One of the easiest options for homeowners looking for a quick deal on their house is the quick house sale option. But how exactly does a quick house sale company work? These are companies that will either offer to buy directly or look for a third party buyer for one’s house in as little time as one week. While this service might be helpful to some, there are the few stories and concerns of manipulation and customers being misled. It is, therefore, important to understand the quick house sale process.
How does a quick house sale company work?
The quick house sale process takes roughly four general processes. Just like any other business transaction, it often begins with an inquiry. The initial contact can either be through telephone or online. Many such companies have online forms which give the client an idea of what they could get for their property. The initial telephone or online contact will likely require the potential client to leave their contacts with company representatives.
The next stage is the company representative contacting the homeowner to gather more information about the said property. A more detailed description will enable company representatives to make an initial offer on the property. This cash offer is made in principle, and is often subject to valuation and contracts. It is therefore important that the homeowner be completely honest about the state of their house. If there is anything that might affect the value, then they should disclose it at this point.
Appraisal and survey:
If the offer made is of interest to the client, then the next step is the actual valuation of the property. The quick house sale company will arrange for an assessment of the property by an asset management company. There normally are more than one valuation processes by local agents to reduce the margin for errors. After the valuations, the company will then be able to make a formal offer. If the offer is acceptable, then the company will have a surveyor inspect the property, often at their own expense. The process also requires a lawyer, likely a property lawyer, to act on the behalf of the client. Here, the client can opt for a company recommended lawyer or go for their own. The legal report on the property and the survey report will then pave way for the exchange of contracts between the two parties and the completion of the process. This stage of the procedure also involves an inspection of the reports for anything raised that might affect the value of the house. All reports should be available for inspection by both parties. At this stage of the process, according to the law, the deal is not complete and can still be halted. The client is under no obligation to proceed with the transaction.
If both parties are agreeable on all the aspects of the contract, then the contracts are exchanged. The lawyer involved in the transaction will then pay the amounts into the bank account after paying off any loans or mortgages on the property.
The quick house sale companies are important in situations where a quick sale is more important for the homeowner than getting the best price. When using these companies, one should be prepared to end up with up to 75 percent of the value of their property, though the deal might be better.
What to remember
Given the sensitive nature of the transaction, it is important to check the credentials of the company. Check whether the company is registered with an official body and confirm their code of practice. Despite the fact that these transactions are time sensitive, it is advisable to take as much time as possible. Make sure to get independent offers to confirm the valuations made by the company. Get an independent legal adviser and do not be shy when stating one’s position or negotiating. It is advisable to shop around for quick house sale companies, and avoid committing too early in the process. Also, avoid contracts with the quick sale company that drag for too long. Quick house sale companies are ideal for individuals who want to sort out difficult financial situations, relocate after divorce, a change of jobs or for age and health related conditions. However, there are a few unethical firms who might take advantage of the situation and the urgent needs of the customer. As a result, it is important for one to have as much information about the market as possible.