Over the last year has seen the visibility of “quick sale” agents grow. With data showing that 27% of houses falling through post an offer, the nerves and needs for sellers to move quickly to new homes knowing they have a guaranteed sale grows daily.
Bring in “Nested” www.nested.com a new ambitious start up aimed at guaranteeing a sale on your home within 90 days. It promises that should your home not sell after that period it will guarantee up front 97% of the sale and on sale you will still receive anything extra they manage to sell. The firm is regulated by the Financial Conduct Authority and a seller pays a sliding scale commission of 3% if it goes for full price or half if it achieves less than 97%. Nested listed 26 homes for sale in London in August in all parts of London.
It claims to work by valuing your property correctly taking into account, condition, market area sales, economic conditions and previously sold prices within the area.
Having a quick search on rightmove.co.uk for Nested only sales in London, there were a range of properties from 1 bed in North London to a 5 bed house in SE15 that appeared to be priced as one would expect. Some say Nested aims to ensure a more realistic valuation is made as they believe over evaluation also causes houses to remain unsold in this current climate.
How it can claim to be confident enough to sell your home is anyones guess and only time will tell whether the business model can sustain the tide of the times.
“I saw how much of an advantage cash buyers have over those buying with a mortgage in a chain. No-one wants to sell to a chain buyer when they can sell to a cash buyer or first-time buyer instead. Furthermore, cash buyers are often able to pay less than chain buyers because they are in a position to proceed quickly. Our main audience is people who would like to move on a particular time frame – for example those caught in a chain or moving for a new job or baby with a specific date they need to move by.” Matt Robinson from Nested
See our article on no chain buyers!
However it is worth keeping a close check on properties and evaluate for yourself whether there are properties worth buying through Nested as many other buyers out there often turn away from the unfamiliar. Half of the battle with house buying is having the confidence to try something that may just pay off as you were the only one to try!