What is the speediest choice for selling your Stratford property?
If you own a freehold or leasehold house or flat in Stratford and would like to sell it, you have to determine which approach to selling you would like to use. The most popular methods are using an auction, an estate agent, or a quick property buyer. All three options have certain pros, but you need to know that a few of the choices also come with some fairly major drawbacks.
Assess the benefits and disadvantages of the three methods to identify the one that best matches your wants, needs, time and budget for selling your home in Stratford, which is part of the Newham borough in east London. This district is the site of the Queen Elizabeth Olympic Park, a huge sporting centre and park that was constructed for the 2012 Summer Olympics.
When you sell your London home at auction, you are taking a risk because there’s no certainty about how much profit you will make. If your home doesn’t receive any bids then it does not sell. If it receives many bids at escalating prices then it might sell for a great profit. Or it might only get a bid at the lowest value at which you’re willing to sell, which is known as the reserve price. You should set the reserve price at a suitable level after deducting the auctioneer’s fees.
The speed of an auction sale can vary, but generally you’ll have to count on waiting several weeks after listing your home for sale until the auction occurs. And if your property sells, the winning high bidder has an average of 28 days to then complete their required steps such as the mandatory legal paperwork involved with a sale, making for a total months-long process.
Some auctioneers might also only be able to sell certain types of properties, so if your home has any unique characteristics — such as significant subsidence or solar panels — and the company has never successfully sold such a house, they might struggle to find a buyer for yours.
If you use an estate agent to sell your home, they’ll be responsible for marketing the property and organising viewings for potential buyers to tour it. In exchange, they will charge you commission usually based on your property’s final sale price, and you will have to deduct this from the proceeds in order to figure out you net profit. This can be problematic for those homeowners who need the most profit achievable from a sale.
There’s also no guaranteed timeline when selling through this method; it could be just a few weeks before you get a serious offer, or it could be several months to even longer than a full year. For that reason it’s often considered one of the slowest choices for selling a home.
Note that some homeowners find viewings to be very intrusive and also take up a lot of time. And when you sell this way, there is always the chance that a buyer could walk away from the sale anytime up to just before exchanging contracts, creating uncertainty for you.
Some estate agents also are only able to find buyers for certain homes, so you should ask in advance whether they have managed to sell your type of property before selling via them.
Using a fast home buyer like LDN Properties can often by the swiftest way to sell your house or flat. We provide a streamlined and no-stress way to receive a competitive and fast offer on your property, and we promise that you’ll never pay any fees when you sell your home to us.
Our team of experts have the resources available to immediately buy properties without having to wait potentially many months to first secure a mortgage. That means we can usually complete every step of the process, including exchanging contracts and paying you the full proceeds, within a few weeks after you first in touch with us about selling your property.
We can also consider buying the broadest possible range of properties, no matter their age, size, condition, size or type. Some of the many different homes that we have bought in Silvertown and elsewhere in London are listed buildings, flats with short leases remaining, houses located in high-risk flood zones, homes nearby to power lines, properties that don’t have a required Energy Performance Certificate, houses built using concrete, and other examples.
