What is an assisted sale, and how can it help you sell your house

What is an assisted sale, and how can it help you sell your house?


If you are looking to sell your house quickly, using the services of an investor or an assisted sale company might be the best way to go. If your house has been gathering dust on the market for some time now, getting an investor or a house buying and sale company to assist with the sale might also be the answer.

 

Not all houses move quickly on the market. While most UK homes take about 18 weeks to sell, it depends on market conditions, the price, solicitors and estate agent competency, etc. For example, in ‘hot’ market conditions, houses can sell under 15 weeks, while in ‘cold market, it can take up to 25 weeks to sell.

 

If you don’t want your house to turn into a stale listing, sitting on the market for long, you can hire the services of an assisted sale company.

 

What’s an assisted sale scheme?

 

An assisted sale scheme is where property owners sell their property through an investor or an assisted sale company at a guaranteed price, usually the house’s market value. An assisted sale scheme can help you part with your property quickly.

 

How does an assisted sale work?

 

In an assisted sale, the investor or company guarantees a price and delivers a cash payment of the portion of your equity in the home, with the rest to follow after the final sale. The investor assumes responsibility for selling the house and does everything to get an offer; if they fail, they won’t ask for the cash advance back; instead, they absorb it as a loss and close the book.

 

An assisted sale is ideal if you have an active mortgage on your house. Until the final sale, the investor assumes responsibility for the mortgage on your house, with permission from your mortgagee, of course. Your solicitor must prepare a legal contract to support the assisted sale.

 

Assisted sale option and the pros and cons of each

 

Assisted sales reduce stress or any extra costs of selling a house on the owner’s part, and you can walk away without wasting much time. For homeowners looking to sell their house using assisted sales services, you have a few options. Here is a look:

 

1.   Using the lease option

 

As a property owner looking to sell, can sign a legal contract, now, with an assisted sale company or an investor as the property �buyer.’ The contract gives the investor the right to buy your house between now and a later date, at a predetermined price. The agreed future price is also known as the ‘strike price.’ After the contract is signed, the investor advances the owner some cash as a fee for the option. The option fee depends on your stake in the property and cannot be less than £1.

 

Why use a lease option to sell your house?

 

There are several reasons to choose a lease option over other forms of assisted sale; here’s the breakdown.

 

·   Speeds up the sale: preparing and executing a lease option is easy and fast. A lease option is especially beneficial when you want to get out of missed mortgage payments or a repossession fast. It’s also great for selling just a house in any condition fast.

 

·   The investor assumes responsibility for your mortgage, insurance, and utility bills associated with the house. They will also be responsible for repairs, upkeep, and council taxes.

 

·   Property can sell at prices above their current market value: premium sales are possible with a lease option; this can be included in the contract agreement.

 

Disadvantages of using a lease option

 

A lease option is now without its drawbacks; here is a look at the negatives:

 

·   Additional stamp duty cost: to regulate the real estate market, second property purchases usually incur 3 % extra stamp duty charges. This extra charge is usually included in the options fee.

 

·   You may need permission from your mortgage lender: the lender may require assurances that the investor will keep up with mortgage payments.

 

·   Some solicitors aren’t experienced in lease options: of course, solicitors play a crucial role in property sales; they draw up contracts and facilitate quick agreements and sales, but if your solicitor is not experienced in lease options, selling the house will be difficult.

 

·   Even if you won’t be responsible for making the mortgage payments, the amount will be deducted from your share of the sale, eventually.

 

 2.   Cash advance

 

An assisted sale with a cash advance is structured just like a lease option but with a short final transaction timeline. In a lease option, the investor pays the strike price, takes over the house, and assumes mortgage responsibility at a specified future date. On the other hand, an assisted sale cash advance delivers some cash now, depending on the property’s agreed estimate, minus the outstanding mortgage.

 

Why use an assisted sale with a cash advance option?

 

There are a few benefits of opting for an assisted sale with a cash advance option; here’s the breakdown:

 

·   Fast sale and pays most of the equity in advance: unlike a lease option, an assisted sale with a cash advance option has a shorter transaction timeline and pays a big part of your stake in the house in advance.

