Selling a House without an Estate Agent was unthinkable in the past. When you decided to sell, you would contact an estate agent. However, the world has changed (this is where you shake your head and say “no kidding”) and a real estate agent is not always the best way to sell your house.
The reasons not to sell a house through an estate agent are numerous. First, the experience of working with estate agents, varies widely from one agent to another. Estate agents charge a percentage of the final sale of your home. This percentage varies greatly from 1.5% to 3%. That is a huge difference. Let’s say that your house sells for £200,000. The percentage you will be paying your agent is between £3,000 and £6,000
The second reason is that house sales with an estate estate agent can fall through at anytime – there is no guarantee that your house will be sold. Even on the very day that the sale is supposed to happen, a buyer can change his or her mind as an offer is not a legally binding agreement. The buyers could have health problems. They may find another house they fancy more, or they are in a chain and can’t sell their current home, which can stop them from buying your house. The buyers may not be able to get a mortgage approved to buy your house. Anyone can put an offer on your house, but it does not mean that they will eventually buy it.
The third and most important reason for not selling a house through an estate agent is time. Best-case scenario, selling through an agent will take at least 3 months. You will need to organize endless viewings for at least 2 of those 3 months, during which you must keep your house in perfect condition. Seriously, how often is your house perfectly clean? If you have children, the answer is probably never. Also, 3 months is very optimistic. Your house could be on the market for an entire year. Do not forget all the costs you will have to cover during this time, such as mortgage payments, council tax and other bills, maintenance, solicitor fees, etc.
Selling a house through an agent can be costly and time consuming. Mr. and Mrs. Morris needed to sell their house. The Morris family listed their house with an estate agent. As directed by the agent, the market price was £101,995. For 3 months, they have been showing their house to a countless number of viewers. They had to make sure to maintain the house in a perfect condition. After three months, they had to drop the price to £95,000. After 3 more months, they eventually agree a sale of the house for £ 90,000. The buyer then gets the price dropped a further £5,000 after a survey reveals some slight structural problems. The final sale price is £85,000.
From the final agreed price, the Morris family had to deduct estate agents fees and repairs:
Mr. and Mrs. Morris end up with only a net total of £75,570 after 6 months listing their property.
We do not charge for our services. There is no uncertainty when selling with us; we will get your home sold GUARANTEED. We can get your house sold within 28 days even if you have little or negative equity in your home.
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