Are you thinking of putting your house on the market? Are you struggling to find a buyer for your home? Perhaps you’re interested in finding a property to develop? An off-market sale could be a great option for you.
What Is an Off-Market Property?
Most people sell their homes via an estate agent that advertises the property locally and online. The alternative is to sell your property off-market. This means that it will not be advertised on the mainstream market — there will be no ads on property portals or in estate agents windows. Regular buyers will not be able to find any “for sale” adverts using traditional methods.
So how does an off-market property sell?
Properties that are not on the market are sold directly by the homeowner, who is typically seeking a fast or private sale for some reason. This could be due to illness, divorce or a death in the family, for example. There are many reasons why homeowners opt for a speedy sale that does not involve strangers traipsing through their home during viewings. If a property is being sold off-market, this doesn’t mean that there is a problem with it.
Is Selling Off-Market a Good Idea?
For buyers, off-market properties can represent a great opportunity to pick up a bargain that no-one else knows about. For sellers, selling off-market is a cost-effective option that helps them avoid the expenses that come with traditional sales such as estate agents’ fees, conveyancing fees and all the costs associated with maintaining a property during the lengthy wait for a buyer.
Selling off-market often results in a much faster sale, too. Some people choose to engage the services of an agent to find suitable buyers and manage offers, but the fastest way to secure a guaranteed sale is to use a house buying company. A reputable company with the funds to buy your property for cash can remove all the hassle and offer completion in as little as seven days after a formal offer is made.
If you own a rental property, most professionals would advise you to serve notice to end the tenancy before marketing the property. This allows you to clean and make any improvements necessary, but it also makes the sale process even longer than it already is via the traditional route. When selling off-market, details of the property can be circulated to interested parties immediately without giving notice to tenants — who only need to move out when the sale completes (if the buyer wants them to). This means no expensive void periods when the property is sitting empty and not earning any rental income.
If you’re after a quick sale because of difficulties with relationships or debt — details you’d rather keep out of the public arena — selling off-market is a much more private option than advertising on the open market.
What Are the Potential Pitfalls of Selling Off-Market?
Most off-market sales will result in a lower sale price than properties advertised in the traditional way. However, there are no estate agents or conveyancing fees to pay and, when selling to a house buying service, there’s no need to spend money on repairs and home improvements in a bid to secure a buyer. When these savings are taken into account, the difference between the amount you’ll walk away with from an off-market sale compared to a traditional sale is surprisingly little.
Unfortunately, there are unscrupulous companies that claim to be “genuine cash buyers” offering a “professional house buying service”. These companies may engage in unethical practices such as adding unexpected fees after an agreement is signed, reducing the offer price last minute and taking far longer to complete on a sale than promised.
At House Buyer Bureau we pride ourselves on offering an honest, transparent and fair service. We are one of just a handful of house buying companies to be recommended by The Advisory — an independent source of advice and support for house sellers. Our team of experts will work at your pace, without any pushy sales tactics. We follow best practice and do not engage in any of the methods highlighted as areas of concern by the Competition and Markets Authority (formerly the Office of Fair Trading) in its study of the quick house sale market. Find out what our customers say about us here.
If you need a quick house sale from a company you can trust, contact us for a free cash offer on your property today.