While it is fair to say that the economic climate has eased since the height of the great recession, there are still challenges facing home-owners in the UK. This is reflected by the fact that although the Council of Mortgage Lenders reported that the rate of home repossessions fell by 26% in 2014, there were still a relatively high total of 21,000 foreclosures over this 12 month period. This explains the continued popularity of the quick house sale market, which offers a rapid, simple and efficient solution to financial difficulty.
Changes in prices vs pre-crunch peak.
The Basics: How does the quick house sale market work?
So how exactly does this market work? In basic terms, firms such as Open Property Group will assist in selling your property quickly whether it’s a commercial, residential, buy-to-let or short lease property, while also handling all conveyancing fees and enabling you to recoup as much for your home as possible.
The process is initiated by home-owners or landlords, who may have incurred financial difficulties that make it difficult to repay their mortgage. Alternatively, they may simply wish to offload this asset as quickly as possible in order to avoid negative equity or create some much needed capital.
Regardless of the precise motivation, however, the home-owner in question will contact their chosen service provider and arrange a valuation. A specialist will then attend your home and determine value based on area, the condition of the property and the prevailing market conditions.
They will then make an offer that you must consider, and once accepted the firm will handle all legal and conveyancing tasks before aiming to complete the deal in seven days. The purchase is made in cash too, offering instant financial relief and flexibility to clients.
The hidden factors that demand your consideration
Before you make a commitment, however, there is one more important factor to consider. While quick house sale firms usually arrive at a fair valuation that is in line with the real-time market, their offer is likely to be lower than this.
The reason for this is that such firms usually improve their properties prior to selling them for a profit, so they look optimise the resale value of homes and increase their margin wherever possible.
While this may not be ideal, this offer is more than compensated by the speed of the transaction, a reduction in fees and the convenience of a lump sum, cash payment. It is also worth noting that the current value of the property market has been inflated by a lack of housing supply, meaning that while the offer you receive may be below the current standard there remain considerable opportunities to make good money.