Challenges of, and Alternatives to, Selling Property in the UK Through an Estate Agent

Traditionally, house sales have been taken care of through estate agents. However, what is becoming more and more popular is the possibility to privately sell to a property company. Arriving at a decision about which method is more beneficial or advantageous will mean being well schooled about the potential drawbacks and benefits of both, especially if time is of essence.

With the customary route of getting in contact with estate agents and arranging a meeting, photographs are taken and the house is then listed in the estate agent’s offices and in newspapers. Some, but not all, estate agents will also place your property on an internet site which means more advertisement. In time, you will receive your first interested parties to see the house. For each viewing, the house has to look its best as anyone that visits could possibly purchase it. Unfortunately, as people who have been through this procedure know too well, a great deal of viewings fail to end with the viewer being interested, and many people are just there for curiosity’s sake. It will likely take around fifteen house viewings before a buyer is located. The buyer will then need to make arrangements for a mortgage which frequently takes a month or two. During this, home owners are still required to make payments.

It is during this time that, for most, the nightmare and stress begins. Potential buyers can change their minds for various reasons, things can be delayed due to solicitors and surveys, or even worse, the home buyer is more than likely attempting to sell their own home and it doesn’t work out. According to figures put out by the government, there is a one out of three chance of the transaction falling through. Regardless, there are going to be some sales that will go through successfully after one or two months.

There is one report that learned that many consumers who are entering the home buying or selling process are substantially disadvantaged because of the way estate agents currently operate. The agents incentives may be seen as incompatible with the seller for a number of reasons. There are some people who are happy with the service provided by estate agents but there are many who are not as lucky. As a result, and in an endeavor to sell a house quickly, there are thousands of people in the UK that are selling their houses on their own which means they have control over the procedure and the agent and his fees can be cut out.

You can sell your property directly to a buyer over the internet or to a property company specializing in quick property sales. Such property companies can often be found advertising online or in local newspapers. They will have a conversation regarding your situation with you and will generally make an offer within a few days. These property companies can finish a sale relatively quickly since they make cash purchases and are not going to get caught in chains. For this service, they’ll often give an offer that’s well under your home’s market value (10-20 percent lower, on average).

However, they do feature the incentives of a sale that’s effective and fast. There aren’t any agent’s fees and your legal fees are paid by them. Many can even recommend solicitors that’ll work at their swift pace. If the reason behind selling the house is due to financial trouble, many of these companies provide a sell and rent back service that allows you to stay living in the house as a tenant and will relieve you from the anxiety of hunting for a new place. If you want, they may also offer an opportunity to buy back the home sometime in the future at a discounted rate when your financial circumstances are healthier.

In conclusion, if time is on your side and a dependable and an honest estate agent is located, this can be the the very best way to get an offer as close to market value as it can be. However, if you’re willing to make a concession and accept a price that is discounted, you can get a stress free and private quick house sale, saving on other costs and giving other incentives especially if in a time of financial complications.

John Matthews is an online journalist who writes about quick property sales in the UK. He resides in Manchester.

- John Matthews

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