds) |
| of us when it comes to selling our house. | | | | - HIP (Home Information Pack), which may cost |
| There are indeed many advantages associated | | | | £300 or more |
| with selling your property through a professional | | | | What are the disadvantages of selling your |
| estate agent, including: | | | | property through an estate agent? |
| - Their knowledge of the property market | | | | - There are no guarantees about how quickly |
| - Their ability to co-ordinate all relevant activities | | | | your property will sell. |
| - They will have access to hundreds of potential | | | | - Potentially poor service from your estate agent |
| buyers for your property nationwide, some of | | | | means your home cannot be sold quickly. They |
| whom might be looking for a house just like yours | | | | may lose interest in lower value properties, or |
| How to select an estate agent | | | | ones that are difficult to sell. |
| If you are considering using an estate agent to | | | | - An agency might try to get your business |
| sell your home, be sure to shop around. Whose | | | | initially by valuing your property too highly, and |
| brand is prolific in your area? Whose selection of | | | | then encourage you to lower the price when it |
| properties matches the price range of your | | | | does not sell. |
| house? Who publishes regular, eye-catching | | | | - There are no guarantees about the price your |
| advertisements in your local press? | | | | property will sell for. At the time of writing, UK |
| Which agreement should I choose? | | | | properties were on average achieving 92.9% of |
| - Percentage or fixed fee? - If you have selected | | | | their asking price. This means that if you wanted |
| a shortlist of agencies who are offering various | | | | £120,000 for your house, you might only expect |
| terms, you will need to do your sums to find out | | | | to get £111,480 - before paying the agent their |
| which is the best agreement for you. It may be | | | | commission. |
| that if you are selling a more expensive property, | | | | - You could be tied into using solely one agency's |
| you may pay less on a fixed fee arrangement. | | | | services, meaning your selling strategy is not |
| - Sole selling rights - under this agreement, only | | | | flexible |
| the estate agent has the right to sell your | | | | - High fees could eat into your profit |
| property. Even if you manage to sell it yourself, | | | | - You will need to keep your property presentable |
| you will still have to pay the agency's fees. | | | | whilst it is being marketed, and cope with people |
| - Sole agency -you are not permitted to hire the | | | | coming into your home for viewings, possibly over |
| services of any other agency, but you can try | | | | a long period of time. |
| and sell your property yourself, too. A sole | | | | - You may need to spend some money to make |
| agency agreement should be agreed for a specific | | | | your property saleable |
| period of time. | | | | - Buyers may be part of a "chain", making your |
| - Multiple agency - If you appoint two or more | | | | sale more risky and certainly slower. |
| estate agents on a 'multi listing' basis, only the | | | | - Your sale will probably not be confidential |
| estate agent who sells the property will be | | | | As with everything, there are pros and cons with |
| entitled to the commission. The rate of | | | | selling your house through an estate agent. |
| commission is usually higher than for a sole | | | | If you don't need to sell your house quickly and |
| agency. | | | | you have time to wait, then selling your property |
| - Ready, willing and able - always beware of | | | | on the open market, possibly through an estate |
| signing up to this agreement which states that if | | | | agent, would most likely get you the best price. |
| the agency finds you a buyer, you must pay their | | | | But if you really do need a fast house sale, listing |
| fees, regardless of whether the sale goes through | | | | your property with an estate agent is probably |
| or not. | | | | not the way to go. But don't despair - there are |
| How long does the selling process take? | | | | other options available to you. |
| Dependent on your property and the housing | | | | Next time, we'll look at BMV - Below Market |
| market in general, it can take up to a year for a | | | | Value. |
| house sale to go through. Once an offer has been | | | | |