We have recently been made aware that some quick house sale companies have started asking for money upfront from the seller.  We don NOT do this. This seems to be a new practice and not one we’ve come across before. The advice we have given is that we would recommend checking the paperwork and asking where this money is going. We wouldn’t want to suggest that companies who use this method are unscrupulous but you don’t want to find yourself out of pocket.

In most cases (that we have heard about) the company asks for £2000 at the start of the process. This money is probably used to help finance the purchase and in most cases will be a legitimate request but be careful and make sure the paperwork states that this money have changed hands.

Let me start by saying, no we do not offer this service. The boom for sell and rent backs started some time ago and recently the government stepped it to control this scheme. This action could not come early enough. While there are some reputable sell and rent back companies out there (and we can recommend some if needed), so many are not reputable at all. I have heard many horror stories from many of the people I work with. The consistent messages are: the company made an offer for the house and dropped it on the day of completion and the company said the rent would be £XX and then they put it up by 50% almost immediately.

 At quick house sale we refuse to act with questionable morals and insist on transparency throughout the whole process. We are here to help and all advice we offer is free of charge. If you are in any doubt about the people offering to buy your house and let you rent it back, give us a call.

Why using a Quick House Sale company can make the most sense:

Standard property sale

• Decorate the property for sale
• Instruct an agent (usually based on the best (but not always the most accurate) valuation.
• Find a conveyancer
• Wait for the phone to ring
• Get the property ready for every viewing
• Hope for an offer (which could be 15% under the asking price
• Attempt to agree a price
• Hope the surveyor gives the right value
• Hope the buyer gets finance
• Complete the sale at a buyer agreed date
• Pay agent (£1,500) pay solicitor (£1000) Pay mortgage while waiting for a buyer (£3,000 +)

Quick House Sale

• Call us
• Meet the team
• Accept the price
• Complete the sale
• No fees no agent no solicitor to pay

Its been another hectic week and quick house sale Leeds, we have agreed more purchases in the Leeds and Bradford area as well as making a sale on a renovated property.

At quick house sale we have years of experience in the property market and working with all types of property in all kinds of conditions. This means we have worked with many different builders, plumbers and electricians and we have some good relationships with local tradesmen. We are always looking to help people make a property sale either privately or through an agent. Quite often to get the most for your property you will need to complete the jobs you always put off. If you find yourself in this situation and would like us to make recommendations on the works you should complete and who would be best to do it give us a call.

A recent purchase and refurb for us was a property on Ashbourne Mount (near Peel Park). The property has recently been fully refurbished and is now available to buy, to rent or for a tenant buyer. More pictures will be available soon. If you’re interested in this property please contact us on the number above or speak to Robert Watts at their Highfield road office.

Growth in Cash Buyers in Housing Market

There has been a substantial increase in the amount of cash purchasers within the housing market, with nearly 40% of house buyers not requiring a home loan for the property purchase, statistics from The month of January this year display. It is a doubling of the proportion since 2005 and it is possibly more of an expression of the lack of mortgage financing accessible.

In a few regions of Greater London, the percentage of cash purchasers is even greater at 80%. Purchasers are usually more mature people who find themselves downsizing, divorcees having a monetary pay off and foreign buyers.

What is a delayed purchase?

A delayed purchase is what we call lease option purchase agreement. We use this term because we believe it is more understandable. The fundamental principal of a lease option purchase agreement is that the seller agrees to lease the property to the buyer for a number of years and at the close of that agreement or any time during the agreement the buyer can purchase the property for the price agreed and the start of the agreement. Here’s an example of a recent agreement we did. The property was on the market for £99,500, The seller had a mortgage of £50,000 and was moving abroad. We offered the seller £90,000 and agreed a £5,000 deposit and agreed the option would last for 5 years. The £5,000 was paid to the seller upfront and during the 5 year lease we will have total responsibility for the property and its expenditure, we pay the mortgage (which would remain if in the seller’s name) and all maintenance. Once we decide to utilize the purchase agreement, we will complete the sale and provide the seller with the remaining funds (so he would receive the balance £94,500) on purchase completion.

Why is good for me (the seller)?

A delayed purchase means you are more likely to receive a higher offer for your property. As a buyer we will generally offer between 20 – 30% below market value for an immediate purchase however, for a delayed purchase this is more likely to be between 0 – 15% below market value. That means you could possibly get a full current value offer.

Who is this type of sale good for?

This type of sales only works if the seller doesn’t need all of the equity tied in the property. If you want a property off your hands because no longer want the expenditure and hassle but you can wait for the equity this is a great option for you.

As mentioned above it is essential that you agree an asking price for your property with your estate agent. If you require a quick house sale this price needs careful consideration, having the price too low or too high will prevent you achieving the most for your property in the fastest time. With this in mind it is important that you do your own research prior to the agent visit. The importance of this information is even greater if you intend to sell your house privatly.

I have seen many websites and articles offering very general advice to help people accurately value their property. I am therefore going to be much more specific on the subject and offer simple easy to follow guidelines.

The first step is use a property sale website (which ever one you prefer) and search for property within half a mile of yours with the exact same or very similar details to your own. At this point it is important that you filter the list to show the lowest priced property first. This is what a buyer will see so it is important that you honestly compare your property to the ones available.

Next use a website that shows recent property sales. If you look carefully you’ll notice that most property sales websites have a page displaying recent sales. Alternatively The Land Registry website or a site called “our propertry” will have recent property sales in your area. Compare the sales data available and consider that this data shows the prices people are actually paying for property in your area and not the prices sellers are asking. Armed with this information the pricing decision is now yours.

Most companies who offer a quick house sale will make an offer below the open market value (BMV). This will usually range from as low as 50% and usually up to around 80%. At first glance these figures may seem relatively low however it’s worth considering some of the financial benefits of  using a quick house sale company. If you choose to sell your property privately it will be sold very quickly and you will therefore avoid any more mortgage payments. You will also avoid expensive agents and solicitors fees. Another point of interest is that on the open market any buyer will want to negotiate and therefore it is unlikely you would achieve market value after waiting so long to make the sale. Perhaps other than financial benefits one of the largest benefits is avoiding the stress of the open market. When you use the open market to sell you will need to find an agent, you will need to keep your property in a fit state to have strangers wandering round looking through your rooms and cupboards and you will generally have to wait months to achieve a sale much lower than your asking price. You will also often find yourself in a chain and one break could result in your sale falling through. With a private sale you avoid all the hassle of the open market and unlock the cash tired in your home straight away.