With so many options available to sellers nowadays getting the best advice can, literally, be worth its weight in gold.
Two of the most popular ways to sell are through property cash buyers and estate agents.
This article outlines the differences between the two.
Is selling with estate agents always the right choice?
‘Do I need estate agents to sell my home?’ is a question we hear all the time.
There’s no real right answer because selling a house will always come down to an individual’s circumstances.
What we can say without a shadow of doubt is that selling with an estate agent is certainly not always the right choice.
The below table summarises some of the main differences between Hull Cash Buyers and estate agents.
|Hull Cash Buyers||Estate Agents|
|Average speed of sale||One week. Can move as slow or as quick as the seller wants.||3 – 6 months|
|Costs||No costs.||Legal fees, which on average cost between £500 and £1,500.|
|Commission||No commission.||Generally between 1% and 3% of the agreed selling price.|
|Property chain||No chain.||Length can vary from two properties up to 10 plus.|
What are the benefits of selling with us versus an estate agent in Hull?
You’ve spotted your dream home and you’re desperate to get in there as quickly as possible. Time is generally of the essence when you’re looking to sell a property, for a variety of reasons from the bad like divorce or the risk of repossession to the good like a new job or partner in a different location.
The average time it takes for a sale to go through using an estate agent — from the first day of marketing through to legal completion — is three to six months. And, of course, there’s no guarantee of a sale.
Not only are you guaranteed a sale with Hull Cash Buyers, we will place an offer on your house within an hour of viewing it, and look to exchange within a matter of days.
Property cash buying companies tend to offer slightly under the market value.
A guaranteed sale and the removal of all that stress has to come at a small price after all. However, the amount you will save on other costs — potentially thousands of pounds — could actually see you end up better off. There are no selling fees to take into account when you go through Hull Cash Buyers. We will also cover your legal costs if you decide to use our recommended solicitors.
Estate agents and commission go hand in hand. This is the amount you will pay the agent for selling your house. Agent fees are usually a percentage, generally between 1% and 3%, of the agreed selling price. So, on a property worth £100,000 you’ll be paying somewhere between £1,000 and £3,000. This rate may be even higher if you’re having to adopt a multi-agency approach in order to spark interest. Be careful if you decide on a fixed rate commission as while you can calculate the cost up front, the agent may not be motivated to get you the best price, as they will receive the same fee regardless. Either way, that’s thousands of your pounds that you could be spending on buying a new sofa or television for the new house.
Every penny counts when you’re selling a house, especially if you’re moving into a more expensive property. What you see is what you get with Hull Cash Buyers. No hidden fees, no extra fees. That’s not the case with estate agents. If you are dealing with an agency, always check the contract for any extra costings you’ve not been made aware of. These could be admin fees, marketing fees, registration fees. Extra fees are common with online estate agencies, especially if you have only selected a basic sales package.
The dreaded property chain. A property chain is a line of buyers and sellers connected by the fact they are buying and selling property from one another.
These chains are notoriously brittle. If just one sale falls through, the knock-on effect will inevitably be felt by everyone else. This can slow the whole process down considerably, resulting in stress and possibly even extra costs. It’s not unusual, when using an estate agents, to find yourself in a chain 10 properties long. Selling to Hull Cash Buyers means no chain, putting you in a strong buying position.
Still undecided? Let’s talk
That’s a lot to take in, we know. If you are still unsure about selling through a property cash buying firm, have a read of our ‘Benefits of Selling Your Home To Hull Cash Buyers’ article, which delves a little deeper into the advantages.
Sometimes it’s good to talk these things through. Give us a ring, and one of our experienced staff members will answer any question you may have on the quick sale process.