3 Smartest Ways to Sell Your Home
3 Smartest Ways to Sell Your Home: Most owners prefer to sell their real estate through a private treaty with the help of a property broker. However, there are other lesser-known options, including home sales, that may suit homeowners. Here are the most preferred options in the UK.
Private treaty is the most common process for selling property in the UK. Sellers and their real estate agents advertise the property details along with the asking price. Potential buyers visit the home and submit an offer if they like it.
Once the home seller accepts the offer, both parties sign the contract. A contract is issued to the buyer and seller. But, they do the same exchange, and the deal is completed only when the buyer completes the home survey (inspection) and arranges the mortgage for him with the documents. A contract is legally binding once exchanged.
In some cases, landlords choose to accept sealed bids from several potential buyers during a specific time frame. After the deadline, the real estate agent reviews all received offers and sells the home to the highest bidder.
Auctions are always associated with banks and lenders. However, this process can also be used by homeowners who want to sell their homes quickly. There are many methods of auctioning.
Homes that are in poor condition, are rented out and are challenging to get into are sold by auction. Homes often sell quickly but in most cases below market value. But prices can often exceed the owner’s expectations if multiple bidders show interest and start a bidding war.
A property owner can set a minimum price and a guideline price for the home before starting the auction.
The auction house determines the rules regarding payment, auction fees and other conditions. After the hammer falls, the highest bidder is allowed to complete the purchase process. After exchange of contract both parties cannot transact. The fall of the hammer in an auction is considered a contract exchange. Often, buyers are asked to pay 10 percent of the property price during the auction itself. The remaining 90 percent must be paid within 28 days to complete the transaction. If the buyer fails to do so, the landlord can keep a 10 percent deposit.
Sell your property for fast cash
Many companies in the UK can sell homes quickly. These companies help property owners get cash quickly and complete transactions without waiting for weeks. Generally, these enterprises buy houses at below market value. Later, after making minor changes to the house, they sell it at a higher rate.
Quick cash companies are a great option for property owners who face repossession from their mortgage companies or want to get out of the property quickly for other reasons.
If you want to sell your home with fast selling companies like, it is advised that you check the real value of your property. Determine the minimum amount you want to accept.