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Fast House Sale Companies: What They Offer

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By : John Pitcher    99 or more times read
In recent years, many companies have sprung up offering a “fast house sale” or “quick home sale”. Such companies advertise in the property sections of local newspapers and send out thousands – often tens of thousands – of fliers/leaflets to selected houses. These companies also advertise on the internet.

Fast House Sale Companies CAN offer a useful service to someone who needs to sell their home quickly. If someone is about to be repossessed or has to sell their home quickly in order to clear pressing debts, a Fast House Sale Company might be the answer. These companies can also offer a useful service if the home-owner is not able to sell their house via conventional methods due to sickness, emigration – or even a property chain breakdown.

Do remember, however, that Fast House Sale Companies offer a quick sale IN EXCHANGE for a reduced sale price. Where circumstances permit, the home-owner is likely to get a higher price for their house if they sell on the open market and accept normal timescales.

If a Fast House Sale Company is approached, they are likely to offer one of three main options depending upon a combination of your circumstances and their circumstances. Whichever option is chosen, it is possible that they will sell the “deal” to another property investor; if the home-owner is not happy with this, they should raise this issue at an early stage in the negotiations.

Option 1: A Fast House Sale

Many Fast House Sale companies can exchange within days and complete within two weeks – or at a time that suits the needs of the seller. If required, some companies have the ability to exchange and complete faster than this.

If the home-owner needs a VERY quick sale, this should be specified at a very early stage in the discussions and a different company selected if need be.

Note that selling to a Fast House Sale Company means that there are no estate agency fees to pay, no HIP report to pay for and legal fees are often paid in full or in part.

Option 2: Sell and Rent Back

Selling a property to clear outstanding debts and then continuing to live in it as a tenant can be an attractive option for some people. If the property is sold for a suitably low price, it is sometimes possible to negotiate a rent that is lower than the mortgage. Once the home-owner becomes a tenant rather than the owner, property repairs are usually paid for by the new landlord.

The home-owner must, however, be aware that, as a tenant, they COULD be asked to leave once the initial tenancy agreement expires. Most landlords like having long-term tenants as this avoids the cost of empty periods, but if the landlord’s personal circumstances and/or the property market change, they MIGHT decide to sell the property.

Option 3: An Option!

Options are becoming increasingly popular as a way to bypass the restrictions that banks and building societies are placing upon buy-to-let mortgages.

The exact terms of an option could vary to suit the individual needs of both the seller and the Fast House Sale Company. Typically, however, the Fast House Sale Company takes an option to buy the property for a stated price at any time before Date Y.

Depending upon the circumstances of the home-owner, an option could be beneficial. The Fast House Sale Company generally guarantees to pay the mortgage up until Date Y – or until they capitalise upon their option to buy the house. The agreed sale price is generally higher than the current market value of the property and the Fast House Sale Company usually also gives the home-owner an advance sum of money upon the signing of the option.

The Fast House Sale Company benefits because, whilst they do not need to tie up valuable capital in a mortgage deposit, they are able to rent the property to pay the mortgage payments they need make to the seller’s mortgage company and they can sell the property at a future date once the housing market improves.
John owns a fast house sale company that offers a fast house sale, a fast house sale Suffolk and a fast house sale Essex.

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