Who will buy my property at short notice?
Quite a few companies actually! There are a number of ways to sell your property quickly, even if they’re in need of a revamp. Here are your options:
Quick Sale Companies: These companies (such as Quick Move Now) specialise in purchasing properties quickly and often offer cash deals. They typically buy properties in their current condition, including those in need of repair. Be sure to research the reputation and credibility of the company before proceeding – the industry is known to be full of questionable people!
Property Investment Companies: Some property investment firms are interested in snapping up houses in need of renovation as part of their investment portfolio. They often have the resources and expertise to undertake the refurbishment work themselves, selling the property for a profit. It’s an established business model.
Cash Buyers: Individual cash buyers or investors who are looking for properties to add to their rental portfolios might be interested in purchasing houses in need of refurbishment. This is especially true for those selling properties in expensive locations such as London and purchasing in the countryside or coast – with change to spare! These buyers often have the ability to complete the transaction quickly.
Auction Houses: Property auctions can be a fast way to sell a house, especially if it requires refurbishment. Auction houses typically have a schedule of regular auctions, and properties are sold to the highest bidder on the day of the auction. Clive Emson says that properties can be sold as quickly as 20 working days (View source: how to achieve a quick house sale with auctions).
Online Property Buyers: Some companies operate online platforms that connect sellers with potential buyers who are interested in purchasing properties quickly. These platforms often streamline the selling process.
Tips for selling your house quickly
Whilst you may be limited in how quickly your property can sell, there are a number of things you can do which might improve your chances of a speedy sale:
- Be realistic with your pricing: The asking price for a house in need of refurbishment should reflect its current condition. If the price is too high, it might deter potential buyers. Consider getting a property valuation or consulting with a local estate agent to determine a competitive price.
- Emphasise the selling points of your property: Emphasise the potential of the property. Showcase its strong points, such as location, size, layout, and any unique features. You may not even need to do this as the property may be in a very desirable location!
- Be Clear and Honest Communication: Be transparent about the property’s condition. Provide accurate descriptions and photos that showcase both its strengths and the areas that require work. You don’t want the house sale to fall through due to a miscommunication or by omitting key details.
- Implement Quick Fixes and Staging: While major refurbishments might not be an option, you can always do something to improve the current standing of the property. You’d be surprised how much simple things like cleaning, decluttering, and applying a fresh coat of paint can make a big difference in how the property is perceived.
- Be Flexible with your terms: Consider being open to negotiation on terms such as the purchase price, completion date, or even offering incentives to potential buyers. Needing to sell quickly doesn’t put you in the strongest negotiating position, so bare this in mind.
- Work with Experienced Professionals: Enlist the help of a reputable estate agent who has experience in selling properties in need of refurbishment. They can provide valuable insights and guidance throughout the process.
Do I really need to sell quickly?
Are you really in rush? You may have asked yourself if it’s worth waiting it out and finding a buyer the traditional way. But there are a number of situations in which you may want to consider a quick sale including:
- Financial Hardship: If you’re facing financial difficulties – we’re very sorry to hear! Selling quickly can help alleviate immediate financial pressures. This could include situations like job loss, medical expenses, or the need to pay off debts.
- Inherited Property: As we mentioned in the intro, you may have inherited a property (via probate) that you don’t intend to keep or maintain, selling it quickly might be a practical choice to avoid ongoing costs and responsibilities.
- Divorce or Separation: In cases of divorce or separation, selling the property quickly can help to fairly divide assets and move forward with your respective lives.
- Relocation: If you’re relocating for work, family, or other reasons, selling quickly can ensure you’re not tied to a property in a location you’re leaving.
- Property Condition: If the property requires extensive repairs or refurbishment that you’re not willing or able to undertake, selling quickly can help you move on without the burden of renovation work.
- Market Conditions: Sometimes, market conditions might favour quick sales. If the local real estate market is experiencing high demand and low inventory, you might be able to sell your property quickly and at a favourable price.
- Avoiding Foreclosure: If you’re struggling to make mortgage payments and facing the risk of foreclosure, selling quickly can help you avoid the negative impact of a foreclosure on your credit and financial situation.
- Change in Housing Needs: Another one on the way? If your housing needs have changed due to a growing family, downsizing, or other factors, selling quickly can help you transition to a more suitable living situation.
- Unable to maintain property: If you’re no longer able to maintain the property due to age, health, or other reasons, selling quickly can prevent the property from deteriorating further.
- Emotional Reasons: Sometimes, personal circumstances such as the death of a loved one or emotional ties to a property might lead you to decide on a quick sale.
The prospect of selling a property in need of refurbishment quickly in the UK is not only very possible but you have options. Whether you’ve inherited a property in disrepair or you’re seeking to transition swiftly into a new phase of life, there are various avenues to explore in order to expedite the sale process.