If you want to get cash for your property, make sure the price is right. To find out more visit http://www.propertyadviceblog.com/
When you’re desperate for a fast cash sale, you might be tempted to jump at the first offer you get. But it’s important that you find a reputable fast cash home buyer. There are hundreds of property companies offering to buy your property for cash, but some may be exploiting vulnerable homeowners during vulnerable times. Many people are actually profiting from the recession. Talking to an objective property specialist like The Advisory will help you ensure you get the best deal from fast house sale companies.
The first thing you need to do is be aware of what the market value of your property is. Typically, cash for property schemes will say they’ll offer you between 75–85% of your home’s ‘market value’. The truth is most quick sale companies offer 70-75% of the property’s ‘realistic value’. There are many advantages to cash for property schemes, but you should be aware that this is the ball park figure you can expect to get. Companies that say they offer more should be viewed with suspicion. After all, they are out to make money not loose money.
Your property’s realistic value is the price you could definitely secure if you gave an estate agent six weeks to sell your home. You can get a valuation from an estate agent, but be wary – estate agents often over value homes because they want you to lure you into signing up to their services. There’s no such thing as one definitive price for a home, which is why it can get a little confusing. There are ways to understand how property is valued however to help you feel confident in your choices if you do opt for get cash for property schemes.
1) Find out what similar properties nearby are selling for – only look at properties sold in the last couple of months – the market has changed drastically since 2007 when prices were at their peak! Don’t go beyond a three mile radius and ideally aim to assess similar property (ideally properties on the same street as yours). There are many sites online that will offer you this information, or you can talk to a local estate agent.
This will give you an idea of what you can hope to achieve if you had limitless time and resources to sell on the open market.
2) Use house price indicators to find out how property prices have risen or fallen since the year you bought your property. This will help you work out if you should expect to sell your property for less or more than you bought it. Unfortunately, many people are in negative equity as prices have plummeted, so you need to be realistic.
Jot down the highest and the lowest prices this research throws up.
3) Then visit sites such as Hometrack to see how many viewings it takes to typically sell a property in your area. This will give you an indication of how long it could take to sell on the open market – but add a few extra weeks if the market is falling.
4) Take into account any interior or structural issues that may impact on your home’s value (does it need re-plumbing? Are the windows rotting? Is the roof in need of fixing? Or does it lack essentials such as a shower? Or need a huge cosmetic uplift?)
Doing this research will let you know a) what a good or bad offer is on your house if you do opt for a get cash for property scheme, and b) give you an indication of how long you may have to wait on the property market if you did sell on the open market.