Different ways to sell a property

Selling a home isn’t a one-size-fits-all process. Most people list their home on the open market and wait for offers, but that’s not the only option. Depending on your circumstances, timescale and how much certainty you need, there are several other ways to sell.

Here’s a look at the main routes, so you can work out which one fits your situation.

What is private treaty?

Private treaty is the standard way most homes change hands in the UK. Your home goes on the open market with an asking price, and buyers submit offers for you to consider.

Once you’ve accepted an offer, a solicitor draws up the contract of sale. Before contracts are exchanged, the buyer needs time to carry out their searches, sort their mortgage and ask any questions through their solicitor.

Neither side is legally tied to the sale until contracts are exchanged. Up to that point, either you or the buyer can pull out without penalty, which is why sales sometimes fall through further down the line.

What happens if more than one buyer offers on your home?

If several buyers want your home, your agent might suggest sealed bids. Each interested buyer submits their best and final offer by a set deadline. You and your agent then review the offers together and decide how to proceed.

You’re not obliged to accept the highest offer, though most sellers do go with the one they believe is strongest overall, taking into account things like the buyer’s position and how quickly they can move.

Is selling at auction faster than selling on the open market?

Auctions can be a quicker route to a sale, which is why they suit sellers who don’t want to wait around. They can also work well if your home has something that might put off a typical buyer, such as structural issues, a difficult legal position, or if it’s tenanted or hard to mortgage.

A guide price gives bidders a sense of what your home might sell for. You can also set a reserve price, usually kept private, which is the lowest amount you’re willing to accept.

Auction sales don’t always mean a lower price. If several bidders want the same home, a bidding war can push the final price well above what you might expect.

What’s the difference between a traditional and modern method auction?

There are two types of property auction, and they work quite differently.

In a traditional auction, the sale is binding the moment the hammer falls. The buyer pays a deposit (usually 10%) straight away, along with an auction fee, and then has 28 days to pay the remaining balance and complete. If they can’t complete, you keep their deposit.

A modern method auction (sometimes called a conditional auction) gives buyers more breathing room. Once their offer is accepted, they pay a non-refundable reservation fee, then have 28 days to exchange contracts and a further 28 days to complete.

The reservation fee gives you some reassurance that the buyer is serious, since they’d lose that money if they walked away. It’s separate from the sale price and often goes towards your marketing costs rather than your pocket.

Can you part-exchange your home when buying a new build?

If you’re buying a new build, some developers will let you part-exchange your current home as part of the deal. The developer values your home, then makes you an offer to buy it, often backed up by an independent valuation.

Part-exchange can take a lot of the stress out of moving, because:

• You’re not relying on finding your own buyer or getting stuck in a chain
• The developer is motivated to make the whole process work
• Timing is easier to coordinate, since both sales complete at once
• You avoid paying selling agent fees
• The legal side is simpler, as it’s all between you and the same company

It’s worth noting that part-exchange usually isn’t available if you’re buying through the Help to Buy scheme, so check with the developer early on.

How does equity release work?

If most of your wealth is tied up in your home and you want to access some of it in retirement, equity release could be worth exploring. It’s only available to older homeowners, typically from age 55 to 65 depending on the provider, and it lets you release money while continuing to live there.

Are quick cash sale companies worth using?

Quick cash sale companies buy homes directly, often within days and for cash. In return for the speed and certainty, they’ll usually offer below market value, which is how they make their money.

This route tends to appeal to sellers who need to move fast, for example if you’re facing repossession or need to sell quickly for personal reasons.

If you’re considering this option, get a clear sense of your home’s true value first, so you understand how big the discount is. Check for any additional charges, and don’t sign anything until your solicitor has reviewed it.

Can you sell a home through a raffle?

Raffling a home, where you sell tickets and give the property away as the prize, does happen occasionally, but it’s not a method Rightmove supports or lists on our site. It sits outside the more established routes covered above, so most sellers looking for a reliable, regulated sale will find one of the other options a better fit.

FAQs

• What's the quickest way to sell a home?

  Auctions and quick cash sale companies tend to offer the fastest routes, since both come with set timescales for completion. Just bear in mind that speed often comes with a trade-off, either in price or in fees.

• Do you need an estate agent to sell by private treaty?

  You don’t have to, although most sellers use one and there are multiple benefits of selling through an agent. An agent handles marketing, viewings and negotiating offers on your behalf: they’re experts in their field, as well as helping you get the best price for your home.

• Do you need an estate agent to sell by private treaty?

  You don’t have to, although most sellers use one and there are multiple benefits of selling through an agent. An agent handles marketing, viewings and negotiating offers on your behalf: they’re experts in their field, as well as helping you get the best price for your home.

• What's a reserve price at auction?

  It’s the minimum price you’re prepared to accept for your home. It’s usually kept confidential and sits below the guide price, giving the auctioneer room to negotiate while protecting you from selling too cheaply.

• Is part-exchange only available on new builds?

  Generally, yes. It’s a scheme offered by developers to make it easier for you to buy one of their new homes, so it isn’t something you can arrange when buying on the open market.