You have decided that you want a quick sale of your property. In this market you are not prepared to “wait and see” what will happen by using a traditional estate agent. You are therefore thinking about finding a property cash buyer.
Who do you target and what do you need to think about?
The term “cash buyer” covers a huge range of individuals or companies. Essentially it is a purchaser who is not mortgage funded. This could be a private individual or a property company, developer or property investor.
Property cash buying companies have grown in number significantly over the past 5 years. Like all industries there is a cross section of companies operating in this space and you need to select carefully who you want to deal with. This is particularly true as the industry is to a large extent unregulated.
By simply tapping various search terms in to Google or the other search engines it will reveal a number of property cash buying companies that will offer “a quick sale”, and buy your house in a matter of days. However, what else are they offering you, what is their track record on delivering on an offer and what should you expect from them in terms of approach and terms?
These companies will generally offer to purchase your house quickly but for a discount on the “market value” of the property and/or other flexible terms such as quick exchanges and delayed completion dates.
What you are weighing up is how quickly you need to sell your home, what your financial position is and whether you can take a “hit” on the perceived market value of the property. An upfront hit may be easier to swallow if you factor in the costs of professional fees, extra mortgage payments etc whilst waiting for a sale to happen through a traditional estate agent.
We would strongly advise you to research a number of cash buying property companies and to talk to the individuals to get a flavour of the approach they practice. A few questions we would recommend asking would be:
- How long has the property cash buyer been established?
- Who in the company will you be dealing with?
- Are there any fees to pay? If there are would these be upfront or at the end of the process?
- How will they value your house?
- How does the process work and what is the time line?
- Do they need a mortgage or can they really offer a cash purchase and exchange and complete in a few days?
- What do their testimonials say about the service?
- Are the company based locally to you?
- Do they have a Code of Practice or Code of Conduct that details what you can expect from them?
- What type of contract are you to sign with them?
- Will you be advised to seek legal advice? -NB they may offer the use of their recommended solicitor. This solicitor is obliged by law to act on YOUR behalf even if the bill is paid by the cash buyer.
Once you have the answers to the above it is down to judgement as to whether you want a quick sale and to engage with a cash property buyer and who that will be.
Molae Properties are specialists in property cash buying. Our clients situations range from those simply looking for a quick house sale to those who are, relocating or facing repossession. We are able to buy your house quickly. Plus we can offer flexible terms to suit your needs such as delayed completion dates.
Visit our testimonials page and the FAQ’s to see how our service works in practice.
Alternatively please call freephone number 0800 634 5892 to discuss, without obligation.
“Just a few short words to thank you for looking after me in the sale of my flat. It was a refreshing to deal with a no nonsense company that told me all the facts and figures from the start. Having dealt with a previous company that lied and tried to rip me off just so they could get my flat cheaply Julien came round and talked me through and assisted me all the way right down to turning off the light. Although you don’t get market value I got a good deal with no hassle and it certainly saved me a lot of time and headaches. And helped me into my new flat a lot quicker. Once again many thanks.” R. Kimbell, Feltham