Property Solutions to Sell Your House Fast For Market Value
An option agreement on property typically lasts between three to five years. But the period of the option agreement can be shorter or longer by mutual agreement from both parties. Also, many property option agreements include a right to extend, should this be needed towards the end of the option agreement period.
It’s still the seller who owns a house between exchange and completion. But because contracts have been exchanged, both parties are legally bound to complete, which is the date when legal ownership of the property passes to the buyer. It is advisable for the buyer to insure the property between exchange and completion.
If your house has been on the market for 2 weeks without any viewings you may have a problem. The number one reason why houses get no viewings is if the price is too high. Which means this could be the reason for now viewing, so you should speak with your estate agent right away.
In England and Wales even once an offer has been accepted, someone else can also make an offer. Estate agents are legally obliged to put all offers forward, but this doesn’t mean the vendor has to accept other offers. If this happens it’s call Gazumping. But to avoid it happening, you need to exchange contracts quickly.
The best way to sell an HMO is direct to another HMO investor or by using a specialist HMO agent. The agent will charge a sales commission for the sale, whereas the direct to investor sale will be free. Either way it will ultimately be sold to an investor, so why not simply cut out the middle man? Small HMO’s with up to 6 bedrooms tend to value up using a bricks and mortar valuation basis, whereas larger HMO’s are valued using an income-based valuation model.
You can changed your mind about selling your house if you do so before contracts are exchange. You need to let the estate agent know as soon as possible to avoid inconveniencing anyone, but you may still be in contract with the agent. If you change your mind after exchange of contracts you’ll be in breach of contract.
