The below infographic provides lots of helpful information for anyone who is in the process of selling their home in the UK. It starts with an observation of the Pros and Cons of the most common method of selling your house via a traditional estate agent.
This is the route that most people choose when they wish to sell their house, it’s a great option for achieving the highest sale price but has the major downside of an unknown time frame, also estate agent fees can be quite high.
Unfortunately, for many home sellers, this route of marketing and selling to the general public can be unsuccessful and the wait can simply be too long, so the seller can find themselves in the position of running out of time.
There are still a couple of options that a seller can choose to use and at this stage, it's often a weigh up between selling your house at auction or selling to an Internet house buyer. Many home sellers assume that selling at auction is the only alternative route and it’s true that in the past it did use to be.
One benefit is that without a reserve you are guaranteed to sell your home but that is a risky situation to be in and the discount to the fair market value could be huge. The timescale is set at 28 days this is when the buyer needs to fully complete.
This is relatively quick and the seller doesn’t have the concern of waiting for the auction buyers mortgage to be approved or their existing home to be sold as often cash must be used to purchase within a month.
Another option is to use an online house buying company like Direct House Buyer. The infographic shows how they can also complete within a specific timeframe which can be as quick as 7 days, they do often require a discount to the market value but interestingly they cover all fees, so that can also be seen as a plus when compared to an estate agent.
Another important factor to note is that the house seller will know what price they will receive from the start which is far different to selling at auction or even via an estate agent where a further discount to the advertised price is often expected.