There are a multitude of ‘we buy any house’ companies advertising online and like any other business – some are good and some not so good! If you have inherited a property that you do not particularly want for financial or emotional reasons, they could provide a way to sell the property and move on quickly.
However, there are many scam companies around and the last thing you need at this time is to fall victim to an unscrupulous company who will end up costing you money or wasting your time.
Regardless of what a website says; the majority of companies that are advertising to buy your house for cash don’t actually have the cash available to buy your home. In fact, research has shown that over 80% of the quick house sale websites online rely on finding investors, listing your property on the usual portals like Rightmove and Zoopla in hopes of finding you a buyer or even worse are out to scam you out of your hard earned equity.
So how can you be sure you are dealing with a genuine cash buying firm when it comes to selling a probate property fast? Let’s look at the best three ways to protect yourself:-
There are many independent review websites that offer customer feedback about companies. Make sure to check out the reviews from all of the quick sale firms you are thinking about using.
If you want to go a step further (although a little intrusive) you could try and find the customer through Facebook and ask them directly about their experience with a particular house buying company.
If a company, you are thinking about dealing with can’t provide you with proof of funds showing they have the cash available to buy your home – chances are they don’t! Make sure you get either a bank statement from them showing the cash available or you get a letter from an accountant stating the funds are there.
A cash buyer will NEVER pay full market value – and one that advertises that they do is likely looking to sell your home via the traditional route of estate agency or is out to scam you in some way.
Most cash buying companies will pay around 85% of market value. Just like any other cash for goods business you will never get full asking price. The company involved are looking to buy your home cheap in order to resell it and make a profit – just like selling your car quickly or mobile phone! It’s the same concept.
Generally speaking, you will get an indicative offer from a cash buyer online to begin with, and then speak to them on the phone to clear up the fine detail. If you are happy with their quote, they will send out surveyors (good companies will send out a RICS surveyor or 3 independent estate agents). Once the valuations are back, they will make you a firm and final offer. If you accept this offer you can usually complete on the sale in 7 to 14 days. One thing to watch for is some unscrupulous companies will lower their offer on the day of completion in hopes out of desperation you will accept.
The documents you need to sell your house for cash will vary between quick sale firms especially if the property in question is in the probate period; but as a general rule make sure to have your passport, mortgage details and property related documents like EPC to hand if you have them.
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