Lots of people are in a position where they need to sell their house fast, whether this is because they are
- The property has been inherited
- The owner is in financial difficulty and
- A number of other situations
When people find themselves in this position, they will aim to seek not to just find the quickest way of selling the property but also find the most secure buyer. We all know that the property industry is a very fragile one, a buyer can pull out at anytime until contracts are exchanged. This is why if someone needs to sell heir house fast it’s imperative they eliminate anything that may go wrong for forcing the buyer to pull out. One of the main issues been if the buyer is unable to obtain a mortgage for the property, either because of their own personal circumstances or even issues concerning the property itself. Obtaining a mortgage can take a number of weeks, therefore it maybe a couple of weeks from agreeing the sale that the vendor finds out the bad news. The last thing people have who need to sell their house quickly is time.
Because of this people in this position will seek for a cash buyer, yes people who actually have the money in the bank and can basically write a cheque for the property without the aid of any third- party lending. There is the possibility of finding a cash buyer by marketing your property with an estate agent, but again this can take time.
This is why the we buy any house industry emerged, helping so many people sell their houses fast. These are companies who have cash facilities to buy peoples houses in as little as seven days. However, yes you are right there is a catch
If they are a genuine cash for homes company, they will offer a lower figure than any estate agents valuation. But surely you would expect this? If not they would be buying everything on Rightmove. If a we buy any house company makes you a cash offer for the amount its on the market or what it has been valued at be very, very careful.
How to distinguish a genuine Cash For Homes Company
If you are searching the internet by typing phrases such as ‘We Buy Any House’ or ‘Cash For Homes’ you will have seen 100’s of companies portraying themselves as a business who has the capacity to buy your house for cash. However, beware a large percentage of these do not have the money to buy your property. They are just using this as a ploy to hook you in. The industry is not regulated, neither is the internet so companies selling this service are not checked to ensure they can deliver the service they advertise. So the next question is which one do I trust?
Its very easy to narrow down the genuine ones. If you agree a price for your property please follow these two steps
- Do not sign any paperwork with the company. The only paperwork you should sign are the documents your solicitor sends you. If you were to sell your house to your next-door neighbour would you sign any paperwork with them? Exactly so what’s the difference? Companies who ask you to sign paperwork are doing this to lock you into an agreement. Making it brief all the paperwork will stipulate is that you agree to sell your home for X. The so-called cash buying company will then market your property for a significantly higher price than the figure you have agreed to accept in the hope they find a buyer. If a buyer is found they will stand away and basically pocket the difference between the price you agreed to sell the property for and the figure the new buyer agrees to pay. This basically makes them an expensive estate agent. Furthermore, think what if they don’t find a buyer?
- Ask the company to send you some form of proof they have the cash funds available to buy the property. Guaranteed once this question is posed 95% of them will run a mile.
If you can find a company that is willing to follow the two steps above they are the ones that actually will buy your house for cash.