 

·  The investor takes over mortgage payments; the investor assumes responsibility for the outstanding mortgage payments between signing the contract and the final sale when part of the proceeds goes to settling the mortgage entirely. They will also be responsible for repairs and upkeep, insurance, utility bills, and council taxes.

 

·  It helps sell a house with damp or any other problem fast.

 

What are the disadvantages of an assisted sale cash advance?

 

There are disadvantages to going with the assisted sale cash advance option. These include:

 

·   Ultimately, the buyer is responsible for the mortgage: the investor deducts from your sale profits to compensate for the mortgage they paid on your behalf.

 

·   Extra stamp duty cost: you incur a 3% extra stamp duty if you buy a new house before the lender sells the first; this stamp duty is reclaimable once the old house sells.

 

·   Mortgage lender agreement: you may need consent from your mortgage lender.

 

·   Solicitors don’t understand assisted sale and may bungle up the contract.

 

3.   Assisted sale no cash advance

 

This form of an assisted house sale offers no cash advance except for a £1minimum option fee, so the contract becomes legally binding. Usually, the investor will require the owner to move out at a moment’s notice; it works better if there’s no outstanding mortgage. Still, you can use it to sale a home in any condition, faster.

 

Why use assisted sale with no cash advance option

 

There are several reasons why you might want to use an assisted sale with no cash advance; here’s a look:

 

·   If your house is empty and needs a few updates or modifications: you can use the option to sell a probate house that needs some modernisation instead of offering it to a builder for less. That way, the investor can fix it before the final sale, guaranteeing the best value.

 

·   No stamp duty charge until the final sale: the investor will draw up a contract document taking control of the house, but the ownership won’t change until after the final sale, so no need to charge you the 3 % stamp duty fee until the final sale. But when you sell to a builder, they will undoubtedly factor in the stamp duty fee at the moment.

 

·   Increase your profits in the sale: You only put the property in the market, and it’s the work of the investor to fix and update it, so it attracts a higher value. That means your profit in the final sale increases too.

 

The disadvantages of an assisted sale no cash advance

 

An assisted sale with no cash advance has the following potential disadvantages:

 

·   The owner has to wait for cash: investors withhold cash until the final sale after fixes and updates have been made.

 

·   The additional 3 % stamp duty is still your responsibility. the good news is you can reclaim the tax expense of the house sales within two years.

 

 4.   Builder’s assisted sale.

 

You can also use a builder’s move scheme to sell your property fast but must agree to buy a new house from them. Builders and developers have such schemes to help owners sell their houses quickly so the builder/developer can sell off another house on their development.

 

Advantages of builders assisted sale.

 

Property owners who are for builder’s assisted sale loud the following benefits:

 

·    Fast sale: in most cases, selling a house with a builder’s help usually takes just six weeks.

 

·    The builder/developer coordinates with your estate agent for a quick sale: assisted can work with your estate agent to value the house and may even offer to take care of the agent’s fees.

 

·    It allows you to select your new property with the builder/developer: this is usually done at the start of the process, and the selected property will be reserved for you for about four weeks.

 

Disadvantages of getting the help of a builder or developer to sell your house

 

There are a few disadvantages of builder assisted sale schemes; these include:

 

·    You have to buy a new home from the developer or builder offering to move your house.

 

·    The builder offers a lower amount for the home in case repairs are needed.

 

·    Builders and developers usually offer below market value to maximise profits.

 

Are you looking to sell your house using the services of an investor or an assisted sales company? We can advance you a portion of your stake in the house, in cash, and assume the responsibility of selling your house faster. Assisted sale services are for any house, no matter its conditions. Give us a call today to discuss the sale of your house.

House Sale Fallen Through

House Sale Fallen Through What to Do and Why House Sales Fall Through

Selling a house usually takes many steps and much effort, so even if sellers and estate agents know better than to uncork champagne before the deal is successful, it can be hard to resist. But you really shouldn’t celebrate just yet. Stats show that property transactions do fall through from time to time. In 2019 alone, about 25 percent of house sales in Wales and England failed before completion, with the main reason being a change in mind on the buyer’s part.

