Online estate agents are becoming more popular with home sellers. But they may not be right for you, particularly if you are looking to sell your home quickly and avoid costly fees. Here we take a look at how our service compares with one of the largest online agents, Purple Bricks.
How much does each service cost?
We are completely free. There is no charge to use our service, no estate agent’s commission to pay and we will instruct and pay for solicitors.
Purple Bricks costs £999, or £1,499 for those in London. This is cheaper than a traditional high street agent, but must be paid whether you sell your home or not. You will also have to pay solicitor’s fees on top of this.
Who will get the best price for your home?
We are open and honest about the fact we’ll pay slightly under the market value of your home. This price will always remain confidential. But the reduction is often offset by the fact you save on the costs mentioned above and your mortgage payments will quickly stop.
Purple Bricks 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 some cases the price will need to be reduced to attract a buyer.
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, but we will always agree on a completion date that suits you.
Working with Purple Bricks, the time it takes to sell your home will depend on the market. Typically an estate agent will complete a sale in around six months, if the market is moving slowly it could take considerably longer
Which service is less hassle for you?
When we buy your home we aim to reduce your stress by taking on a lot of the administrative tasks. We arrange valuations to confirm the offer we make over the phone and manage the conveyancing process. We’ll be there with you through every step of the sale and are used to dealing with challenging home-selling situations such as divorce and inheritance.
What’s more, because you are selling directly to us, there are no home viewings to arrange. If you sell your home through Purple Bricks and do not want to pay extra, you will have to conduct the viewings yourself. You will also be responsible for instructing and liaising with solicitors.
Does your home have to be in good condition?
We will buy a home in any condition. You can also list your home with Purple Bricks, regardless of what state it is in, but there is no guarantee you’ll 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 safety regulations.
How likely is a sale to fall through?
Once we have agreed a final price with you 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. With us you know exactly what funds will be in your account on completion and exactly when completion will be.
When you sell your home on the open market through an agent such as Purple Bricks, 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.
Can you stay in your home once it’s sold?
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. What’s more, we can give you a cash advance before the sale has completed. This gives you a little extra breathing space, both practically and financially, to prepare for your next move.
Purple Bricks does not provide either of these services.
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. Purple Bricks is a member of the National Association of Estate Agents (NAEA) and registered with the TPO.
|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|
Deciding who to work with
Choosing how to sell your home 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 house 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 online estate agent like Purple Bricks could be worth considering.
If you’re not sure, we’d be happy to chat to you about the service we offer so please get in touch.