As the UK property market continues to experience a decline in terms of both value and demand, proactive home-owners may be forced to consider their immediate future. Rather than becoming trapped in a cycle of decline property prices and negative equity, for example, you may be better served by selling your property quickly through a reputable home purchasing company. This will enable you to recoup as much of your initial investment as possible, without forcing you to encounter long-term debts.
Understanding the Quick House Sale Market
This market is relatively new and unknown, however, as it only emerged as a viable entity in the wake of the Great Recession. Since then, the market has undergone significant changes and benefitted from the implementation of more stringent regulations, with the formation of the National Association of Home Buyers (NAPB) establishing a clear set of guidelines for both companies and vendors to follow at all times. So if you are keen to enter this market in the current climate, it is important to understand its nature and prepare yourself for the negotiation process.
As a general rule, quick house sale companies pledge to purchase properties quickly for a price that is slightly below market value. This sometimes causes vendors to believe that they are being unfairly treated, but the fact remains that firms are required to incorporate future home-improvement and marketing costs when making an offer. In addition to this, the discounted offer is compensated for by the promise of a quick and cost-effective transaction, with companies pledging to complete individual deals and the transfer of funds within a seven day period.
Gathering Information and Completing the Transaction
Another common misconception that surrounds the quick house sale market and its representatives is the concept of ‘buying for cash’, which suggests that a company employee will complete the transaction by attending your property with a briefcase full of cash. In fact, this type of transaction is usually completed by direct bank transfer, which offers transparency and a swift resolution for both parties.
Over time, it should be hoped that the newly establish regulations and guidelines will destroy these misconceptions and create transparency within the market. This will not only ensure that all firms operate according to a strict code of conduct, but it will also offer peace of mind to vendors and enable them to access in-depth information before they make a commitment. Given the scope and nature of real estate investment, this is crucial step in the home-ownership and selling process.