The news that your house sale has fallen through can surely be disappointing. In some cases, you can blame a failed deal on the buyer’s financial situation; in others, the estate agent has every reason to do with it; and still, in some cases, there’s no one to blame but a diffident market.

Selling the house to an investor is always the best alternative. Investors are people or entities with cash reserves to purchase old properties to refurbish and let. Unlike other buyers who mostly depend on mortgages that may get rejected, selling to an investor guarantees a quick sale with the potential for flexible terms.

Looking to sale your house without going through the hassles of dealing with a diffident market or inexperienced mortgage buyers? From distressed to off-market properties, we are experienced cash property buyers and will enthusiastically appraise your house with the hope of making you a binding offer.

 

What does a fall through mean?

If a property deal is said to have fallen through, it means the sale has failed because the buyer has withdrawn his/her offer. In a standard property deal, the buyer and seller have to commit to specific terms and conditions, but just because you’ve received an offer doesn’t make it a done deal. The England and Wales property transaction system is inefficient. Private treaties are not legally binding until contracts are exchanged.

From the time you accept the buyer’s offer until the final step of the transaction, a property sale is said to be pending. Usually, there are 50 days between the offer and completion of the sale. During this period, a lot can go wrong, taking the offer off the table.

It can be very heartbreaking to learn your house sale has fallen through. At the very least, a failed property transaction can be inconveniencing and expensive. Not only will you feel bad, but when you fail to complete a sale, you may end up financially devastated, especially if you spend your cash advertising the property. You will also have to pay your solicitor.

 

Why do house sales fall through?

Property transactions fail because of various reasons, and while some reasons are completely beyond your control, others are totally avoidable. Understanding the alternatives available to you can help avoid stress.

Here are the categories of reasons some house sales fall through:

The buyer is denied a mortgage

If you are selling a property on-market, you have to assume that most buyers will be using mortgages and verify that the buyer has received an agreement in principle’ from the lending company. Without an AIP, it’s unlikely the buyer will be able to afford the house.

But even if they have an AIP, it doesn’t guarantee they will receive financing. Lenders can always change the specifics of the deal if the buyer’s financial circumstances change. If the contract has a financing contingency, the buyer may possibly leave without penalty.

Survey reports indicating structural problems

Most buyers want a house that’s ready for use, not one that needs a bit of fixing. They’ll require a home inspection before contracts can exchange hands. Now every property will have problems; the key is to keep issues minimal. If the professional home inspection unearths major deficiencies requiring big-time renovation projects, the buyer may use such findings to strangle you on the offer or back out altogether.

The property gets appraised lower than the asking price

Buyer’s mortgage companies, too, look at professional’s appraisal and inspection reports before approving mortgages. If the house is appraised lower than what you asked for, they may decline the mortgage or approve only for the amount in their reports and ask the buyer to provide the rest.

The buyer is unable to sell his/her home

A slow chain of properties on the market can also cause property transactions to fail. Many property movers belong to a chain involving buying and selling a house at the same time. This may not be easy because while most homes are saleable, some take longer than others for many different reasons.

If you receive an offer on your house from a buyer that has to sell their house first, don’t count on the deal because if the buyer is unable to sell their home, they won’t have the finance for your house.

If you agree to a house sale contingent offer, always keep in mind the existing market conditions. For example, take a look at the DOM. DOM stands for Days on the Market; the average DOM can give you an idea of the length of time it takes a property to sell.

Outstanding liens or a title dispute

Nobody in their right mind is going to purchase a property with outstanding judgments, a title dispute, unpaid contractors, or even taxes. Before finalising the deal, the buyer will get professionals to verify that it’s clean on all accounts. A home with outstanding liens and title issues takes a long to sell because resolving the issues takes a while.

Inexperienced estate agents

The job of estate agents is to facilitate transactions. They work with their clients to find suitable properties or buyers. They’ll list your property, market it, and prepare it for showing, and work to convince buyers to make an offer.

But sometimes estate agents mishandle property transactions, and poof -the offer is gone. A bad estate agent won’t keep up with contract dates and do proper follow-ups. They will also have little patience through negotiations, scaring potential buyers away. With a bad estate agent, your property is going to be sitting on the market for quite a while.

