What To Look Out For When Using a Cash House Buyer
Estimated reading time 7 minutes
In 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?
In this article we will talk you through the things to keep your eye open for when you have decided to use cash house buyers. You will want to find a legitimate firm that works in your interest, but there are many pitfalls and shady businesses that can stand in your way from selling your house for the right cash price.
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.
- Accreditations.
- 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. Find out more about do cash buyers offer less?
- 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.
- Contract.
- You must read through your contract to check if the company can apply any unfair penalties or restrictions on your home.
Thankfully, you can rest assured that Sell Your House Quick Now provides a realistic, genuine offer from the outset, that they won’t rely on chains or third party lenders, and are members of NAPB and TPO scheme. They don’t list properties elsewhere, only use RICS qualified surveyors, and will offer a genuine offer from the start – which they will never climb down from. The reviews are solid, and the contract will never include unfair penalties or restrictions.
Another way to tell if a company is untrustworthy is if they are intentionally delaying the sale of your property. They can choose to string out the sale for months and months, until you have all future plans tied up, then suddenly drop the valuation in the hope that you have no option but to take their offer.
We complete your sale how you want it. Whether it’s a rapid sale or you need some time. We work to get you moving at your speed.
Furthermore, some cash buyers are eager to lock you into ‘option’ agreements, which tie you to restrictive terms, placing this option on the Land Registry. As a result, you will not be able to use another service, even if you find a better offer.
These tactics rely on you not understanding the implications of this, and therefore you will be strong-armed into selling at a price you do not feel comfortable with.
Gaffsy will never ask you to do this – there is a simple contract, everything is above board.
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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.
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