Estate agents are the first port of call for most people selling a home, but they are not right for everybody particularly if you are seeking a quick, hassle-free sale. Here we compare the pros and cons of our service and the service you’ll get working with a typical estate agent.
What fees are charged?
Estate agents’ fees are one of the biggest costs of moving home. They usually range between 1% and 3% of the total sale price of your property. For example, if your home costs £200,000 and the estate agent charges 2% commission, that equals £4,000.
Our service is completely free to use, we also instruct and pay for solicitors and valuations. If you use an estate agent you are likely to have to cover the cost of conveyancing carried out by a solicitor, this can amount to several thousand pounds.
How long does it take to sell a home?
We can buy your home in as little as seven days, which means you will quickly have funds in your bank account and your mortgage payments will stop. Typically the entire process takes between 14 and 21 days, and we will always agree on a completion date that suits you.
Working with an estate agent it is likely to take around six months from the moment you put your home on the market to completion. This can vary depending on the market at the time, if it is slow moving it could take considerably longer.
Who will get you the best price for your home?
We are open and honest about the fact we will pay slightly under the market value of your home. This price will always remain confidential. The reduction is often offset by the fact there are no solicitor or estate agent costs and you will stop making mortgage payments quickly.
An estate agent is likely to put your home on the market for a higher asking price. In a buoyant market it may sell quickly for this price. But in many cases the price will need to be reduced to attract a buyer. Agents have also been known to tempt sellers with an unrealistically inflated price to get their business.
How likely is a sale to fall through?
Once we have agreed a final price with you – this happens once we have confirmed our phone offer with a free in-person valuation – we will not back out or change our offer. And because we always buy with our own cash funds we are never part of an unpredictable chain of transactions which so often fall through.
When you sell your home on the open market, a buyer can pull out or reduce their offer at any point up to exchange, without penalty. Mortgage companies can also change their mind about who they lend money to. If this happens anywhere in a chain, it will lead to a long delay and at worst a complete collapse of all the transactions involved. Around a quarter of home sales fall through each year.
Does your home have to be in good condition?
We will buy a home in any condition. Estate agents do not always take on homes in a poor state of repair, and if they do they can’t guarantee they will find a buyer.
What differentiates us from other home buying companies is that we will also buy homes with cladding issues. Many owners have been left with apartments that are difficult to sell on the open market, or have large repair bills, because their cladding does not meet fire regulations.
Can I get a cash advance?
If we buy your home we can arrange for a cash advance before completion to help you out of a difficult financial situation. An estate agent will not be able to do this.
In addition we can give you a licence to occupy. This means once you sell your home you are able to stay in it rent-free for an agreed period of time. We work with lots of people in stressful circumstances and this gives them a bit of breathing space to prepare for their next move.
Are they accredited?
We are members of the National Association of Property Buyers (NAPB). All members of the NAPB must follow a strict code of conduct which ensures they are completely transparent and honest throughout a transaction.
For example, our offers must fairly reflect the value of your home and we must do everything we can to meet your favoured sale dates.
We are also fully regulated by The Property Ombudsman (TPO), which means there is independent oversight of how we conduct ourselves. Estate agents are also overseen by the TPO. You should check any agent you do business with is registered with them and the National Association of Estate Agents (NAEA).
|Commission on sale||No||Yes|
|Sales in seven days||Yes||No|
|Part of chain||No||Yes|
|Licence to remain||Yes||No|
|Fixed completion date||Yes||No|
Choosing who to work with
Deciding whether to sell your home through an estate agent or to us is a big decision. It will depend on your circumstances and what you need from your home sale. So it is important to weigh up all the points we’ve mentioned above.
In short, if you want a quick sale that is as stress free as possible, we are a good option; if you have time on your hands and are not under pressure to sell, an estate agent may be better.
If you’re not sure, we’d be happy to chat to you about the service we offer so please get in touch.