![]() The company will simply put the property into auction, and expect to sell it for £150,000-£160,000. This means an offer from a company at around £120,000-£130,000.The house buying company knows this, so they need to buy at 20% less than THAT to make their profit.When selling by auction, you should expect to achieve perhaps £150,000-£160,000.With subsidence, it's worth about 20% less, meaning £160,000.Property would have been worth £200,000 without subsidence.Assume we're talking about selling a property with subsidence: ![]() Here's an example of how this would look. HOWEVER, these companies will often ultimately sell your problem property at auction. ![]() In other words, they aren't going to be put off if your home has a serious issue. Selling "problem properties" to a company can seem like a great idea because, as they all say, "we buy any house". If you feel like a house buying company could be the right option for you, there's one big caveat I'd add. Should you sell "problem properties" to a house buying company or via auction? Sell for approx 85-90% market value on average, potentially more though Learn more about auction success rates at the link below. The data shows that around 78% of properties that go to auction sell successfully. We analysed monthly data from EIG, the industry standard for auction information. The success rate when selling by auction is higher. We've covered that estate agents only give you a 51% chance of selling. It's much faster than the estate agency option, but slower than the 2-3 weeks a house buying company can offer. So in total, with auctions it takes about 6-8 weeks to get a binding sale, and another 4-8 weeks to complete that sale. The winning bidder will now have 4-8 weeks to complete the purchase, depending on the type of auction you chose.At the end of the auction the buyer pays a hefty deposit or reservation fee, and is committed to the purchase.After that, the auction will take place.Then your house will be marketed for about 3-4 weeks.It takes a 2-4 weeks to get set up for the auction,.How long does it take to sell through auction? They're still not as fast, or as certain, as selling directly to a house buying company. In fact, check out our article on 17 benefits of selling your house by auction for some of the key benefits. They can be a great way to sell your home. This comparison table shows you through the main points of difference.įor certain types of properties, I'm a big fan of selling by auction. Selling to a cash house buyer is a faster, and more reliable way to sell than selling with an estate agent. Essentially, you have a 100% chance of success. There's no waiting to found a buyer either they are your buyer. How do estate agents compare to house buying companies?īy comparison, genuine house buying companies can complete in as little as 2-3 weeks. ![]() You can read more about their study on here on Sky News. The rest are eventually withdrawn by the seller. Unfortunately, even if you're extremely patient when selling with an estate agent there's still no guarantee of success.Īccording to market research by Jefferies, a financial services company, estate agents only succeed with about 51% of the properties they put to market. Success rate when selling through estate agents This means it takes even longer than that for an unlucky half of home sellers. House buying companies: The fastest way to sellĪccording to Zoopla, it takes the average homeowner nearly 6 months to sell their house. We'll explain how they work, and help you explore whether or not they're the right option for you. In this article we'll compare house buying companies to your other options in more detail. If you are, then I can make an introduction). Complete the 60-second quiz to see if you're a good fit for their service. There are only a tiny number I'd trust though. (I've been in and around the house buying industry for nearly 10 years and know all the major players.
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