Deciding to sell your home is a big deal, both financially and emotionally. Parting ways with likely your biggest investment in life so far is no small decision to make, and it’s important to navigate the process as sensitively as reasonably possible.
There are a few main options to choose from when selling, two of which are cash buyers and auctions. Here, we take a look at some of the pros and cons of each, to help you make the right decision based on your specific requirements. And, thanks to the Property Sale Watchdog team for providing advice on this article.
Speed
While both cash sales and auctions are typically faster alternatives to selling on the open market, cash buyers do tend to complete the sale faster. With auctions, you need to prepare a pack, list the sale – ideally a little while in advance – and then wait for completion after the property has ‘sold’ at the auction.
With cash buyers, you don’t have to go through a lot of these processes. Once you’ve identified a buyer (which tends to be quite quick), you can complete in around a month. If you’re looking for a quick sale, then finding a cash buyer is the way to go.
Safety
Both cash buyers and auctions tend to result in sales at slightly below market value, but with cash sales, you have more safety. Listing your home for sale at auction comes with very few guarantees; it might not sell at all, and if it does, you may not get as much as you’d hoped. You can set a reserve price, but it still leaves things up in the air.
With cash buyers, there’s a lot more certainty. You’ll typically get around 20% of market value, but you know where you’re standing from the very beginning when your buyer makes their offer. This makes it a lot easier to make further plans, and provides more peace of mind.
Simplicity
Selling at an auction may be a little simpler than selling the traditional route, but only just. There’s still a lot that needs organising, and you may still need to market the sale, organise viewings, and prepare the property to appeal to your target audience.
Cash sales are a lot simpler. The kinds of buyers you’ll be dealing with typically aren’t fussed with getting a perfect house – as long as it’s legally and structurally sound, they’ll often be happy with it, whatever state the property is in. This removes a lot of the burdens traditionally associated with selling a house, which may be just what you’re looking for.
While these points should definitely go into informing your decision on how you sell your house, you should still get further advice on the matter. There are a number of case-specific factors that will impact how you make your decision, and it’s worth speaking with a property sales expert before you commit to something that can have a big impact on your life.
