16 Mar Fast-Track Selling in Scotland: A Guide for Landlords on Property Auctions and Cash Sales

For landlords in Scotland looking to offload excess property quickly, diving into the realms of property auctions and engaging with cash buyers can be both rewarding and strategic. Navigating this landscape, however, requires a nuanced understanding of market trends, legal stipulations, and the pros and cons of each sales avenue.

Market Trends in Scotland:

Scotland’s property market is distinguished by its unique legal system and procedures for buying and selling real estate. Recently, the market has seen a significant interest in investment properties, partly fuelled by the demand for rental accommodation. This scenario provides an advantageous position for sellers, as properties, especially those well-suited for rentals, are in high demand.

Legal Considerations:

Selling property in Scotland is distinct from other parts of the UK due to its legal requirements, such as the Home Report requirement for most residential sales. This report includes a property survey, an energy report, mortgage valuation report and a property questionnaire that provides buyers with comprehensive details about the property. Additionally, the conveyancing process in Scotland involves a binding contract much earlier in the selling process than in other regions, which can expedite transactions but also requires prompt decision-making.

Property Auctions:

Auctions are a common way to sell, often completing within 28 days of the auction date. They’re particularly effective for properties that might attract a lot of interest or are unique in some way that could spark a bidding war.

The main downside is that properties may sell for far less than market value, especially if there isn’t enough interest generated before the auction.

Ensure your property stands out by addressing any major repair issues and presenting it well. Comprehensive documentation, including the Home Report, can also make your property more attractive to auction buyers.

Engaging My Local Property Buyer

Selling directly to us as an established property cash buyer in Scotland can be one of the fastest ways to sell your property especially if it is tenanted or in need of repairs. We buy all types of property as is, avoiding the need of any additional expense often associated with more traditional ways of selling. We offer speed and convenience, as we don’t require mortgage approvals which can delay the process. We also have a proven track record of sales being completed in a matter of weeks.

It’s essential to conduct thorough due diligence on any cash buyer to ensure they have the means to follow through on their offer promptly. Clear communication about timelines and expectations is also key to a smooth sale. At My Local Property Buyer, we are members of both The Property Ombudsman and the National Association of Property Buyers (NAPB) which should be a minimum requirement for any cash buyer in Scotland. 

Selling property in Scotland, especially quickly and for cash, involves balancing speed with the potential return. We work with you to understand and navigate the process effectively, achieving a swift and satisfactory sale.

If you would like to discuss your any property in your portfolio that you are considering selling, please don’t hesitate to get in touch with us today on 0141 459 0797.