Problems with the completion of documents

For a property transaction to complete successfully, there are some documents that have to be reviewed by the solicitors representing all the parties involved. If there are major issues with completion documents, a property transaction can fall through. Some of the most common problems with completion documents include outstanding liens, missing heirs, previous bankruptcies, public record errors.

Buyer’s remorse

Buyer’s remorse is when the person who presented an offer on your property experiences a change of heart and opts to continue renting instead of buying.

The exact reason for buyer’s remorse is hard to pinpoint, but inexperience has something to do with it. First-time buyers, especially, tend to overestimate the amount they can afford or misjudge the timeline, then feel overwhelmed near the finish line and use a contingency to exit the contract.

Gazundering and Gazumping

Okay, ladies and gentlemen, we are not talking about fairy tale characters here; these are words used to describe property buyers and sellers’ behaviour. Specifically, gazundering is when a buyer reduces their offer on your property last minute.

On the other hand, Gazumping is when you find yourself a much better offer than the one offered by the existing buyer. Gazundering and gazumping may be fun terms, but you don’t want to get caught on the nasty side of either.

Solicitors

Sometimes lawyers take too long to finalise the legal documents involved in the transaction. With increased property fraud and litigation from displeased buyers, solicitors take their time to reduce errors in property transactions and leave everyone happy, but that also means some buyers may get tired of waiting and exit the deal.

Market conditions

The property market is not fixed; it’s always rising and falling due to various factors. When the property market gets bad, most buyers put a pause on their big plans. For example, with the present uncertainty brought about by COVID and Brexit, most buyers have adopted a ‘wait and see’ attitude meaning the number of successful of transactions is now very low.

What to do if your sale has fallen through?

Spotting the signs of a transaction falling through can help take a different approach and save on time. Sometimes all it takes is just switching estate agents and or move to a new buyer. At other times, the matter can’t be helped. Still, you need not panic; you have a few options to consider.

What are the other ways to sell your house?

You always don’t have to use estate agents to sell your house. In fact, chances of a sale falling through only happen when selling through an agent; alternatives like auction sale or selling to an investor guarantee cash.

Here’s a look:

An auction sale

One alternative you have to sell your house is through an auction sale. You can sell any property at an auction. Selling your home at auction is a drastic tactic. However, it guarantees results because the house is repeatedly marketed until contracts exchange hands and the buyer deposits 10 percent of the price in your account with a legal obligation to pay the rest within 28 days.

Agreements are legally binding in an auction sale. The buyer cannot change or exit their offer. The only con is that if your property is in bad condition, those bidding on it will be aware. But even so, you may end up with a lot of bids and a better offer than your asking price.

Direct sale

A direct sale involves selling your home to cash buyers. Most home buyer companies are investors who buy homes to refurbish and rent out or sell. Direct sales are not chain-dependent, and you are dealing with someone who won’t exit the deal because of issues in your home. Investors don’t look for properties to live in; they want to refurbish and sell or rent out.

That said, watch out for entities that masquerade as cash property buyers only to ask you to pay a fee and sign many documents. Avoiding property agents only to be duped into dealing with such companies achieves nothing.

You can always tell a direct sale from other sale deals by watching out for companies that ask you to sign other stuff apart from the contract of sale prepared by your solicitor. You won’t be required to sign anything else apart from the contract if you sell to cash buyers.

Looking to sell your home?

We are cash property buyers in the UK with plenty of experience dealing with homeowners looking for a quick transaction or whose property is not attractive for mortgage lending. We will happily assess your property with the hope of making you a binding offer. You won’t have to pay any fees!

How can we help you sell your house fast?

We are cash buyers. Unlike other buyers who depend on mortgages, we pay cash. There’s no risk of closure like mortgage buyers whose loan may be stopped by the lending company anytime their credit status changes.

We buy property as is; no need to drive yourself crazy, trying to make everything perfect. From derelict properties to those structural defects, damp, wet or dry rot, and even unusual construction, we buy homes in all conditions. The renovation costs fall on us.

