We live in a rather volatile economy, and there are many scenarios that may arise to warrant the need of a quick sale of your house for cash says repossession and fast house buyer advice site Repossession Stoppers. Consider the case where you are forced to relocate to a new neighborhood or town within a very short time frame. In such a setting, adopting the conventional long drawn out process of selling the house via a solicitor or agent is impractical if not just impossible.
A quick cash sale of your property could also come in handy when you need to settle a huge and urgent debt e.g overdue mortgage repayments. This is a simple way of making sure that your credit rating stays intact, and at the same time get relief from the emotional and financial burden of a looming debt or house repossession. Unfortunately, without a credible cash property buyer, the process can be very stressful to say the least. It is estimated that over 40% of first-time property sellers in the UK, fall prey to unscrupulous buyers while trying to sell their houses directly in the open market.
How can a cash property buyer speed up the sale of my house?
They are two major ways which cash property buyers generally use to ensure that the clients dispose of their property in a timely manner. For starters, they may have the cash ready for you once the deal is closed. In this case, once you submit the relevant documents proving that you’re indeed the owner of the house, the funds are transferred to an account of your choice.
Another method is by through referrals. Most cash property buyers typically have a large database of prospective investors and landlords interested in expanding their portfolios by buying more property. This way, the cash property buyer acts as the intermediary between you and the investors. Once again, after they have ascertained the ownership of the property then you will receive immediate offers for your house within 24 hours. This is unlike the case where you might have to put up a ‘For Sale’ sign outside your house for months without anyone showing any interest in buying you out.
How can one find a good property buyer?
One of the best ways to begin your search can be through the internet. A simple google search e.g ” Cash property buyers UK ” can reveal tens of reputable property investors and enterprises. The trick, however, lies in knowing how to single out the credible ones and those just out to take advantage of your situation. Some cash buyers are notorious for starting by placing a high bid for your property then drastically reducing it as the deal comes to completion. You can avoid such pitfalls putting everything in writing as soon as they prove the ownership of your house.
Another pointer would be paying close attention to the fees levied by the seller in exchange for helping you with the disposal process. Some dubious cash buying agents have been known of burdening unsuspecting and desperate homeowners with non-existent fees under the guise of fancy looking terms/names. Steer clear of any agent who tries to slice more than 7% of the total value of your house under the name of bloated fees.
Avoid property buyers who charge fees upfront without any guarantee that they will buy your property. Finally, do a thorough job in comparing the fees charged by a variety of cash buying companies by visiting different websites before making your final pick.
How much will my house fetch in the market?
Realistically speaking, you can manage to salvage around 70%- 80% of the value of your house by selling it quickly for cash. But then again it depends with your bargaining skills, the level of experience and the buyer himself. It’s always a wise move to enlist the help of a property evaluator to estimate the worth of your house in the open market before you even start looking for a cash property buyer. This way, you can easily avoid being duped into selling your house cheaply simply because you’re in dire need of cash.
Lastly, remember that the discounted price you’re getting for your house is as a result of the security and shorter time-frame compared to selling your house directly to the open market. And also, unlike selling your house via a property agent, when you sell your house directly for cash there are no unnecessary commissions or solicitor fees to be incurred.