There’s a house out there waiting for every potential buyer. Is your house on their radar? If it’s not, how long can you wait? Is it better to wait for an offer, or take less to see your property gone?
What Are Your Needs?
If you need to sell quickly
then a traditional sale is likely not the right choice for you. You can sit on the market without movement for an indeterminate amount of time. People can come and go looking at the house you've loved and walk away without an offer. Once an offer is made, the buyer can back out at any time, leaving you stuck holding your house and abandoning all of the reasons you decided to sell in the first place.
If the buyer does decide to follow through to Exchange, there’s still months ahead of you until your home sale is final. The conveyancing process is a complicated one with many steps. Solicitors can take up to six months to push through all the facets of a typical sale.
What Are The Benefits and Disadvantages of a Traditional Sale?
There may be an advantage for you, the seller, if you chose to go the traditional route when selling your property. There’s a chance that you could receive a better price if you leave your home on the market and wait for the possibility of multiple offers. Someone might love your home so much they are willing to pay all that you are asking or possibly even more.
Those, however, are all chances. While you're taking your chances, a buyer’s solicitor is busy running long and extensive checks on your home. These types of searches can include Environmental Searches, like Radon Gas and Contaminated Land. They may also do a Landfill Search to check your risk of flooding. Coal Mine Checks may also be done, as well as Water and Drainage searches. These are often not completed in a timely manner and you could spend months waiting to see the results and your money. Then there’s the Chancel Check, the word no seller wants to hear.
If you're not in a rush to sell your home, maybe this is the right choice for you. Maybe you don't have another home chosen, another job to relocate for, or another way to use your money.
What Are the Benefits and Disadvantages of a Quick Sale?
If you need to get on with the process, emotionally or monetarily, a better choice might be a quick sell. In the end, less money might be offered, but you will see it when you need it. Sales can be finished in just seven days through the use of solicitors who are well versed in quick sales. Indeed, your costs of carrying your house waiting for the perfect buyer may end up costing you more than you expect, leaving a quick sale no financial loss at all.
If you select a quick sale, you’ll see the money you need in a prompt and timely manner
, leaving you free to move on to the next phase of your life.