There may be many reasons why a property owner needs to make a quick sale. Whether you’re relocating for work or in need of a cash injection to support a new business venture, there are ways to speed up the process of finding a buyer and avoiding the UK’s lengthy property sale process.
According to research by Zoopla, it takes an average of 50 days to find a buyer and almost half of all sales fall through. Add to this an average of 11 weeks to move from an accepted offer to completion and it’s understandable why people in a hurry are keen to find ways to circumnavigate the system.
What Factors Impact How Quickly a House Sells?
Asking Price. The factor that has the most impact on how quickly a property sells is the asking price. Homeowners who set an inflated price and subsequently reduce it have to wait a lot longer to find a buyer than those who ask for a realistic fee at the outset.
The Market. Some factors are out of the control of the vendor. The current property market — which is impacted by political and economic factors — will impact whether buyers or sellers have the upper hand.
Your Solicitor. It may surprise and shock some vendors to learn that the quality of the solicitor chosen is a major factor in how quickly a house sells. Solicitors are not all created equal and a tired, overworked or under-qualified legal representative can set the sales process back significantly.
Location. Another factor that is out of the vendor’s control. There are vast differences in the rate of sale between regions and cities. Properties in Scotland move faster than anywhere else in the UK.
Other factors that may play a part in how long it takes to secure an offer and complete on the property include the buyer’s position, the length of the property chain, the condition of the property — even the time of year!
How Can I Speed up the House Selling Process?
Setting a Lower Asking Price. By asking for a lower price than is being demanded for similar properties on the market, sellers can generate immediate interest and potentially spark a bidding war that will boost the final sale price beyond that asked for competing properties. Accepting a lower offer from a housing buying service may also be a shrewd move that will make less financial difference than you might expect. There are no estate agent fees to pay, no need to make expensive cosmetic repairs in a bid to make a sale and your mortgage payments will stop as soon as the sale is finalised, which can be as quick as seven days after the final offer is agreed.
Take Action. If you have no estate agent to rely on yet a quick sale is necessary, pro-activity is the answer. Commit all you have to make a sale happen. Put your social life on hold for a few weeks and accept every viewing that comes your way. Keep tabs on your solicitor to make sure they are pushing as hard as they can to keep things moving — a house won’t sell itself and all the hard work will pay off.
Choose Your Solicitor Carefully. Don’t just go for the cheapest option. Take some time to research and talk to several local solicitors. Are they qualified with a good amount of experience? Do they have specialist knowledge in conveyancing — and have you heard positive reviews of their service? Many solicitors will work on a “no move, no fee” basis, which can provide peace of mind.
Consider Using a House Buying Service. If you really need to sell your house fast (in less than eight weeks), a house buying service is the only option. It takes seconds to provide the information needed to get a cash offer. If you decide to proceed with the service, it’s quick and straightforward. There will be a valuation of the property and a final offer issued. Once a price is agreed, the funds can be in your account within seven days.
Prepare Your Property. If there are minor repairs such as leaking taps or dirty carpets, it’s worth taking the time to rectify these issues before viewings. Make sure the property looks it’s best for viewings. Tidy away clutter, take pets to a sitter and schedule appointments when the house looks it’s best.
How quickly can you sell a house? How long is a piece of string? Many factors impact the speed at which an offer is received and subsequently, how long it takes to complete. But there are some sure-fire ways to speed up the process if time is of the essence. A professional house buying service removes the hassle and time involved in the traditional process of selling a property.
At Home Buyer Bureau, we pride ourselves on our commitment to offering a transparent, fair and efficient service. It takes 60 seconds to complete our online enquiry form. You’ll then receive a call from one of our friendly team of experts who will make a cash offer for your property. Why not get started today?