We offer flexible purchase agreements. What causes a break in most property sale negotiations is the lack of flexibility. What terms do you want? Tell us; we can make it work.

If you suspect a fall through because the buyer is inexperienced and may have problems obtaining money for the purchase, please get in touch with us for a free quote. We provide a straightforward way to get a committed offer on your house despite its condition. We are transparent in our transactions. We will buy your home quickly at fair market value. Contact us today for a risk-free quote.

I can't sell my house

“I Can’t Sell My House” : The Complete Guide to Selling Your House Fast


So, your home has been on the market for a while now without attracting any attention, or those that came to the showing didn’t make an offer? Property purchase and sales process can be nerve-wracking. The stress is even greater if the deal doesn’t go as expected.

While even house sales in hot markets stall sometimes, they eventually move. It’s always a good idea to sell your house fast, lest value gathering dust’ on the market. If your home has been wasting away on the market for a long time, something is not right; it’s time to take a more in-depth look and perhaps change a few things to boost your chances or look for other ways to sell it.

How long do most houses take to sell?

According to data from TheAdvisory, there’s a lot of misleading information on time to sell statistics. There’s a difference between the time it takes to get an offer, the time it takes to exchange contracts, and the time it takes to complete the sale from the first day of marketing.

Most online resources will tell you it takes an average of 4-14 weeks to sell a house in the UK, but that is not true. 4-14 weeks is just the time it takes to find a buyer for your property. From there, it can take up to 9 weeks to exchange contracts and an additional 2 weeks to complete the sale.

On average, it takes 18 weeks (4.2 months) to sell a home in the UK. That’s the mean length of time from the first day of marketing to the day of finalising the sale. Of course, the period varies depending on the market. Specifically, it takes about 15 weeks to sell a house in a hot market; in cold markets, the number of weeks rises to 25!

Regardless of the market conditions, if your house has been on the market for more than 18 weeks with little to zero attention, you have to look at factors in the play. Try to change what you can or look for alternative ways to sell all together. It’s not good for a house to stay on the market for long. Most buyers check a house’s days on the market (DOM) to gauge how fellow buyers are reacting to it and whether its price is low or high.

Most buyers believe properties with high DOM to be tainted; others believe it gives them more bargaining power to buy at a lower price. No matter the case, always try to move your property quickly.

 

Why isn’t my house selling?

According to data from a survey of professional house movers, market analysts, and other industry leaders in the UK, factors that impact a house’s sale include price, market heat, and quality of solicitors, the estate agent’s experience, and condition of the property among others. Some factors impact property sales more than others.

 

Here is a look at what may be causing your house not to sale at a fast rate.

  1. The asking price is too high.

The asking price is the major influencing factor on a house’s sale. Most sellers will list their homes higher because most buyers negotiate prices down. But oftentimes, most buyers do not go looking for properties that require negotiations; they don’t have the time or patience for the exercise. Do not always assume buyers will propose a price that can then be discussed.

How do you know if your asking price is high?

If you are convinced your estate agent is up to scratch and your home is even getting viewings but still no committed offer, the price has much to do with it.

  • Always talk it over with your agent. The best estate agents have experience in the niche market. They know how much similar homes are selling for on the market.
  • Get your property revalued. If it’s been a while since you had your property valued, arrange for a valuation to put it back with comparable homes in the area.
  • Ask less than the competition to ramp up interest in your property.
  1. The market is ‘cold.’

Market conditions impact how long properties take to sell too, and you have no power over it at all. But postponing a sale in the hope conditions gets better could help.

In a hot market, properties are in high demand, and there are even bidding wars. You have the advantage. You can set sensible prices, and the house will still sell fast.

In a cold market, demand is low, and buyers have an advantage. Setting a sensible price isn’t the best thing to do. Ask less than what sellers with similar homes are asking.

  1. Bad Solicitors

Solicitors prepare legal documents involved in the transaction. If a solicitor takes their time to respond to enquiries, the sale’s going to stall. You can always change solicitors.

  • Don’t choose cheap solicitors; they are mostly overworked.
  • Don’t go with the conveyancer suggested by your agent. Conveyancers run by corporate estate agency groups are mostly not up to scratch.
  1. Bad estate agent

In a house sales process, every little detail matters a lot. From the house’s description in the listing to its pictures, you can always tell whether your agent is keen on selling your home or just taking you along for the ride.

