How to Sell your House Fast in London
Can you sell your house fast today? It depends on your definition of fast. Is it as fast as ordering an Uber or renting a vacation rental on AirBnB? Heck no. Can you sell your house as quickly as you can get a mortgage to buy a new one on a site like Lending Tree? Nope. Unless you want to put your home out there on a fire sale for pennies on the dollar, you can’t sell it that fast by any measure. Today, you need to jump through hoops and hurdles. Endless streams of red tape. Agents. Commissions. And never-ending fees. These are the norm. Not the exception.
Unlike transportation, commerce and entertainment, real estate has been slow to change. The legalities and complexities are endless. Sure, there are quicker ways to sell your home. They involve going to companies that we call iBuyers. Meaning, they buy the asset themselves. Companies like OpenDoor, OfferPad, and even, Zillow, have all entered the fray. And for good reason. But does that enable you to get top dollar when selling it direct? Certainly not.
You are probably thinking how to sell house fast because you can't wait for a buyer to get the deposit, put in an offer, organise a mortgage and then complete?
Sell Property for Cash
With all the doom and gloom, property is a difficult asset to sell especially if you need to get your hands on money. There are only a few companies who can offer you sale and rent back if you need to sell your property and rent it back - possibly to avoid repossession. These companies have to be FSA regulated so whenever, you approach them ask for their certification - if they don't have one then you know they are unregulated and do you really want to be dealing with them. Usually, a quick sale for cash means you will be selling your property for a cash offer that below its true market value. For instance, if you were selling your car in a car magazine you'd probably advertise it to sell for £10,000 (assuming it was worth that) and you'd be looking at accepting an offer in region of £9,000-£9,500 and you know you have all the time to shake hands on an offer or indeed refuse any offers. If you took your car to your nearest garage and said buy my car please, they will only offer you £6,500 to £7,000 for that very same car. This is because their offer is instant, guaranteed and can offer you speed & certainty for sure and if you needed the money you'd probably accept it.
Houses unfortunately are in a similar class particular if you need to sell house fast. You will have heard the saying "a house is only worth what someone is prepared to pay for it!" and that's very true because that is the methodology surveyors use to value properties.
The growth of sell property for cash companies has led to extensive advertising and if you type into Google "sell house fast" you will see a dozens of house buying companies appear. The question you have to ask yourself is how many of these house buying companies are on top of Google because they are "trusted sites" and how many are advertising to be there? The ones on left and at top at paying to be there - meaning they could be anyone even unregulated companies however, those that appear in organic listings are established names BUT vast majority of them will only generate your enquiry and sell it to property investors in the area. Do you really want to be receiving unsolicited phone calls from strangers, probably not.
Okay, the last way to sell your home quickly might be to transfer your mortgage to someone else. But it also means that your mortgage must be assumable by someone else. You’ll need to read your mortgage docs to figure this out. But if it is assumable, then you’re in luck. This could even mean that you could stay in your home and rent it. Is this a common scenario? No. Yet it is possible. You just need to do a bit of leg work to make it happen.
Keep in mind that whoever the new “borrower” is, they need to qualify for that mortgage. And that might take some hoops to jump through. And if you’re truly buried under debt and can’t make your payments, it might not be the fastest way to get out of your home. But it is an option. How long does it take? Again, it all depends. Contact your bank and see if this is even a thing. If it is, you’ll also need to find the person who’s willing to assume the mortgage in the first place. Homesoldquickly.com can assist you in selling your House fast.
