Spring’s home-buying service explained

Spring’s home-buying service offers homeowners a simple, quick and guaranteed sale for their property, with a completion date to suit. We buy property of all shapes, sizes and conditions, and work with many leading developers, retirement providers and estate agents, offering dependable solutions that get customers moving without the usual stress or lengthy timelines often associated with selling a property.

Recent data from Spring’s MOVESMART platform, revealed that completion times in the North East, North West, South East and South West all averaged 23 weeks  Many sellers don’t have the luxury of waiting that length of time for their sale to complete, especially if their sale falls though last minute, so using a home-buying service to get their house sold in a fraction of the time, can be a great alternative to the traditional selling process.

So, what is a homebuying service and how does it work? Here we explain the process and explore the pros and cons, so you have all the information you need if you’re considering using a home-buying service to make your next move.

What is a Home-Buying service?

A home-buying service, or ‘part-exchange’ as it’s often referred to by our developer and retirement partners, gives homeowners the reassurance of a quick and guaranteed sale for their property. Using this type of service means that homeowners don’t have to wait to sell their home via an estate agent, nor is there any risk of their sale falling through last minute.

Who offers a home-buying service?

There are many companies operating throughout the UK that provide home-buying services direct to consumers. Many developers and retirement providers also offer home-buying services, usually via a third-party company such as Spring, making customers instantly ‘chain-free’ and able to proceed with their next property without delay.

How does a home-buying service work?

If you choose a home-buying service, or part-exchange, with Spring, the sale is pretty much like any other house sale. But, instead of putting your house on the market and waiting for a buyer, Spring is the buyer.

No matter if your property is already on the market, or if you haven’t got round to listing it yet, Spring will be able to make you an offer. We, and most other reputable home-buying companies, work using the steps below:

• • Contact Spring directly for a no-obligation chat to discuss your property and requirements. If contacting Spring through one of our developer, retirement or agency partners, the team on site will take some details and send the information to Spring on your behalf. Once Spring receives the information, our team will usually contact you within 24 hours with an indicative ‘preliminary’ offer on your property.

• • Our experienced Underwriting team, along with valuations from 2 independent local estate agents, will be used to value your home, along a free survey from the Royal Institution of Chartered Surveyors if required. A no-obligation home-buying offer is then made to you, there are no contracts to sign and if the offer doesn’t work, you simply walk away.

• • If you accept the offer, your home-buying journey begins. And, with a choice of completion date to suit, you can focus on the move ahead knowing your sale is guaranteed and won’t fall through. As a standard feature of our home-buying service, homeowners get an extra 14 days post completion to access the old property, meaning you can move at your own pace, or use the time to decorate or get carpets fitted in the new property – it’s a popular feature, especially for customers who are retiring or downsizing.

Is a home-buying service suitable for everyone?

Depending on your circumstances, the reason for sale and the type of property you are buying as your onward purchase, a home-buying service can work well, as it removes many of the hurdles and stresses often associated with selling a property.

There are some general pros and cons to all home-buying and part-exchange services, so it’s important to understand a few key points:

Pros:

• Certainty – the sale is guaranteed, meaning no fall throughs or costly broken chains.
• Speed – sell your home quickly and complete in little as 7 days.
• Convenience – choose a completion date that suits you and the onward move.

Cons:

• Valuation – an offer will usually be below market value.
• Eligibility – it’s not suitable for all properties and depends on type, location & condition.
• Ownership - may not be suitable for everyone and their financial situation.

Be savvy and stay aware…

Spring have been in operation since 2007 and independent Trustpilot reviews rate our service as ‘Excellent’. Offering easy, transparent, and guaranteed solutions, Spring has rightfully built a reputation that our customers and partners can trust. We are members of the National Association of Property Buyers (NAPB) and are honoured that The Property Ombudsman adopted our internal code of conduct and use it as a guide for their strict code of conduct for the property buying industry as a whole.

However, with all service providers, there are some very good ones and unfortunately some very bad ones. So, when you are embarking on your home selling journey, be sure to do your homework and check exactly what is being offered, or it could end being a costly and stressful mistake.

As a rule of thumb, if things sound too good to be true, they usually are. Don’t be afraid to walkway and avoid any company who ask or claim the following:

• Don’t use a company that promises 100% market value, they won’t.
• Don’t sign any documents, agreements, RX1 forms or ‘option contracts’ upfront.
• Don’t pay any fees upfront, including surveys, even if they say they are refundable.
• Don’t allow companies to put any restrictions on your property via land registry.
• Don’t use anyone missing a company registration number or validated customer reviews.

Is a home-buying service right for me?

Using a home-buying service can be a fantastic way to complete your sale in the fraction of the time when compared to a traditional estate agency sale. This can be especially beneficial if your onward move, personal or financial circumstances dictate the need for a speedy completion - it’s quick, easy, and most importantly, it’s guaranteed.

Selling a property is often cited as one of the top 10 most stressful life experiences, so if you want to remove the stress and move on a timescale to suit you, then a home-buying service could be a great option for you, especially in a slow or turbulent market.

Using a home-buying service also comes into its own if you are wanting to fix a broken chain, as Spring offer a Chain Repair service, which can step in at speed to fix a broken chain if your buyer suddenly pulls out. Spring will simply buy your property, repair the chain, allowing you to carry on with your new home purchase without any further delay.

As we’ve discussed, a home-buying service isn’t suitable for everyone, and the offer you receive will depend on the property you are wanting to sell. But, once you have weighed up the pros and cons, and if the trade-off between price v’s convenience, speed and a guaranteed sale is your preference, then a home-buying service could be ideal.

Speak to the Spring team if you have any questions or need further advice on 020 8629 7877 or email us at: [email protected]

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