Using a cash property buyer is an alternative method to selling a house that many people turn to if they need to guarantee a smooth and stress-free house sale that happens quickly. The process differs greatly from selling a house in the traditional way through an estate agent, and it has many advantages as a result.
When it comes to selling a house with a cash buyer, there are steps you should take to ensure you get the service you need and expect. It pays to do research so that you don't commit to an unreliable or illegitimate company.
In this helpful article, we'll be breaking down everything you need to know before you sell your house with a cash property buyer.
What is a Cash Buyer?
A cash property buyer – alternatively known as a fast property buyer – is a company that can make an offer to buy your house at a discounted price with a fast turnaround time. They have their own cash facility allowing them to purchase property without loans or mortgages. Most cash buyers organise the administrative and legal processes themselves, meaning the seller doesn't need to pay any fees.
Usually, cash buyers are happy to buy property in any state of repair, and while some are limited to a particular region, others operate all over the UK. If you're interested in selling commercial property, just make an enquiry – some companies will take on both residential and commercial property.
Who is it for?
Cash property buyers exist for those who need to sell a house fast without the stress and financial burden of selling a property on the open market. They are an alternative to selling a house privately or selling with an estate agent, since it's uncommon for either method to result in a fast house sale. What's more, estate agents typically charge high fees for their services, and the property owner is also expected to pay legal fees.
As a cash property buyer, our customers typically include:
People whose circumstances have changed who need to move quickly
Property owners who need to realise assets and pay off debts
Homeowners whose house sales have fallen through
Those who wish to sell inherited property quickly
People whose houses are in a state of disrepair, impossible to sell on the open market
Individuals going through a divorce or separation
Those who need to sell their house due to ill health
Why Sell to a Cash Property Buyer?
There are lots of great advantages to selling your property to a cash property buyer:
Some companies can buy your property in a matter of days. Did you know that selling with an estate agent typically takes 9 months?
You won't need to pay any fees for solicitors or conveyancing and you can avoid expensive estate agency fees.
You can sell a property in any condition, even with fire or water damage.
There are no property chains, so you can avoid the stress and uncertainty of the open market.
Disadvantages of Selling to a Cash Property Buyer
As with anything, there are some disadvantages to selling a property to a cash buyer and it may not be the best choice for everyone. Here are some of the downsides you should consider:
You shouldn't expect a cash property buyer to offer full market value for your property. If they do, it could be a sign that the company is not genuine and they may reduce the sale price at the last minute.
Some companies claim to be fast property buyers, but they are actually brokers – or middlemen – acting on behalf of other buyers. Do your research and choose a reputable company.
Steps to Take Before Selling with a Cash Buyer
Before committing to a cash buyer, there are a number of steps you should take to ensure a hassle-free process with a legitimate company.
Check the company's credentials before you make any commitments. You should choose a cash buyer that is affiliated with official regulatory boards, such as The Property Ombudsman or NAPB.
Make sure that you get everything in writing and don't make commitments based on verbal offers or agreements. Even if you like the sound of an offer made over the phone or in person, you should request a formal written offer to accompany it.
Don't rush into a decision. If you're looking to sell your house fast, it can be tempting to take the leap. We would urge you to do your research and think carefully before you move forward. Committing to an unreliable property buyer could ultimately delay your sale.
Value your house yourself before requesting an offer from a fast property buyer. If a company offers a much higher price than you were expecting, you should assume they are being dishonest. Similarly, if they offer a price that is significantly lower than your property's market value, perhaps you should look elsewhere. Bear in mind that no genuine property buyer will offer 100% of your house's market value.
Sell Your House Fast with Zoom
Here at Zoom Property Buyer, we are proud to deliver a reliable and genuine service to our customers. We are a team of experts with decades of industry knowledge, so you can trust that you'll get the best deal for your house with no hidden fees or expenses.
If you have a property that you want to sell fast, simply give us a call on 0333 880 4362 or complete our online enquiry form. It doesn't matter where in the UK your property is or what state it is in, a member of our friendly team will be in touch to discuss your sale within 24 hours. You could even have the money in your bank account within 7 days!