The average time it takes to sell a home is in 9 months, according to the latest Tinsa report, with a wide range that ranges from 3 months in Madrid and Barcelona to more than 12 months in most provinces. However, if you need to sell the house in less time, it is possible to do it in just 24 hours. Technology facilitates this process to individuals who want to sell their house sell my house fast houston.
Speed is the differential value
In front of the traditional investors who bought the houses in cash and whose advertisements appeared on the portals, online agencies have emerged that carry out this operation via the Internet very quickly. It is another field in which the proptech are opening a gap in the real estate market, creating a different channel to the traditional housing sales channels.
Through the Internet, these companies collect information on the home sold by the owner. After analyzing its features, a free purchase offer is made in just 24 hours. “To make this offer, we have a valuation model based on our own algorithm and big data, ” says Francisco Moreno, founder of Clicpiso.
If the seller accepts the offer, a real estate expert visits the property to “perform the technical inspection of the apartment and verify that the information provided by the seller is in line with reality”, explains Ana Villanueva, CEO of Tiko. Once this procedure has been completed, the sale of the home is signed. The operation is carried out in just a few days with the delivery of the total amount of the house.
Buy any type of housing
These companies do not look for a certain type of housing, in terms of size or age; they only focus on second-hand houses that are empty. “The key to making a purchase offer for housing is the possibility of subsequent sale, because we buy to reform and sell,” says Gregorio Estévez, director of investments at Compropiso. The only requirement that the seller is asked is that he wants to bandage the house quickly and can do it easily.
There are two ways to attract real estate. On the one hand, there are individuals who want to quickly sell the house for a transfer or change of house, who contact through the web. And, on the other hand, there are real estate agencies that are looking for a buyer for their client’s home.
How to calculate the price of housing
The purchase process starts when the client includes the data of their home on the web. With the information provided, companies make an offer in less than 24 hours. This offer is the result of the application of different information sources and big data tools, which allow, through different variables, to know the market price of the property. “The price is valued applying from public sources such as the Property Registry, Cadastre, Notarial Council, Ministry of Public Works, National Institute of Statistics, etc. to private sources such as real prices of real estate agencies, appraisals, portals, etc. “, explains Villanueva.
The rapidity of the purchase process does not influence in setting a lower house price, according to the managers of these companies, because in addition to the offer other expenses are also included. To make a formal offer for housing, they value their possibilities of subsequent sale, since these investors buy second-hand housing to reform it and put it back on the market. “The objective is to do the whole process of reform and sale within a maximum period of 6 months,” according to Estévez.
An inspection of the house confirms the offer
Once the offer has been accepted by the client, the technical inspection of the dwelling is carried out to check the status and dimensions of the dwelling, the facilities, the common areas and if the area corresponds to the information of its data sources. To this physical verification is also added the legal inspection of the documents necessary for the sale of the home, such as the simple note and the energy efficiency certificate.
“We have developed a certification that guarantees that the houses in our catalog comply with quality standards and have no hidden defects. They fulfill more than 100 points, which take into account not only structural and quality issues, but also legal and administrative ones, “they point out in Clicpiso. Once all the data has been verified, a firm purchase offer is made, valid for several days, in order to speed up the deadlines as much as possible.
Distribution of operating expenses
Generally, in a transaction for the sale of a home, the buyer pays the expenses of notary, Land Registry and Capital Transfer Tax, while the seller must pay the surplus value, unless the parties agree otherwise. In these sales, the agencies as buyers usually assume other expenses that traditionally correspond to the seller as the expenses of agency or energy certificate.
In the case that the house has a mortgage is not a problem, because it is a circumstance that is known before thanks to the simple note. Before the signature of the purchase before a notary proceeds to the liquidation of the mortgage to the bank, which must deliver the payment letter as proof of the cancellation of the debt? The remaining amount is delivered to the seller directly on the day of purchase.
Buy reform and sell
The objective of these companies is to put the houses back on the market as quickly as possible after they are reformed, because their business model is based on the volume of transactions, with lower margins in the sale price, but with more operations. The deadline set to complete the entire purchase, reform and sale process is 90 days with a maximum time of 6 months. “In addition, our properties are updated and offered for sale with one year of home insurance at no additional cost to the client”, declared in Clicpiso.
At the moment, these companies operate in Madrid and Barcelona, but their expectations are to open new markets in the coming months. “We analyze cities with more than one million inhabitants with a large number of real estate transactions, low transaction costs and a market with great possibilities for improvement,” they explain in Tiko. “What differentiates us from a private individual is that we do all the analysis of the operation and the market study in a very short time thanks to big data, which allows us to make a firm purchase offer in 3 days,” they clarify from Compropiso.