Selling Via An Estate Agent Vs Via A HomeBuying Company

Due to circumstances outside of people's control people often need to home sell quickly. Problems can often escalate quickly meaning an instant solution is required. When people find themselves in this situation it is hard to know where to turn. The typical stages of the house buying process can often take months and even then 1/3 sales end up incomplete. 

These are the 4 normal stages of the house buying process:

 

1. The Valuation: This purpose of this is to give the buyer an indication of the market vale of your home. This will normally take about a week or two to get booked in. 
2. The Survey: Surveys are normally carried out by qualified RICS Surveyors who will thoroughly inspect your home for any signs of current or potential problems like damp, dry rot, roofing issues, subsidence etc. Although the problems may be minor it is often the case that any perceived problems will be given by the potential buyer as a reason to withdraw from the sale or used to drive down the offer price. They justify this by explaining that they will need to spend money on fixing the problems. 
3. The Exchange: This is where contracts are exchanged.  Some potential buyers will put stringent conditions before exchange of contracts is done. For example, they may insist repair work is done before moving forward or  the sale price is reduced significantly. There will also be conditions in this contract about when you need to leave your property – this is normally 28 days after exchange. You will also need to pay your solicitors deposit at this stage. 
4. The Completion: After exchange of contracts completion normally takes place in a month or so. However, if the buyer has to sell their property (i.e. they are in a chain) then further delays are possible. Unfortunately, 1 in 3  chains collapse on average. If this happens, you must start the whole process again. 

 

Home buying companies offer an alternative to this process. They can often give you a valuation of your home soon after you contact them and give you a guaranteed cash offer for property within 2 days. If you accept their offer then they can normally complete at a time that suits you with the average being in 3-4 weeks.