How to buy a home in need of a quick sale

Research from property purchasing specialist, HBB Solutions, reveals that the nation’s homebuyers can slash an average of £22,000 off the price they pay for a home by focusing their search on quick sale homes.

HBB Solutions analysed current property values across each region of England, as well as the average price accepted by sellers in need of a quick sale.

It says that in a busy housing market where sales are taking a long time to complete, there are sellers who are willing to make sacrifices to try and guarantee a fast sale.

In particular, they’re happy to put their property on the market at a discounted asking price for buyers who are able to complete the process as quickly as possible.

While the average price paid across England is currently £252,671, the average price for a home that has been listed for a “quick sale” property is £22,000 cheaper at £230,428, thus offering a potential saving of 8.8 per cent.

The biggest savings are available in Yorkshire & Humber where the average price for a quick sale property is 14.8 per cent, or roughly £24,000 below the regional average, while in the North East, the average quick sale could save buyers an average of 14.3 per cent.

However buyers must make themselves as attractive to sellers as possible and this includes having a mortgage approved in principle before submitting an offer. It is also a benefit to be free of a chain and, best of all, to be cash buyer.

To find a quick sale property try asking estate agents if they have any suitable sellers and put the search term “quick sale” into the well-known property portals

HBB Solutions say: “A buyer in a strong position is often far more preferable to one with a bigger cheque book and sellers in need of a quick sale will return the favour in the form of price reductions”.