Over the past decade there has been a significant increase in the number of ‘cash house buying companies’ advertising online to homeowners looking for a fast sale of their property. These companies generally claim to be able to legitimately ‘buy any house’ for cash, and as a rule can do so in 7 days.
Selling quickly to a cash buying firm does have it’s benefits for some homeowners who find themselves in a position whereby they need access to urgent funds for whatever reason – however as a general property seller – is a quick house sale firm a viable option or alternative to a traditional estate agent route? We have summed up below the benefits of using a cash buyer, so you can make up your own mind.
Cash in the bank in 7 days.
The most obvious reason to consider a quick sale for cash as mentioned earlier, is that you get the funds in your bank in 7 – 10 days if the purchaser is a true cash buying firm. Some so-called cash buying firms advertising online aren’t cash buyers at all. They claim to be cash buyers however often rely on mortgages, or sometimes try to get you to sign up to an estate agency agreement. Always ensure you ask for proof of funds from any cash firm you are considering using, and ensure they are members of NAPB – the association set up to monitor and regulate the ‘quick sale’ industry.
Becoming a cash buyer.
If you accept a cash offer for your home, it puts you in a very powerful position when negotiating the next purchase, you intend to make. You are no longer in a chain or lumbered with a property you can’t sell – in fact you are now the cash buyer and can negotiate a discount with the seller you are buying off.
No viewings, tyre kickers or estate agents needed.
Dealing with a cash buying firm means that you won’t have the need for estate agents to visit and take photos, and more importantly won’t have the need for potential buyers disliking your colour scheme or whatever else they find at fault with the property you are trying to sell. In fact, the only person that needs to visit for a cash sale is a RICS surveyor. RICS (Royal Institute of Chartered Surveyors) are an independent service that value property for mortgage purposes. Cash buying firms use RICS to determine the value of a property before they commit to making a purchase.
No more monthly mortgage payments.
If you are stuck in a property that won’t sell, and you have a mortgage to pay on that property – the chances are it’s making you unhappy. Not only that, you are committing large sums of money every month for a property that you don’t really want to be in. Dealing with a cash buying firm brings this to an end.
A guaranteed sale.
One of the key factors in choosing a quick cash buying firm for most homeowners is the fact of having a guaranteed buyer. Studies have suggested in the UK that it takes on average 3 attempts to sell a property. Buyers get cold feet, change their minds or find an issue or stumbling block with stops them buying your home. With a cash buying firm the price they agree to pay is what they will pay. They genuinely do buy any house; even ones beyond repair.
All in all cash buying companies do have their uses, and if you are prepared to significantly discount on your asking price you can be ensured that you are going to sell to a buyer that won’t change his mind, and you can be ensured the cash will hit your bank account in a matter of days.