Different property agents have different motivations. Some really want to move houses; others are only interested in commissions, and still, some double deal by serving both the buyer and the seller.

Always look into your estate agent’s intentions. The days of suffering under a bad estate agent are long gone; you have remarkable options. If your agent shows up to meetings late, doesn’t make follow-ups, or has little patience for you, make the switch. But avoid listing your house with multiple agencies lest buyers sense desperation on your part.

  1. Long chains

A lot of property sellers always belong to chains that involve buying and selling houses simultaneously. If the property movers in your market belong to long chains, it will take a while for your property to sale.

If you receive an offer from someone that has to sell their home first, don’t count on a fast sale. While most houses are saleable, some take quite a while to sell because of different reasons. Check the stats on the mean Days on Market for properties in your neighbourhood to get an idea of how long your home is likely to take to sell.

  1. You are putting obstacles in the buyer’s way.

Many buyers want a quick sale once they develop a liking for your home. It’s always good to demonstrate that you can move quickly should they wish to move in soon.

Work with your agent to move the house too. While it’s their job to market your property, there is a lot you can do to help. Keep up with what’s happening and find out what you can do to help. Don’t be stubborn on that price; if there is evidence of staggering bids, try lowering your asking price a little.

  1. It’s not the best time of the year to sell your house.

The exact time of the year you put your home on the market determines how long it will take to sell and at what price. If you have the convenience of choosing when to put your house on the market, choose the best time of the year for a quick sale at a maximum fair price.

Most agents will tell you can sell your house anytime, but it’s because they want your business now. Other experts will tell you spring is the best time, but it’s also not that simple; the type of property and local market conditions have an impact too.

So, what is the best month to sell a house?

According to data from TheAdvisory, homes that sell fast hit the market in March. It only takes them about 57 days to get a committed offer. But the same data shows different properties sell fast at different times.

  • 1 & 2-bed flats & terraces sell faster in January, February & September.
  • 3 & 4-bed family homes sell best outside of school holidays.
  • For bungalows, the warm months of June to September are the best to sell.

Does an empty house sell faster?

While showing the buyer that you can move quickly should they demand, gives them the push to make a committed offer, showing them an empty house won’t help sell it faster.

In most cases, empty houses sell for less and take longer because they lack individuality, rooms look smaller, and buyers can spot flaws without even trying. Ask an experienced estate agent the best way to prepare your house for showing.

What to do if your house won’t sell?

Selling your house faster is always a good thing to do, regardless of the motivation. Properties that gather dust’ on the market for a long time lose value tremendously because buyers start suspecting structural issues.

Time is of the essence in real property transactions. It can be worrying seeing a property rot’ on the market without any attention. But you are not without an option. You don’t have to always sell on the market or use an estate agent.

Other ways to sell your home include:

  • Selling privately to an investor.
  • Selling to individuals, families, or couples.
  • Offer buyers a lease with an option to purchase

Should you consider selling your house with a lease option?

Selling a house to mortgage buyers or those who have to raise cash by selling their home first is not simple. Adjusting the terms of sale can make the property irresistible. One way to move a stale property is to offer a lease option.

A lease option is an agreement that lets the buyer rent a property for a specified period with an option to buy it in the end. The advantage of using a lease option is you don’t have to pay the estate agent if you found the buyer on your own. A house with a lease option may also fetch a better price if its contract is attractive.

Sell your house with a lease option if:

  • buyer needs to sell their house first to raise money for the new home.
  • buyer has credit problems that can be sorted out during the period they rent your house.
  • The buyer doesn’t have enough funds for a downpayment.
  • The buyer wants to get a feel of the new area.

You can also sell your home to a cash property buyer such as an investor to avoid dealing with the hassles of a diffident property market.

Selling your house to an investor for cash.

An investor is an entity or person who buys properties on cash to refurbish and rent out or sell for profit. Selling to an investor is a direct sale. A cash property buyer won’t ever ask you to sign any other document apart from the contract prepared by your solicitor.

