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Difficulties of, and Alternatives to, Selling Your Property in the UK Via an Estate Agent

by John Matthews

Customarily, property sales are dealt with through estate agents. However, what is becoming more and more popular is the possibility of a private sale to a property company. Coming to a decision in regards to which method is more beneficial or advantageous means being well schooled on 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 this time that, for most, the nightmare and stress starts. Buyers change their minds for numerous different reasons, delays can happen because of surveys and solicitors, or even worse, the potential buyer is likely attempting to sell their own property and it doesn't work out. According to figures from the government, the chances of a transaction not being completed is one in three. Regardless, some sales will go through successfully after a few months.

There is one report that discovered that a lot of consumers who are going into the home buying or selling process are largely disadvantaged by the way estate agents operate today. The incentives for estate agents can be seen as incompatible with the seller for numerous reasons. There are some people who are happy with the service that is provided by estate agents but others are not as happy with their results. Therefore, and in an endeavor to sell a house quickly, there are thousands of people in the UK who are now selling their houses on their own which means they have control over the proceedings and the agent and his fees will 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 quick and efficient. There are no estate agent's fees incurred and legal fees will be paid by them. Many can recommend solicitors that will work at their fast pace. In the event the reason behind selling the property is a result of financial burdens, many of these companies offer a sale and rent back service which lets you stay living in the house as a tenant and relieves you of the anxiety and stress of searching for a new home. If you wish, they could also offer the opportunity to re-purchase the house in the future at a discounted rate when your financial situation is stronger.

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 a freelance online journalist who writes and researches about quick property sales in the UK. He lives in Manchester.

Published May 21st, 2007

Filed in Real Estate

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