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, work with many leading developers, retirement providers and estate agents and offer dependable solutions to help customers move without the usual stress or lengthy timelines often associated with selling a property.

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, or as its often called 'Part-Exchange' to get their house sold in a fraction of the time, can be a great alternative to the traditional selling process.

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. Spring can complete your moving process in as little as 7 days.

So, what is a home-buying 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’ provides homeowners with the reassurance of a quick, guaranteed sale of their property. It makes the homeowner instantly ‘chain-free’ and able to proceed with their next property without waiting to sell their home via an estate agent, eliminating the risk of their sale falling through.

Who offers a home-buying service?

There are many companies operating throughout the UK that provide home-buying, or Part-Exchange services, direct to consumers. Many developers and retirement providers also offer home-buying services, usually via a third-party company such as Spring.

How does a home-buying service work?

If you choose a home-buying service, or part-exchange, with Spring, the process is similar to a normal house sale. But, instead of putting your house on the market and waiting for a buyer, spring buys your home directly.

No matter if your property is already on the market, or if you haven’t got round to listing it yet, if your home is suitable for our service, Spring will be able to make you an offer and will follow 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 your details and property details and send the information to Spring on your behalf.
  • Once Spring receives the information, our team will usually contact you within 24 hours to discuss your property and determine if your home is suitable for our service.
  • Following the initial call, we will arrange for two local estate agents to visit your home and value your property on our behalf. Using these valuations, our experienced Underwriting team will then review valuations and all information on your property looking at comparables, properties that have recently sold in your road or area, along with other local factors that could affect price.
  • Once ready, our Underwriting team will present our indicative offer to you in a personalised Property Valuation Report containing all valuations, comparable properties and offer information. A Spring offer is no-obligation, so if the offer doesn't work for you, then you simply walk away. We never ask you to sign anything, nor are you tied into any contract.
  • If you chose to move to the next steps, we would then arrange for a surveyor from the Royal Institution of Chartered Surveyors (RICS) to visit your home and conduct a survey.
  • Our Underwriting team will then review the survey results and conduct a final review in order to confirm our indicative offer has been converted into a formal offer. We will share all valuations, reports, and survey results with you, so you have all the information you need to make the right decision on your home sale.
  • Following acceptance of the formal offer, we will begin your sale and put everything in place to suit your choice of completion date, leaving you free to focus on the move ahead knowing your sale is guaranteed to complete with no risk of fall through.
  • As a standard feature of our service, homeowners get up to 14 days post completion to access their old and new property at the same time, meaning you can move at your own pace. Or you can use the time to decorate or get carpets fitted in the new property – it is a popular feature, especially for customers who are retiring or downsizing.

Is a home-buying service suitable for everyone?

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

There are some general pros and cons to all home-buying and part-exchange services, so it is 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 is 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 Trustpilot reviews from our customers 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.

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 or part-exchange 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. Do not 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?

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 company like Spring 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.

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 directly from you, repair the chain, allowing you to carry on with your new home purchase without any further delay.

As we have discussed, a home-buying service isn’t suitable for everyone, and the offer you receive will depend on 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, or part-exchange 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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