How to sell a house fast?

spuddy

Myself and Mrs Spuddy have found our dream house in a new development which will be ready in about 8 weeks time. However, as we weren't seriously considering moving before this, we haven't put our own house on the market. So if we're to move, we need to act fast.

Looking for some advice from those of you who've maybe been through something similar before.

1. should we use the same estate agent as the seller?
2. should we consider putting our house up for auction?
3. do banks still provide bridging loans these days?

Juwwi

Yea l would use the same estate agent .

I wouldn't go the auction route l'd just price it cheaper than others in the area , you will get offers straight away if its priced keenly and then you can pick the better buyer that suits you ,ideally a cash buyer or first time buyer , you could be sale agreed within 1 or 2 viewings if you wanted to once its priced right .

The best advice l can give is get a solicitor Monday and get them to request the deeds from your bank ,even before you put it up for sale they can do this ,you will have to fill out some paper work for them but do that as soon as possible if you want a quick sale, this can hold things up.

They will also advise on other paper work you need to sort out .

beechwood55

1) Which estate agents have been selling successfully in your area? Use those ones.
2) Do you have a house that you think will sell at auction? Very few houses go to auction these days. Even 'trophy' houses in Dublin 4 and Dublin 6 rarely go to auction now (Compared to the boom years up to 2008).
3) Banks do not provide bridging loans.

Spanish Eyes

Lower the price of your house. Gone within a week if compared to similar in your area.

Best of luck with the new house.

The_Conductor

As per the above- simply price yourself competively- and under no circumstance sell to anyone other than a FTB or someone who is a cash buyer.

You do not need to get caught up in someone else's chain.

Also- bridging finances/loans- haven't featured in over a decade- ask by all means- but I'd be shocked if any lender was willing to countenance one.

spuddy

Sensible advice folks, much appreciated.

Having thought about it over the weekend, these are our views:
1) we were in two minds as to whether having the same agent would be a pro or con, but as we want to do this quickly, it's probably the best way to go as it cuts down on complexity, and it's in their interest to get both sales over the line in tandem.
2) it's no trophy house, so an auction is probably out, but we do hope it will move quickly as it is in walk-in condition, and has a few things we think people want (A energy rated, west facing garden, walking distance to several forms of good public transport etc)
3) Regarding bridging, I've read certain banks will still do it, if push comes to shove (a lot of shoving), but the interest rates are punishing probably costing us more than accepting a lower offer on the house itself earlier in the game.

Finally, our last "decision", is that if it doesn't come off, we'll still happy in our current house. That being said, we are going to give it a go and see what happens...

Victor

spuddy wrote: »

[*]should we use the same estate agent as the seller?

This may create a conflict of interest.

spuddy wrote: »

[*]should we consider putting our house up for auction?

Auctions are used for 'unique' properties, that may be difficult to value and those with doubtful title. Auctioning an ordinary house may cause complications.

Juwwi

I don't see any negatives in using the same estate agent but maybe I'm missing something .

The chances are the estate agent is having no problem selling the new development houses , so when it comes to it of you looking to buy he might think someone who isn't selling would be better for the builder .

But if he's getting yours to sell which he will want , if he thinks you will pull out of selling yours if you miss out on the new house he is more likely to try and help you out on the buying end.

Are you selling in Dublin or outside Dublin ?

Lolle06

My two cents:

1) Only if the house price of the new property is settled already.
Personally, I wouldn't be comfortable if the EA would have too much of an insight in my financial matters/ gains.

They only needs to know that you can afford the new house!

2) I'd try the normal way of selling first. An auction is mainly the last resort and there is always an air of desperation off it.

Tell the EA you want to sell fast and put the asking price under value to gain more interest/ bidding.

3) I am afraid the banks are very conservative these days and these sort of loans are rare to non- existent.

But you better talk to your branch manager, he might be able to advise you
properly.

Good luck!

myshirt

If you get a bridging loan, frame the approval letter. Extremely rare, even with the right income.

spuddy

robbie1977 wrote: »

I don't see any negatives in using the same estate agent but maybe I'm missing something .

The chances are the estate agent is having no problem selling the new development houses , so when it comes to it of you looking to buy he might think someone who isn't selling would be better for the builder .

But if he's getting yours to sell which he will want , if he thinks you will pull out of selling yours if you miss out on the new house he is more likely to try and help you out on the buying end.

Are you selling in Dublin or outside Dublin ?

In Dublin, you never know how these things will play out but our view is that using the same agent may not get us the highest price, but would more likely get us a sale in the time frame we have to work with.

Victor

Oh, have your solicitor dig out the file now and have them check for issues, e.g. LPT receipts, etc., so that they aren't being chased after when you are trying to close.

Samuel T. Cogley

Daft reporting buyers are being found within 8 weeks so no issues there really. Just to echo some of the above.

It doesn't matter what agent or solicitor you use, but use a good one and make sure they're happy finding you the right buyer as described by The_Conductor. The delays are down to people not being ready so get ready! Get all the paper work sorted, I'd even get a survey done and be upfront about any issues, you'll be keenly priced anyway so this shouldn't be an issue.

Best of luck!

The_Conductor

Samuel T. Cogley wrote: »

Daft reporting buyers are being found within 8 weeks so no issues there really. Just to echo some of the above.

It doesn't matter what agent or solicitor you use, but use a good one and make sure they're happy finding you the right buyer as described by The_Conductor. The delays are down to people not being ready so get ready! Get all the paper work sorted, I'd even get a survey done and be upfront about any issues, you'll be keenly priced anyway so this shouldn't be an issue.

Best of luck!

One thing though- finding a buyer- and actually signing contracts are two entirely different things. Keep in mind the time of the year- and how everything shuts down in solicitors for the month of August- and factor this into your calculations. Also- the property market itself goes on hols- and comes back to life in September. You may get lucky- but there is an element of luck involved- you're looking for best case scenarios- and absolutely everything to go right.

Metric Tensor

Just to add - check that your planning permission is in order now. It takes 12 weeks with the council (plus prep time beforehand) to get retention if something is awry from a planning perspective.

This often catches and delays sales. No-one buying with a mortgage can buy it if it is non compliant with planning.

Samuel T. Cogley

The_Conductor wrote: »

One thing though- finding a buyer- and actually signing contracts are two entirely different things. Keep in mind the time of the year- and how everything shuts down in solicitors for the month of August- and factor this into your calculations. Also- the property market itself goes on hols- and comes back to life in September. You may get lucky- but there is an element of luck involved- you're looking for best case scenarios- and absolutely everything to go right.

Absolutely but to reiterate my net point, buyers can hold things up but to really make a hash of it you need an unprepared seller. Buyers are usually keen to get in - sellers not so keen (as the OP) to get out!

As for shutting down, that's definitely worth checking with the prospective solicitor!