What To Look Out For When Using a Cash House Buyer
Estimated reading time 7 minutesIn This Article
- But first, what is a cash house buyer?
- What are the benefits of using a cash house buyer?
- Are all cash buyers to be trusted?
But first, what is a cash house buyer?Any individual or a company with the funds to pay for the entirety of your property is a cash buyer. Of course, the key benefit of a cash buyer is the fact that you can sell your house much more quickly than you would otherwise, however it is imperative that you work only with a professional, reliable, legitimate house buying company. Not all of these firms can be trusted - acting at the behest of other organisations and charging extra fees for irrelevant extras. Furthermore, some may even try to sell your information to third parties. Luckily for you, Sell Your House Quick Now hides no secret expenses or fees (legal or otherwise), and guarantees that you will receive the full quoted price of your property.
What are the benefits of using a cash house buyer?In short, no. Not all cash house buyers are reliable, responsible, and honest like Sell Your House Quick Now. Some companies within the cash buyer sector do not follow any proper code of practice, instead resorting to underhand schemes to secure a purchase. There are a number of companies who run cash house buying scams - here we will outline some ways to spot an illegitimate cash property buyer.
- You should check whether the company is a registered member of NAPB, the National Association of Property Buyers.
- You should also check whether they are fully regulated members of the TPO scheme, The Property Ombudsman.
- Cash Funds.
- You should ask the cash buyer for evidence that they are purchasing the property with their own funds.
- As such, make sure you request evidence they will be directly purchasing the property - to be sure that there are no third parties involved.
- Market Value.
- If your cash buyer offers the market value on your property, some alarm bells should start ringing. There is no way that a genuine cash buying company will be able to offer 90-100% of the market value of your home, and the offer will drop considerably after you accept.
- If such an offer is made to you, enquire as to how the company makes money, and how likely it is that the offer will drop.
- Companies House.
- Look them up on Companies House. To do so, you’ll need their registered trading name - be sure to look out for how long they’ve been trading.
- Find the directors (under ‘People’) and research them. Use Google, LinkedIn, and any other sites that could be useful.
- Find their offices and ask ‘do they look like an authentic company?’
- Cash House Buyer Reviews.
- Check Google, Trustpilot reviews - how many negative ones are there, do the positive ones look real?
- Listing Properties Elsewhere.
- With those reviews, do any of them say they have spotted their property on a portal site, such as Rightmove?
- Search those portal sites. If the company is listed on there, then they aren’t a genuine buyer, and cannot guarantee you a sale.
- If your property is advertised on those portals, it means it will likely be marketed at less than market value - and will devalue your property.
- RICS Qualified Surveyors
- In order to sell a property, a survey must be completed in order to ensure that there are no defects. Any reputable cash buyer will cover the cost of this.
- Only RICS qualified surveyors should be used to assess the property. If this is not the case, your cash buyer is likely to be affiliated with an estate agent.
- You must read through your contract to check if the company can apply any unfair penalties or restrictions on your home.
Are all cash buyers to be trusted?Selling to a cash home buying company is unequivocally the fastest way to sell a home on your own. There are no estate agents involved, meaning you are not charged anything to sell your house. You do not need to waste time advertising your property, you just send the company some information about you and your postcode, and they will contact you and handle the rest. How much do these companies charge? They do not charge you anything. It is the only way to 100% guarantee a sale. There are no agent fees to pay, your legal fees are often paid for, with offers realistically being 80% of the market value of your home. * With Gaffsy cash buying you can access a super quick exchange and completion service that will prevent your debt from escalating. * Gaffsy is the best way to avoid your house getting repossessed as we can exchange in as little as 24 hours and complete in under a week. * You will also benefit from our experience of purchasing homes under threat of repossession alleviate worry cost and stress. Whilst avoiding costs such as agents’ fees, estate agents’ charges, solicitors’ fees, clearance costs, utility charges, mortgage payments and cosmetic repair costs. * Get the ball rolling with a valuation and avoid your house being repossessed. Sell Your House Fast With Gaffsy Get a Free Cash Offer
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