If a loved one has left their estate to you in a will, you may be looking to sell an inherited house.
Selling it in the normal method – with an estate agent on the open market – can take a while and a sale is never guaranteed. If you need to release cash quickly – to place a deposit on a new home , for example – you may be waiting much longer than you wanted to.
Here we look at the advantages and disadvantages of selling with an estate agent vs a cash buyer.
Selling with an estate agent
By selling on today’s housing market you can expect a much inflated price on your house compared to normal times and while this is great news for sellers, they no doubt want to buy a property as well.
If the inherited house is not in an area you know very well, an estate agent will talk up the local area when they give people a tour of your home.
You will need to pay an estate agent typically around 1-2% of your house price sale – which is a fair whack. And you’ll no doubt be tied into a contract which means you’re unable to sell through two agents at once.
However, an agent can take the hassle out of a sale for you, showing people round your home and dealing with negotiation on offers.
Selling with a cash buyer
If you need to sell quickly, you may best looking for a cash buying company like Vamove.
With no third parties to deal with, you can sometimes receive cash for a house within seven days – even if it’s in a state of complete disrepair or isn’t mortgageable.
It’s important to remember that you won’t be offered the full market value, as you would with an estate agent, but you might expect to receive around 85 per cent of it.
Cash buying companies in the UK will buy homes anywhere, so always worth considering if you need the money fast.