You may need to sell your house quickly for any number of reasons. Perhaps you need to relocate quickly for a new job, you’re going through a divorce, you’ve inherited a property and don’t want the responsibility, or you’re simply moving house.
While selling a home typically takes 2-3 months, there are steps you can take to expedite the process.
Reasons to sell a house quickly
Why might you need to sell your property urgently? Here are some of the most common motivations:
- Relocation: If you have accepted a job in another part of the country, you’ll likely need to move straight away. Given standard house selling timeframes, you may be unable to wait 2-3 months. Selling rapidly allows you to relocate on schedule.
- Financial issues: Whether due to job loss, medical bills, or other unforeseen costs, you may need money quickly. Selling your home fast can give you the lump sum you need.
- Inheritance: If you’ve inherited a property but don’t plan to live there, you probably want to sell it promptly. This avoids extra paperwork and expenses.
- Relationship breakdown: Following a divorce or separation, couples often sell the shared home rapidly to finalise the split. This avoids further time living together.
No matter the reason, selling quickly lets you move on with your life plans without delay.
What is the quickest way to sell my house?
What is the fastest method if your goal is to sell up fast? There are a few options:
- Cash buying companies: Otherwise known as quick house buyers, these companies purchase properties directly from owners. This avoids waiting for a buyer to get a mortgage, making it one of the fastest-selling methods.
- Auction: With property auctions, a home sells in a matter of days. However, once you set a reserve price, you are not guaranteed to get your asking price.
- Online estate agents: Also known as hybrid agents, online agents have lower fees than high street agents. They are still listed on property portals but mainly communicate via phone, email, and software. This can accelerate sales.
Out of these, cash home buyers offer the fastest completions.
Pros and cons of using a cash home buyer
Selling your home to an all-cash house buyer has numerous advantages:
- Speed: The primary benefit is the rapid sale. Cash-buying firms can complete in as little as 7-28 days, while the traditional process takes 8-12 weeks. This accelerated schedule is perfect when you need to sell urgently.
- Certainty: With a cash buyer, the sale is not dependent on a buyer securing financing from a bank. There is a guaranteed purchase, which reduces the chances of delays or the sale falling through.
- Flexibility: Many cash home buyers are flexible on property conditions, allowing sales in any state. Whether your home needs repairs or is unmortgageable, these companies can still make an offer.
- Convenience: The streamlined process with a direct buyer saves you time and hassle. You skip staging, open houses, buyer negotiations and more.
- No chain: With no onward property purchase, cash investors have no linked property sales that could collapse and jeopardise your competition.
However, there are also potential drawbacks:
- Below market price: Investors typically make offers under market value to buy fast with cash and profit on resale. However, prices still reflect property conditions and location.
- Costs: Although fees are lower without an estate agent, legal and moving expenses will apply. Factor these into any offer you receive.
- Limited time: Reputable cash home buyers give reasonable timeframes to complete. But unreasonable deadlines could cause stress.
A cash house buyer lets you sell your property quickly, reducing delays, uncertainty and stress during an already difficult period. However, consider the price offered to avoid accepting an unreasonably low valuation simply out of urgency.
What to look out for with cash home buyers
If you decide to sell your home rapidly to an all-cash investor, there are certain things to keep in mind:
- Check reviews: Research companies before selecting one to sell your property. Check online reviews and testimonials to gauge responsiveness, transparency, pricing and timeframe. Legitimate buyers have a strong reputation.
- Compare offers: Reaching out to multiple cash home-buying firms allows you to compare deals. Consider prices offered, fees charged and expected completion dates when assessing offers.
- Use a legal advisor: Use a solicitor even with a fast sale. They can review the purchase contract for any terms detrimental to you before you commit legally.
- Beware of pressure selling. Avoid buyers who press you into making overly quick decisions or timeframes. Reasonable companies allow proper consideration of offers.
- Ask questions: If you have any uncertainties about the buyer, process or contract terms, keep asking questions. Professional buyers will gladly provide clarity.
The right cash home buyer makes selling your home quick, simple, and stress-free. However, skipping due diligence can lead to legal issues or sales at undervalued prices. Use a legal professional to protect your interests, even during a rapid sale.
How to prepare your house for a fast sale
Once you’ve selected a cash home buyer, you must prepare your property for the accelerated sales process. Follow these tips when readying your home for a speedy completion:
- Declutter thoroughly: Clean the entire house and remove all clutter, especially in crucial areas like kitchens, bathrooms, and entranceways. Pack away personal items and minimise furniture to make rooms appear larger. This showcases your property at its best.
- Take care of minor repairs: Although cash buyers purchase as-is, handling minor fixes still adds appeal. Fill holes in walls, fix leaky taps, replace cracked tiles and touch up paint jobs. Spot cleaning carpets also keep your home looking its best.
- Get professional cleaners: Hiring professional cleaners ensures your property shines. Ask them to thoroughly clean the kitchen, bathrooms, walls, floors and windows so everything sparkles. This dramatically enhances first impressions.
- Maintain the garden: Kerb appeal matters, even when selling to a cash investor who will likely renovate before reselling. Mow the lawn, weed flower beds, sweep paths and trim hedgerows to keep the garden neat.
- Organise paperwork: Gather important documents like proof of ownership, instruction manuals, certificates, warranties and recent utility bills. This speeds along fact-finding and conveyancing.
- Vacate early: To hand over the keys immediately after exchanging contracts, start moving non-essentials to your new home gradually. This also makes pre-completion visits easier for developers.
- Keep communicating: Provide updates to the buyer on your moving plans and preparation progress. This helps align both parties for a smooth completion. Reply promptly to queries, too.
Preparing your home correctly allows cash buyers to assess property conditions from the start accurately, makes conveyancing faster and keeps the sales timeline on track.
What happens on completion day?
Once contracts have been signed and a completion date agreed, what can you expect on the big day? Here are a few common key steps:
- Final walkthrough: On the morning of completion, the buyer may perform one last inspection to ensure that you’ve moved out and the property is in the expected condition.
- Keys handover: You must hand over all keys to the buyer, including those for outbuildings, garages, and gates. Ensure copies are all labelled clearly.
- Meter readings: Take final meter readings for gas, electricity and water and pass these along to the buyer.
- Solicitor confirmation: Your solicitor will confirm once funds are received. Only after this point are you required to hand over the keys and vacate the property.
- Completion statement: Your legal representative will supply a completion statement outlining all costs deducted like legal and moving fees.
- Handover: Once your solicitor gives the go-ahead, you can hand over the keys, and the new owners can begin renovations and prepare for resale.
If you want more information about selling your house urgently, get in touch with us today.
