What is the fastest method for selling your home in London’s Poplar district?
There are several options for how to sell your freehold or leasehold house or flat in Poplar, which is within the east London borough of Tower Hamlets and is well known as the location of Chrisp Street Market that first opened in 1951. You can choose among selling with an estate agent, selling with an auctioneer, selling with a fast buyer, or selling on your own.
Each method has its own advantages and some of the choices have particular disadvantages, such as taking a long time to exchange or increasing your costs. Below you’ll find a summary of the four ways of selling which you should compare with your needs and wants to find the best match for finding a buyer.
Using an estate agent requires minimal work on your part, because they will write the listing that describes your property and features photographs of it, which they’ll use to advertise the home. They will handle the scheduling of listings, where they give potential buyers tours of the property. And they will be responsible for trying to complete any serious offers from buyers.
But they will charge commission, based on your home’s final sale price. This fee will be deducted from the sale proceeds, which will reduce your profit. And it can take a long time to sell your property when using an estate agent, so you might not get any serious offers for at least a few months, or possibly not until after a full year.
Auctioneers also do the bulk of the work with selling your home, as they’ll prepare and advertise the listing, and host the auction. But they also expect to be paid for this work and will charge commission usually based on your house or flat’s final sale price. Selling this way will also take several months to cover from beginning to end, so it’s not always the speediest option.
You’ll be asked to set a reserve price for the auction, which is the lowest value that you’re comfortable with selling your home. Pick a price that will generate a suitable return even after paying the auctioneer their fees, otherwise you risk selling at a loss. You might only get a single bid at the reserve price, and this is considered a legally binding agreement to sell your property.
Perhaps the quickest way to sell your home is contacting a fast buyer like LDN Properties. We’ve got the financial ability to immediately purchase flats and houses without having to wait potentially months to first get approved for a mortgage to complete the process. This means that our experts usually can finalise the purchase of your home within just a few short weeks.
And we also promise that you will never have to pay us any commission, because we think that the fairest approach is for owners to retain the full proceeds from the sale of their properties.
We’re also able to consider purchasing practically any type of property, no matter its age, condition, shape, size or type. Some of the freehold and leasehold purchases that we have made since launching in 2003 are houses of multiple occupancy, flats with high radon levels, properties where the owner can’t find the title deeds, and empty homes to name just a few.
This option will require a lot of work, because you’ll have to prepare a listing, advertise it, arrange and host viewings, and oversee the completion of any serious offers from buyers. It’s not something that you can typically do in your spare time, and it will require a lot of time, money and effort, and therefore is only recommended if you have experience with selling properties.
And unless you, or someone you know, is skilled at selling homes, the timeline for finding a buyer can be very unpredictable, and it might take more than a year to get a genuine offer.
The clearest benefit of selling this way is that you won’t have to pay a third party, like an estate agent, any fees, so you’ll get to keep all of the sale proceeds. But you can achieve the same outcome by selling your property to a no-fee quick property buyer instead – and this alternative approach to finding a buyer will also require almost no work on your behalf.