Benefits of selling your house to an investor include:

  • Flexible terms of sale are possible.
  • You won’t have to pay estate agent fees; this is a direct sale.
  • Quick sales: Investors buy homes in all conditions. Forget the tiresome surveys and waiting for the market to get hot; investors provide a simple process to getting a committed offer on your property.
  • Your property won’t lose value, gathering ‘dust’ on the market. Other buyers are always looking for reasons to reduce their Offer, and a stale listing won’t certainly help the matter. Selling to an investor helps sell faster and avoid stubborn buyers.
  • Less risk of completion since investors don’t depend on mortgages

Are you looking to sell your home that has been on the market for a while? From abandoned properties to stale listings and houses with damp issues, we buy all kinds of properties. We provide a simple way to get your stale listing appraised receive a committed offer. Expect a quick sale with no risk of completion since we buy on cash, not mortgage. Contact us today for a no-obligation quote.

Estate Agent Not Performing

Estate Agent Not Performing: What You Should Do


Sell House Fast Local will help you close the sale of your property quickly and avoid dealing with uncooperative estate agents. We buy homes fast and provide immediate cash payments.

If you want to sell your home, you can use an estate agent to put it on the market, invite viewers and bids. You can also sell the property to individuals, families, and couples. The other option is to sell to an investor.

 

Sometimes when using an estate agent to sell your property, things don’t go as expected. Your property may sit on the market for quite a while without getting any offer. Sometimes the reason your house is not selling is due to economic constraints; other times, it is because the estate agent is not performing. It’s always good to understand the motivations of an estate agent.

 

Is your agent interested in making sells or gaining listings?

Some estate agents are interested in making sales. They will drum up interest in your property using various advertisements and promotions. Other agents are only interested in gaining listings; these are agents that work for commissions and are only after a fat salary at the end of the month. Once they secure the seller’s instructions, they do nothing to quicken the sale of the property.

Beware of estate agents who request an upfront fee and do nothing to move your house after securing the fee. A good estate agent should try moving your property on the market and only ask for money once results start to show.

If your house is not selling, it is always good to approach the matter with facts rather than feelings. As already mentioned, it could be due to economic constraints or a high asking price. Other times, it’s because of a wrong agent.

Signs your estate agent isn’t performing.

Not all estate agents are equal. Different agents have different motivations. Also, just because someone has an estate licence doesn’t make them Ben Caballero. While most agents are in it to do a stellar job and earn their money, others are in to take you and your bank for a ride by fabricating staggering bids, double-dipping and more. Still, some are just incompetent and lazy. Here is how to tell if your estate agent is not performing.

  1. Little to zero interest in your property

Selling a property is not always easy; still, your agent should do everything to promote it; after all, you are the one paying them. Good seller’s agents try to educate his/her client about the local housing market and help set the right price. They handle the marketing and provide tips to stage the home for viewers.

If weeks pass without any showings, calls, or interest, you should be concerned. Inquire from your agent what plans they have to bring in new buyers. Also, ask why they believe the ideas will work. Otherwise, you are wasting time with an uncooperative agent.

  1. Lack of communication

Some agents are only interested in bigger priced homes because of the potential for bigger commissions. They take on sellers with low-priced homes but treat them as lesser clients. Sometimes they even pressure clients to reduce the asking price to sell the house quickly. If you are dealing with such a client, your house won’t receive the attention it needs to sell.

Lack of communication and showing up late for meetings, coupled with little patience for your questions, signify an agent’s misplaced priorities.

  1. Poor marketing

Estate agents do a lot of marketing to increase viewership and bids for properties. They put signs on your yard, take photos for posting online, and sharing with their network of buyers and sellers. If your agent doesn’t have a good marketing plan for your property, don’t waste time with them.

  1. The listing doesn’t include enough information.

While property listings shouldn’t be ‘salesy,’ they should include enough information for buyers to make decisions. If you find your property listing is missing information such as pictures and floor plans or information is incorrect, talk about it with your agent.

