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Delayed purchase
What is a delayed purchase?
A delayed purchase is what we call lease option purchase agreement. We use this term because we believe it is more understandable. The fundamental principal of a lease option purchase agreement is that the seller agrees to lease the property to the buyer for a number of years and at the close of that agreement or any time during the agreement the buyer can purchase the property for the price agreed and the start of the agreement. Here’s an example of a recent agreement we did. The property was on the market for £99,500, The seller had a mortgage of £50,000 and was moving abroad. We offered the seller £90,000 and agreed a £5,000 deposit and agreed the option would last for 5 years. The £5,000 was paid to the seller upfront and during the 5 year lease we will have total responsibility for the property and its expenditure, we pay the mortgage (which would remain if in the seller’s name) and all maintenance. Once we decide to utilize the purchase agreement, we will complete the sale and provide the seller with the remaining funds (so he would receive the balance £94,500) on purchase completion.
Why is good for me (the seller)?
A delayed purchase means you are more likely to receive a higher offer for your property. As a buyer we will generally offer between 20 – 30% below market value for an immediate purchase however, for a delayed purchase this is more likely to be between 0 – 15% below market value. That means you could possibly get a full current value offer.
Who is this type of sale good for?
This type of sales only works if the seller doesn’t need all of the equity tied in the property. If you want a property off your hands because no longer want the expenditure and hassle but you can wait for the equity this is a great option for you.
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Lease Options (Delayed Purchase)
A detailed explanation of the meaning of lease options and delayed purchases can be located here. The purpose of this paragraph is to detail the reasons why this sale option is a great choice for so many people in need of a fast house sale. At fast house sale Wakefield we are big fans of lease options because we know that can be a great option for us (the buyer) and also for you (the seller). We buy lots of houses through this process and on occasion we have sold a few in the same way. So what makes it better for you? Simple, you receive more cash!! This means if you are in negative equity this solution can often still be affective for you and your circumstances or if you simply can’t afford your monthly outgoings anymore then this solution can help. In my opinion, the only occasion a lease option is not affective for the seller is if that person NEEDS the equity from the house sale immediately. The reason for me highlighting the word need is because I have consulted with many people about this solution and their reply is “I need the equity” when I ask what for? the answer is usually so they can leave it sat in a bank somewhere. Are you aware of the rate of interest right now!! What would be the point! When we agree on a lease option, if the seller has equity in the house we will occasionally allow that equity to inflate as the property price improves. This means, if you leave some money in the property for 5 years (the usual length of our options) we may agree to share up to 20% of the growth in value with you. So the advantage is obvious and simple, you get a higher agreed purchase price and potentially enjoy some of the growth in the price of the property. If you would like to talk to us in more detail about lease options, give us a call.
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Value Your House
As mentioned above it is essential that you agree an asking price for your property with your estate agent. If you require a fast house sale this price needs careful consideration, having the price too low or too high will prevent you achieving the most for your property in the fastest time. With this in mind it is important that you do your own research prior to the agent visit. The importance of this information is even greater if you intend to sell your house privatly.
I have seen many websites and articles offering very general advice to help people accurately value their property. I am therefore going to be much more specific on the subject and offer simple easy to follow guidelines.
The first step is use a property sale website (which ever one you prefer) and search for property within half a mile of yours with the exact same or very similar details to your own. At this point it is important that you filter the list to show the lowest priced property first. This is what a buyer will see so it is important that you honestly compare your property to the ones available.
Next use a website that shows recent property sales. If you look carefully you’ll notice that most property sales websites have a page displaying recent sales. Alternatively The Land Registry website or a site called “our propertry” will have recent property sales in your area. Compare the sales data available and consider that this data shows the prices people are actually paying for property in your area and not the prices sellers are asking. Armed with this information the pricing decision is now yours.
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Fast Sale on the Open Market
Achieving a fast house sale from the open market can be tricky and require more of your time than you might like. This is however, usually the best way to achieve the highest sale price for the property. Many people we speak to have already attempted to make a sale in this way prior to contacting us and have grown frustrated by the time and effort it takes. In some cases we will purchase the property from them and in other cases we will offer simple advice to speed up the process. With this in mind, here are some of our key tips for achieving a fast house sale:
Prepare the property. Preparing the property will not only aid a fast sale on the open market it will also help you achieve a higher price for your property. Take an honest look at your house (as if you were a buyer) and make a list of any DIY jobs that a buyer would notice. A property will be of interest to more people if they believe they can move straight in and without need to decorate. With this in mind complete the work needed and make the property appeal to a wide range of tastes by keeping everything neutral. The next step is a deep clean. This is not said with the assumption that the house is not clean, it is simply easier to do one major clean and then periodic “quick cleans” when preparing for viewings.
Estate agents. Look in your local papers and at sales boards in your local area and make a list of the agents who clearly have a local presence. Invite each one to value your house. If you have a fast house sale in mind, inform them that this is the case, this might prevent the agent claiming they will get a high price simply to get your business. Ask them how many properties they have in the area and how many recent sales they have made. Ask what prices they have achieved. Remember, at this point a high valuation is not the goal, finding the right price and the right agent to get a fast sale is. Once you have decided which agent you will use the next issue is the fee they charge. In many cases this fee is negotiable however, remember the important thing to you is speed of sale and therefore make sure the agent has good reason to push your property. It’s possible that the lower the fee the lower the effort to find a buyer. Once you have chosen the agent you wish to use you will need to sign a contract with them. Read the contact and the small print very carefully, check that the terms agreed are stated and check that you are not signed to that agent for an excessive amount of time.
Viewings: Before the viewing make a note of the key selling points of your house (the agent can help you with these) and any relevant information that may persuade the buyer. Prepare the house buy making sure it is clean and tidy and free from clutter. Welcome the buyer and give them a brief description of the property. You can now either walk the buyer around your house or allow them to have a look by them selves, both options have advantages and disadvantages. If you accompany them you can point out the houses selling points as you go but the buyer may not feel they can have a thorough look with you near by. If you choose to allow the buyer to look by them selves simply mention the selling points before they leave. The agent should contact you with feedback and offers within 48 hours of the viewing, if this does not happen, call them and request an update.
Advantages of a Quick House Sale
Most companies who offer a fast property purchase will make an offer below the open market value (BMV). This will usually range from as low as 50% and usually up to around 80%. At first glance these figures may seem relatively low however it’s worth considering some of the financial benefits of a direct property sale. If you choose to sell your property privately it will be sold very quickly and you will therefore avoid any more mortgage payments. You will also avoid expensive agents and solicitors fees. Another point of interest is that on the open market any buyer will want to negotiate and therefore it is unlikely you would achieve market value after waiting so long to make the sale. Perhaps other than financial benefits one of the largest benefits is avoiding the stress of the open market. When you use the open market to sell you will need to find an agent, you will need to keep your property in a fit state to have strangers wandering round looking through your rooms and cupboards and you will generally have to wait months to achieve a sale much lower than your asking price. You will also often find yourself in a chain and one break could result in your sale falling through. With a private sale you avoid all the hassle of the open market and unlock the cash tired in your home straight away.
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