| Quick Sale of house Offers - Getting the best offer you can. Curious about how much you're likely to get offered for your property? How it compares with the current value? Or are you expecting close to the full market value for your house? |
It's important to understand how the numbers work so you don't unwittingly throw the baby out with the bathwater. It's one thing to recognise selling to a buying company might not work for you. Quite another to miss an opportunity which could leave you better off either financially or in some other way.
Of all the pages on our site covering quick sale schemes this is one of the most important. Reading it will stand you in good stead for finding the best solution for you.
Why it's in your interest to understand the offer
We've only once come across a house seller seeking a quick sale of house solution from a professional firm for the second time. This means potential clients are on unfamiliar ground.
We take time to explain the logic underpinning the quick sale of house arrangement. Effectively, how the numbers work. In turn this helps clients understand the thinking that goes into developing the offer. The vast majority of house sellers have no inkling of how these calculations are made. It can therefore come as quick a surprise to know the logic involved.
Logic of quick sale of house calculations
The typical house seller does a mental calculation based on their understanding of current value minus the offer price. It's their assessment of this figure that leads them to conclude whether the offer is fair or not.
Unfortunately this is not the full picture from our point of view since we have to decide whether the properties we buy are viable as long term investments or can be resold in the medium term.
By gaining some understanding you're in a better position to judge what's possible and what isn't. We always aim to reach terms which have a "felt fair" quality to them for both parties. In our view this is the best basis for a smooth sale.
Of course everyone wants the best price they can get for their property. But what if this leaves you without a sale? If you're over ambitious with regards to what you think you can achieve you may unwittingly scupper your sale.
There's obviously a happy medium to be found and that's what we aim to do when we agree a sale.
The importance of "affordability"
This type of solution will only work if you can afford it! A surprising number of people are unclear that there mortgage and secured loans must be paid off by the sale.
Although your first question might be how much will I get for a quick sale, our first question is more likely to be what do you have to pay off? We also find out what you're trying to achieve by getting a quick sale. At the end of the day the figures must work for you and us. If the figures are not going to enable your plans, you have to either stay put or change your plans!
Some situations are more conducive to the quick sale of house solution than others. Downsizing can generally work well, because the seller may need less capital for their next purchase. By contrast, moving up the housing ladder may preclude this type of solution - but not always. Many people who bought their council homes or who own family property have sufficient equity to utilise this kind if service.
Why is equity important? The vast majority companies offering quick sale of house solutions do not charge fees. However the discount required to make the sale work is generally paid out of equity rather than money in the bank.
In late 2010 the market for selling continues to slide. Prudent firms like us offering this type of service also have to factor in the risk associated with each purchase. A healthy discount today, may look very different in six months time.