When people try to sell their properties, they will priorize some selling contidions over others according to their personal situations. In example, a person who upsizes to a better house but doesn’t have any economical need, may want to sell the prior property but have no rush to do so. This person could prefer to wait until a good money offer comes, even if it means hoding the sale for some months. On the other hand, people who are in a hurry to sell their properties and/or get cash – in example, people who move after a breakup, or elder people who are retiring to a nursing home – might want to speed up the process, even if it means getting less money from the deal.

From an objective point of view, there are no better or worse options. Each one of them – agent sale, auction, home reversion, quick sale and so forth – has its advantages and disadvantages, and is best for different cases. You must evaluate what your priorities are, and from them start to analyze what scheme is best for you.

People who are in need of cash, or for some other reason want to sell their properties quickly, will more than likely have to resign in price. It isn’t impossible that a property is sold within days or weeks via a regular estate agency, but these are the fewer cases and you need to be very lucky. Properties that sell fast in the estate market usually have some tempting price, or have been advertised in a paid plan. Whatever the case is, it will take money from you.

Quick sales: pros and cons

Some investment companies offer to buy properties in a very short term, some of them within the same week. This could sound fantastic for many sellers, but remember that not all that glitters is gold. This doesn’t mean that quick sales aren’t a good option at all, it’s just that it’s easy to become dazzled by the promises companies make and therefore overlook the risks that this schemes have.

First of all, people reported getting 80% from property investors rather than 60% from auction. Private investors often look for properties for buy-to-let or long term capital growth schemes. Investors for buy-to-let are likely to pay a higher percentage of the market value, because they will see the revenues in a very short term. Perhaps this sounds like the obvious best option, getting more money for a deal as fast as, say, a home reversion scheme. However, there is something really important that you must take on account: you actually have to leave the property. In some cases – i. e. moving to a nursing home – this isn’t a problem at all. In other cases, keeping the right to stay in the house for as long as you live, and paying little to no rent at all, is a major issue.

Home reversion schemes allow you to reside in the house as a tenant with a lifetime lease. The property now totally or partially belongs to the investor, but you keep some rights over it as well as a few responsibilities, such as being in charge of the manteinance and paying the bills.

Again, what’s the best option? It depends on your priorities and what you want to get. More money? The right to stay? A quick sale? A fair price? Balance out your options and make your choice.

Beware of the scammers!

As in any other field that involves money, you have to watch out for the rogues in this industry. Many people have reported bad experiences with quick house buyers. This doesn’t mean that all of them are scammers, but there is something that you should always remember: most people who want to sell their houses fast are in a vulnerable condition. Either they’ve been through hard times – death, breakup or the like – which cause them to want to see the property sold and gone, and/or they are facing economical struggles. Some companies want to take advantage of this situation and maximize their profit at the expense of these people. Common complaints include small print, hidden fees, exclusivity contracts and dropping the price at the last minute.

The Office of Fair Trade is watching closely many of these quick home buyers to ensure that people are protected from their scams. If you have – or know someone who has – been a victim of a quick sale scam, email the govenment quickhousesales@oft.gsi.gov.uk and tell them what happened. You will be helping to tackle this problem and contributing to a more fair market.