There are some advantages to selling a house on the open market. There are also some drawbacks.
Advantages of Selling a House on the Open Market
There are a number of advantages when you sell a house on the open market. Most house sales are completed in this way. They are usually conducted by an estate agent, that markets the property on the vendor’s behalf.
When selling a house on the open market the vendor can set an asking price for the property. In addition, the seller can turn down bids that are lower than the asking price of the property and can wait to accept the highest bid.
Drawbacks of Selling a House on the Open Market
Unfortunately, there are some drawbacks to selling a house on the open market. The biggest one is that there are no guarantees about when the house will sell, or whether it will sell at all. Another is that the estate agent’s fees can be very high.
Estate agent fees are typically about three per cent of the price of the house. If there is a chain of buyers, then a house sale can drag on for months. Once the sale has been completed, the legal fees will also need to be paid.
The New Option
Increasingly, sellers are turning to home buying companies in order to sell their house. Home buying companies are able to buy a house from a seller in a much shorter time. They are also able to guarantee that they will purchase the property.
By contrast, an estate agent cannot guarantee that the house will be sold until a buyer has been found and the contracts have been exchanged. Home buying companies have the finance, the experience and the skills necessary to acquire a house from a seller in a matter of days.
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