When you find yourself in a situation where you need to sell your house quickly, it can be extremely stressful. Whatever the reason for needing a quick sale, the chances are you will find yourself considering a cash house buyer organisation.
These kinds of companies offer fast sales for cash purchases at a discounted price, and when used correctly, they can be very beneficial for a quick and hassle-free sale. It is also important to know what you are doing when it comes to cash house buyer organisations. Some businesses are not all they seem to be when operating in this space.
In this guide, our experts are sharing their advice and top tips on how to sell your house to a cash house buyer organisation.
What Is A Cash House Buyer Organisation?
Quick house sale companies are designed to offer a quick option to those looking to sell their property. They work by either buying your home directly using cash or by finding a third-party buyer in a short space of time. Selling through a cash house buyer organisation is generally much quicker than selling on the open market or at an auction. However, you are likely to be required to accept a discounted price.
In most cases, cash house buyer organisations will offer roughly 70% to 80% of the open market value of a property. Depending on the company, they can complete the house sale in anywhere between a few days to a month.
Before agreeing to sell to any cash house buyer organisation, be careful to thoroughly read the small print of the contract. Some try to tie you in with exclusivity clauses, lengthy contracts and additional fees that aren’t always immediately obvious.
Why Choose A Cash House Buyer Organisation?
Before you begin the process of selling to a cash house buyer organisation, you first need to be confident that it is the best choice for you. There are countless reasons why homeowners decide to sell to a quick house sale company, and it is usually because they are in need of a swift, hassle-free sale. These are just a number of reasons why a cash house buyer organisation might be a good choice for you:
- You have inherited a property that you need to sell quickly
- Avoiding repossession and need to sell fast to clear debts and fix financial difficulties
- A relationship breakdown or divorce means you need to sell quickly
- You are relocating due to a change of job or emigrating
- Required to move because of unexpected health-related reasons
Always remember that when you sell to a cash house buyer organisation you will be selling for less than market value. Carefully consider if you are happy to accept less than the property is really worth in return for a fast sale.
How To Choose A Cash House Buyer Organisation
When you start looking into finding a cash house buyer organisation for your home, you will quickly realise there are hundreds of businesses online offering this exact service. Knowing which to choose can be difficult, and it is vital that you select a reputable business as many advertising online could not be everything they seem.
Many of the companies that offer to buy homes quickly do not have the funds available to purchase your home, and instead are passing your details on to brokers and investors to try and find a quick buyer. In order to make sure the companies you are considering are legitimate, there are a few things to ask before going ahead:
- Do they have proof of funds to purchase your property? It is essential to ask this to ensure they are true cash buyers and not looking for another buyer, which could take longer.
- Are there previous customer testimonials available, and can you speak with their previous clients? If you can see evidence of happy customers and have the chance to discuss your concerns with someone who has used the company before then you can be sure they are a trustworthy business.
- Are they a member of the National Association of Property Buyers (NAPB)? There are no regulations in place for the quick sale house market, which means you are not protected if something goes wrong. The NAPB ensure that all its members register with The Property Ombudsman (TPOS) and follow the Code of Practice. If there is a dispute for any reason and the company is a member of NAPB, then you will be able to use their independent redress.
- Who is going to be valuing your property and how? You want to ensure you are getting a fair valuation on your property so as not to receive less than you should. A cash house buyer organisation will always offer less than market value, but it is important that market value is accurate.
- What could cause the offer price to change? And when could this occur? Many cash house buying scams will offer you a decent price at first and then reduce it dramatically at the last minute. They generally wait until you have no other option and have to sell at the lower price. Find out if their initial offer is conditional and is it subject to surveys or contracts further down the line?
After asking these questions and spending some time researching the cash house buyer organisations that are available to you, you should be able to get a good idea of which companies are worth proceeding with. Don’t let a company hassle you into choosing them; take time to make the right choice for your property. Once you are happy to go ahead, your chosen company will send you through contracts and agreements to sign in order to get the process started.
Check for online reviews of any cash house buyer organisation that you are considering using. Be wary of companies with very few or poor reviews and only proceed with companies that have a good existing reputation in the quick house buying market.