There are many reasons why you may need to sell a house. It may be that you inherited the property and do not know what to do with it or maybe you do not want to bother with renovations. Another reason could be that you are relocating. It could also be avoiding repossession; it may be due to a divorce, a financial setback, or any other reason.
Selling a house can be challenging and time-consuming especially if you are not experienced or it is your first time. You will need to endure the constant visits for inspections by potential buyers, the complaints or criticism of the house, and after all of these, they either offer you a lesser amount than it is worth or they just walk away.
Selling as quickly as possible is always a good thing no matter the reason for selling. The more time a house spends on the market, the less valuable it is so selling it fast is beneficial. It relieves you of the associated stress and emotional roller coaster and you can get your money in good time.
When it comes to disposing of your house on time, your options may be quite limited. It is either you put it on the market and hope that a buyer comes to purchase it soon or hand it over to estate agents who will help you handle the whole transaction of getting a buyer, negotiating a good price, and getting the deal over the line. Both of these options do not guarantee that your house will be sold in a good time as you will still need to wait for an eventual buyer. The problem is that you cannot tell when this ready buyer will come along.
A final option that you do have though is to sell your house quickly to real estate agents who buy properties for cash.
What Are Businesses Who Buy Property for Cash?
Companies and businesses that buy property for cash are those that can buy a property off you at any time no matter the condition of the property. They come in and make you an offer on your property.
They might be able to buy it with their resources or engage a third party to do so. No matter the way it is purchased, the benefit to you is that you can get to sell off your house without the hassles and stress and you get cash immediately. Within a few hours of contacting them, you will get an offer. In some cases, you may be able to sell in as short as 48 hours.
It is true that leaving your home on the market will most likely earn you more when you finally get it sold than taking an offer from a business who buys property for cash. But if you consider every other factor associated with the sale, you may be better off taking the offer.
When you consider the legal cost, time spent, commissions, and so on, you may have earned less than you thought. Using the option of property for cash means that you are guaranteed a sale. Also, time in itself is money and like it is said, cash is considered king. Most of these types of companies typically pay between 75-85% of the market value of a property but you may be able to get some who can pay up to 90%.
With the cash you get, you can immediately put it into good use whether by investing or buying any other form of property you desire.
Advantages of Selling to Quick Sell Companies
Just like their name connotes and as discussed above, quick sell or buy property for cash businesses help you get your house sold fast. Other advantages of using them include:
- They buy your house in any condition it is. You may not even need to bother renovating or fixing up your property before putting it up for sale. You can sell as-is.
- You get cash immediately.
- The process of selling is fast and easy
- There are no hidden fees or charges.
- You are in control and they work with you all through the whole process.
- They cover legal fees and associated admin expenses.
- They act as a last resort to people who are vulnerable and desperate to sell their house.
Keep in mind that after you have been made an offer, you are not under any obligation whatsoever to accept it. You may also choose not to proceed with the transaction. If you accept the offer and you have a mortgage on your property, it would be paid off and you will receive the balance left.
You will also need a lawyer involved in the transaction to ensure that your interests are protected. If you do not have one, the company might be able to recommend a solicitor and the legal fees will be covered by them.
You can check out more on these advantages here.
Steps to Getting a Fast Home Sale
Getting your property sold as fast as possible is as easy as:
- Contacting the company.
- You may get a preliminary estimate
- Get your home evaluated or appraised
- The company prepares your offer
- You get a final offer
If you accept the offer, the company goes on to pay you. Most transactions typically takes around 2 weeks to a month and for cases of emergency, it can be shorter.
How Safe Are Property for Cash Buyers?
As with any transaction, it is important to do your homework even when dealing with cash buyers. The very first thing to watch out for is how legitimate the company is. Some questions to consider include:
- Do they have a name or is it just a phone number that is provided?
- Do they have a website where you can read about them?
- Where are they located? Do they own an office?
In the UK, there are the National Association of Property Buyers (NAPB) and the Property Ombudsman (TPOS) who ensure that their members adhere to a strict code of ethics and conduct. You can check if the business is registered with these two bodies.
In carrying out due diligence, there are best practices to follow as well as traps to avoid when you are choosing a property for a cash buyer. Some of these include:
- Considering things carefully. Are you ready to sell your house? Why do you want a fast sale? Do you understand what is involved; both the pros and the cons and is it worth it for you?
- Cash buyers evaluate your home but you do not need to purely rely on such valuations. You can have your home evaluated independently.
- Negotiate with the company. Ask how many percent they are willing to pay and based on your valuation, you can negotiate a good price.
- Ensure to read and understand the terms of the contract and as much as possible, get an independent lawyer.
- Finally, do not shy away from asking questions especially on things or parts of the transaction that you do not understand.
You can find more tips on this here https://www.inman.com/2015/12/02/5-tips-to-ensure-your-cash-buyers-are-legit.
If you are planning on selling your home and looking for a quick way to do so, some businesses ensure that you can get this done easily and in good time. There are also several benefits to using this option.
You should remember to take your time to carry out research and do due diligence in other not to fall into the wrong hands. This will also help you avoid any pitfalls so as to get a satisfactory outcome.