Can I sell my property fast at market value?
Making a levelheaded decision when you’re under financial pressure is almost impossible. Yet, this is the choice UK homeowners have to make when trying to figure out the fastest route to sell their property at market value where possible.
In this article, we’re going to analyze the requirements for selling a home, options for selling property quickly, the best tips to sell even in a slow market, and offer advice on selling your home at 100% market value.
What is the process of selling property in the UK?
The first thing you should consider when selling your home is asking yourself if selling is really the way to go. The cost of moving homes is expensive, especially with stamp duty, which means you might save more by expanding or renovating your current residence instead of moving.
If you’re confident that you really want to sell your home, the next step is to ensure that all the required documents are in order.
What are the required documents for selling a home?
- Proof of identity, such as a driver’s license, country passport, and utility bill as evidence of where you live.
- TA10: This form shows what the buyer gets in the sale of the property fragmented on a room-by-room basis. It includes items like heating system, furniture, toiletries, bedding and furniture, among other items. Outdoor areas and fittings such as sheds, trees, and greenhouses are also included.
- Ensure you collect a copy of your property deeds from the solicitor or mortgage lender who facilitated the sale of your current home.
- TA6 (Property information form): the seller is required to fill this form with information such as occupiers, parking, environmental matters, disputes and complaints, services, boundaries, among other related issues.
- Copies of documents referenced in TA6 form such as FENSA certificates for window replacements and sign off from Building Regulations
- The Energy Performance Certificate should be included in the property sale to show the CO2 impact and energy use of the property.
- Management Information Pack obtained from the managing agent. This pack takes weeks to arrive, so order it once you’ve decided to sell.
- Leasehold properties require a copy of the lease, the same as shared freehold certificates for properties retaining a share of the freehold.
Once you have your documents, get your finances in order by following these steps
- Inform your mortgage lender that you’ve decided to sell your house.
- What’s your current mortgage bill and are there penalties for early redemption?
- How much is your house worth? After you pay your mortgage, what will be left?
- Do you want to sell your home yourself? There are several different options available right now. You could have an auction, use a traditional or online estate agent, or sell to a cash buyer. If you decide to use an agent, multiple agents will be your best bet if you’re looking to sell your home quickly, so you could register with an online agent and a local agent in a joint sole agreement to accelerate the process.
How do I sell my property fast?
- First impressions matter, so consider what a potential buyer would think when they pass by your house or drop in for a viewing. Take a proper look at your home exterior and list all the maintenance and changes you could make so it looks spectacular and appealing even from the roadside.
- Do a spring-cleaning to get rid of accumulated stuff around the house. Make it homely in an artistic way so that potential buyers see themselves already living there.
- Personality is always important because, even though you want your home to maintain the professionalism of a hotel room, it’s the personality you leave behind that sells the home.
- Replace bulky items of furniture with smaller ones so the rooms are spacious
- Paint the walls in a bright colour, grow some seasonal plants and flowers outside, and hire a cleaning service to revitalize your home by wiping every surface until it sparkles.
- The kitchen is the most important room in a home so update it by:
- Refacing kitchen cabinets
- Upgrading countertops
- Upgrading white goods and plumbing fixtures
- Invest in some air fresheners, air out the house, clear drains and other sources of bad smells, as this is one of the main turnoffs for prospective homebuyers.
- A major factor that determines how quickly your home will sell is pricing. This is an agonizing decision that homeowners stew over for a while in a bid to get full value for their property. To make this decision, consider the local market, and how good the property business is in your region. Get some estate agents to do valuations so you have an estimate of what it’s worth, and include a 5-10% increase because buyers will negotiate a discount. However, you don’t want your home sitting too long on the market, so your price must be competitive to attract serious offers.
- Timing is critical when selling your property. Ideally, you want to sell when demand is higher, so you sell faster for a great price. Spring is a great time to sell as the market is usually busy with buyers, especially families looking to move home at the end of the academic year. The weather is good, natural lighting highlights your home, and your garden blooms to compliment your home.
- Consult your own lawyer to start the conveyancing early to ensure that once you secure a buyer, the transfer of property and financial paperwork is smooth and fast.
- You’re the best person to market your home, so make the most of the viewings to showcase the best features of your house which will encourage viewers to make the purchase.
- List your home on major property portals like Rightmove, PrimeLocation, and Zoopla.
- Spread the word using posters, handbills, ‘for sale boards,’ and adverts.
- Choose a buyer that is chain free and has the money in place. If they are using a mortgage lender, ensure the money is already in place to avoid a situation where you accept an offer only for it to fall apart at the last minute because they weren’t able to secure a loan.
What is the best price I can sell an auction?
One method to sell your house fast is to organize an auction. The important figure to have in mind is the reserve price, which is the lowest selling price of the property. During the bidding, the price might go higher or lower depending on a number of factors. An auctioneer will help you sell your home if you agree to a reserve price of 85% of market value, or more if the property is in a highbrow area that is hot on the property market. While an auction sale is a feasible option, it doesn’t provide the flexibility of a quick house sale company who can combines the sale of the current property with the purchase of the next.
Should I use a quick house sale company to sell my home?
Quick sale companies possess the financial capacity to buy your home fast for cash, either by buying your house directly or linking you up with a third party. Some of the benefits include:
- Acquire funds to wipe your debt, prevent repossession, and sort all financial problems
- Sell inherited house
- Accelerated relocation for job, emigration, divorce, breakup, age, or health issues.
- A new option if the house doesn’t sell with an estate agent.
The decision to sell with a quick house sale company lies with you. What are your priorities now, and have you exhausted other alternatives?
Can I sell my home fast at full market value?
Several companies online advertise that they will pay 100% market value for your home in cash. The truth is that 99.9% of property cash buyers will only pay 70-85% of the real value of the home. The fact that you want a quick cash sale means that you’re in dire need of money, and this entails a discount far below the market value of the property. However, when you consider the cost of an estate agent, whose fees could rise to as much as £6,000 depending on the valuation and agreed commission, solicitor fees, EPC, and conveyance, among other expenses you incur when selling your home, a property cash buyer is a cheaper, more efficient option.
How does the process work?
Enter your postcode and a representative calls with an approximate offer based on the details you provided via a phone call. They access factors such as the area where the home is located and prices of other property in the area. You receive an offer within 24 hours and if you agree to the offer, an independent solicitor is appointed for you (the merchant covers the cost), or you can bring in your own solicitor. An independent RICS surveyor pays you a visit to value your home (free) and after the survey, you receive an adjusted final cash offer within 24 hours based on the RICS report. The solicitor draws up all the paperwork and after a brief period (usually between 7-21 days for a reputable company), there is money in your account and the hassle-free process is complete.