  1. Incorrect property details

Misfiled paperwork, missed deadlines, and an out-of-date listing can interfere with the sale of your property. If the house undergoes structural changes while listed, your agent should update the listing information immediately. If you notice mistakes, ask the agent to make the necessary changes; if they don’t react, explore other options.

Common ways estate agents use to trick homeowners.

Apart from knowing the signs of a bad estate agent, you should also be ready to recognise the psychological manipulations agents may employ against you. Here is a look:

Fabricated staggering bids

An estate agent may manufacture staggering bids to convince you that a bad offer is the best deal you’ll ever get. Staggering bids are used to convince sellers to lower their asking price. If the bids are real, it is not illegal. However, some agents manufacture bids to get their clients to sell at reduced prices, so they can move on. Always ask to confirm the offers before agreeing to a lower amount.

Using your home to gain new business

Sometimes an agent knows the asking price is too high but still accepts to list your property and showcase it in exchange for an upfront fee. However,

the reason for their enthusiasm is not because they are interested in helping you sell your house. They just want to use it to attract unrepresented buyers and gain new business. Watch out for such agents.

Double-dipping

Double-dipping is when an estate agent avoids selling your house to the general population until they can find their own buyer; that way, they get commissions from both ends of the transaction.

If your estate agent is doing everything not to sell your home, it’s time to explore other options.

Can an estate agent make up viewings?

While most estate agents care for their clients genuinely, don’t put it past some unscrupulous agents to make up viewership. This is when they hire people to come to the open house in an attempt to reassure the seller that their marketing strategies are going okay.

Making up viewership is illegal if you can prove it. It goes against the rules of the organisations they belong to. If you suspect your agent is making up viewership, talk to them, ask for feedback on each viewing and discuss ways to improve the sale of your property. If the behaviour gets notorious, launch a complaint with their agency.

What else can you do to sell your house?

If your estate agent is taking you and your bank for a ride, don’t suffer alone, you are not without options. While terminating a contract with one agent attracts a fee depending on the clauses in the contract you signed, sometimes it is better to move on.

Other ways to sell your home include:

  • Selling privately to an investor.
  • Selling to individuals, families, or couples.

Can you sell my house privately after listing with a seller’s agent?

So, after weeks without an offer from your estate agent, you decided to promote your house yourself online and got an offer; what should you do next?

It all depends on the listing agreement you signed with your agent. An open listing allows sellers to sell their property anytime without owing the agent a commission. On the other hand, an exclusive listing may demand a commission or prohibit sale until a specified period expires. Check the agreement you have with your agent.

Selling with an estate agent vs. selling privately to an investor.

If you want to avoid the difficulties that accompany dealings with uncooperative estate agents, selling privately to an investor is the best way to go. Investors are individuals or companies that purchase homes for profit. Selling a home to an investor is characterised by as-is purchase, easier negotiations, and flexible purchase arrangements.

Advantages of selling privately to an investor include:

 

  • As-is purchase: Investors buy homes as they are for fixing and flipping. Fixing areas in the home is their responsibility. You don’t have to agonise about fixing the kitchen, landscape, curb appeal, etc.
  • Quick sales: Investors finish agreements quickly because they don’t rely on bank loans, unlike most individual buyers
  • Flexible purchase agreements: From assuming responsibility for your mortgage to a sale-leaseback offer where they agree to rent you the house back, investors allow flexibility in the purchase agreement.
  • Little risk of closure: Most investors use their own cash to pay for properties. On the other hand, individual buyers rely on mortgages, which may be stopped by the bank if their credit status changes.

Cons of selling to an investor

 

  • You won’t know who is buying your home because there are no laws compelling investors to reveal who is actually purchasing the home.
  •  Scam artists may use the opportunity to cheat sellers out of their money or force them into unfavourable purchase agreements.

Wrapping-up

Selling a home comes with quite a bit of risk. While an investor helps avoid unscrupulous estate agents and complete sales quickly, there is the potential for scam artists enticing sellers into unfavourable terms. There is also the con of not knowing what will become of your home after the investors get their mitts on it.

Always try to get as much detail as you can about the investor. Our company wants you to avoid headaches and worries when selling your home. We are transparent in our practices. We will buy your home quickly at fair market value. Contact us today for a risk-free quote.


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