Property-buying website WeBuyAnyHome.com and other similar services offer to buy your home from you if you’re in need of a quick sale.
You may have seen these kinds of websites advertised recently, and, if you have, you might be wondering whether using them is worth it.
How does it work?
Usually, you can get a free quote from these kinds of websites. They won’t visit your home to value it, but will instead use online information about the surrounding area and the current property market to come to a price they would be happy to pay you for your home.
If you’re happy with the offer, the sale might happen pretty quickly. In this case, you’re given control over when you want the sale to happen so, if you need a few weeks or so to prepare, or you’re ready to go as soon as, you can find a date that’s best.
The house-buying service will appoint a solicitor to you, and this is free of charge (if you use WeBuyAnyHome.com). The solicitor will handle your home’s sale, and you won’t have to pay any legal costs for this.
The cash for your home is paid into your account once the sale has completed. Remember, if you have a mortgage, the majority of the cash – if not all of it – will go towards paying this off.
Is it worth it?
In many cases, using this kind of service isn’t worth it. Unless you’re in a desperate rush to sell up and you can afford to lose a bit of money, it’s best to wait until your home sells the traditional way. This is because the services we’ve described above will offer you much less than your home is valued at, so you’ll likely lose money when you sell it this way.
The only time you might consider this sort of service is if you really need to sell your home quickly. Your property may have been on the market for a while with next-to-no interest, or you might have other commitments that mean you have to sell up as soon as you can. Here, this kind of property-buying website might be useful to you because they often have quick turnarounds.
Additionally, if you’re in mortgage arrears or you’re struggling with your mortgage, selling via this kind of website might be a solution for you. If the amount they offer you is enough to cover the amount you owe on your mortgage, and you have somewhere else to stay (whether you’ll use some of the spare cash from the sale or move in with someone you know), this could help you get out of a tough situation.
But it’s worth bearing in mind that you will almost always be offered less than what your home is worth, so it’s important you weigh up whether you can afford to lose the cash. You’ll typically be offered around 80% of your home’s value, although it may be slightly more and could be less.
Ultimately, if you’re in need of a quick sale, and you can afford to lose quite a bit of money (which not many of us can!), this service might be beneficial to you. But, if you’re not in a rush and your budget is tight, we’d suggest selling your home a different way.
You can find some helpful links below if you’re finding selling your home a worrying prospect:
Disclaimer: All information and links are correct at the time of publishing.