Almost every person selling their property wants the process to be completed as quickly as possible. With negotiations, solicitors, viewings and much, much more – it can be a time-consuming and stressful experience. Therefore, when an opportunity arises to get a property ‘out of your hair’ quickly, lots of people jump at this chance.
Cash house buyers are in a unique position in the UK property market because they are able to pay the entire sum for a house up-front. They are also able to complete the sale in an extremely short period of time, which is a very attractive proposition for sellers.
But exactly how quickly can a cash house buyer complete a sale? And how can you identify a reliable cash buyer from an untrustworthy one? Our blog below aims to answer both of these crucial questions, and more.
What exactly is a Cash House Buyer?
A cash house buyer is a business which can buy your house, flat or any other type of property up-front, for cash. These companies operate throughout the UK – but while many of them are reputable, some of them are not. It is therefore critical that you can identify the trustworthy ones.
Cash buyers will carry out research on your house to arrive at an independent valuation of your property. Once this valuation has been reached, they will make a cash house offer. This offer is usually slightly below what you would expect to receive for the property ‘on the market’ – but you are also going to complete the sale much more quickly, with far fewer fees.
How quickly can a Cash Buyer complete?
Each cash buying business will have different expectations of how long it takes them to complete. On each company’s website (if they are a reputable firm) they will usually indicate exactly how long you can expect completion by.
With a reputable firm like We Buy Any Home, we have a long experience of completing house sales within a week (7 days). This means that the funds will be available after this short period of time.
What are the pros of selling to a Cash House Buyer?
There are several benefits of a home-buying service which you should be aware of.
Cash house buyers are a chain-free buyer for your property, which means that they are not dependent on the sale of another house in order to buy yours. For the seller, this means that they can purchase your property in a time-frame of your choosing. For example, if you know the date that you are moving into a new house, then you can often arrange for a cash buyer to complete the sale of your existing property shortly beforehand.
Secondly, cash house buyers are dependent only on their own cash to purchase your property – which means that they can guarantee a sale. This is a huge advantage compared to ‘on the market’ buyers who may drop out or the last minute, whether through a chain falling through or their own indecision.
Selling to a cash buyer also means that there will typically be less fees for you to pay. For example, We Buy Any Home pay your legal fees, and they also do not take any commission from the sale (unlike an estate agent). This may balance out the slightly reduced price that you receive for the property.
Finally, We Buy Any Home (as one of the UK’s leading cash house buyers) will provide additional extras which you cannot get elsewhere. For example, we offer a cash advance for those who need it, and, once we’ve purchased your property, we can even allow you to stay there for free, while you organise your onward plans.
How Can I Tell Which Free House Selling Websites are Legitimate?
There are lots of cash house buyers in the UK, and it is therefore important that you are able to identify the most reliable ones.
Firstly, you should consider the firm’s reputation. If they have lots (100s or 1,000s) of independent reviews across multiple platforms, then this usually means that they are actively trading and a safe bet. Furthermore, if you know someone personally who has used the company before, then this might reassure you that they are a reliable company.
Additional factors such as the company’s customer support services, their security measures when you provide personal details, and the quality of their listings, can also help to give a better sense of the company’s reliability. You truly cannot do too much research in a situation like this.
There are also signs you should look out for which indicate whether a cash buyer might not be legitimate. Firstly, if they do not have many (or any) reviews and do not have a strong online presence, then you should perhaps be wary. Furthermore, if the website charges unexpected or unusual fees or requests payments before providing services, it may not be legitimate.
By being aware of these warning signs, you can avoid free house-selling websites that are not legitimate and protect yourself from potential scams or fraudulent activities.
