By the end of reading our extensive guide you will be armed and ready with a full understanding of how to sell house fast, how to get the best possible price and how to avoid the scams that are ever present online.
How do quick house sale firms work?
If you are searching online for a company to buy your home from you, chances are you have discovered cash buying firms. Companies that advertise online to get your house sold fast are in the thousands; however not all of them are genuine cash property buyers. There is a difference between a quick sale firm that offers to ‘sell your house fast’ and one that offers to ‘buy your house fast’.
As the industry is unregulated, many property sale companies advertising online claim to be cash buyers and have the ability to buy your home from you for cash. However, they are acting as an estate agent, lead generation company or a go-between with an investor.
Speaking specifically of quick sale firms that are genuine cash buyers, you can expect:
- A fast cash, chain-free sale of your property in 7 -14 days
- No legal, valuation or any other costs incurred
- A completely private sale with no viewings or boards
- Approximately 85% of market value
- Sell any house regardless of the location or condition
Cash buying quick sale companies serve a great purpose if you need to dispose of your property quickly and an estate agent can’t do it. However, making sure the company you are dealing with is genuine is something you need to take very seriously.
How quickly will I sell and what price can I expect?
When selling your home to a fast sale company, the price you can expect to receive for your home will not be close to what you would expect to receive by selling on the open market through an estate agent.
Most quick sale companies that are genuinely looking to buy your home from you for cash will pay in the region of 70 – 85% of market value. The reason being is they are offering you cash in the purest sense. This means no chains, no mortgages, and no pull-outs. They are taking all the risk of your home reselling for a profit in a given timeframe (usually 90 days).
If a company offers you 100% of market value and claims they are buying for cash, you need to be very dubious. The simple fact is these agencies are not charities. They have staff to pay and bills like any other company; and therefore they are out to make a profit. Buying your home for 100% of market value would not make any sense to them.
If you need 100% of market value for your home and are unable to settle for any less, a cash sale may not be for you. We have alternative options to get your home sold quickly for 100% of market value that you may wish to consider.
What are the pitfalls of dealing with ‘sell house fast’ companies?
As previously mentioned, there are many misleading claims and inaccurate advertisements in the cash sale industry for homeowners looking for a fast house sale. Our simple table below highlights some of the types of companies you need to be wary of:
QUICK SALE BUSINESS MODEL
DESCRIPTION OF THEIR INTENT
Lead generation companies
One of the worst types of companies within the quick sale industry are ‘lead generation firms’. These companies are set-up purely to capture your information and sell it to the highest bidder.
Some companies claim to be buying your home for cash when in fact they are just passing your information over to an investor. This investor may not have the funds to proceed quickly and may be relying on a mortgage (which can take some time).
Regular estate agents
Some so-called cash buying agencies claim to be able to buy your home quickly for cash by simply listing your home on the open market (often at a reduced price to engage interest). These companies never had any intention of buying your home from you and simply wanted to get your home listed and charge you a fee (often hidden).
Your first point of call when addressing if a company can buy your home from you for cash is to check out the NAPB (National Association of Property Buyers) to see if they are listed. If they are not, chances are they aren’t buying your home for cash.
If you do manage to find a reputable cash buying company to buy your property, your next set of pitfalls comes in unscrupulous tactics that some firms use to get your property for a low-ball price. This includes:
- Asking you to pay for valuation fees
- Dropping their offer even further on the day of completion
- Pulling out of a sale
- Failing to disclose hidden costs (such as legal fees)
If you want a genuine cash offer from a trusted buyer, Springbok Properties can help you. We have been buying houses quickly for cash for over 12 years.
What is the best way to stay safe online when
looking for a quick sale cash buyer
If you are serious about selling your home quickly and want to do it online without the assistance of an estate agent, you will need to make sure you stay completely safe.
The first step you should consider is to take the time to visit the following websites to get as much information as you can about how the quick sale process works:
- National Association of Property Buyers (NAPB) – specifically set-up to protect homeowners dealing with cash property buying firms
- The Property Ombudsmen – An organisation set-up to ensure the safety of homeowners selling their property. This mainly applies to estate agency sales, however the TPO also have an approved list of cash property buyers
- Citizen Advice – If you are feeling pressured into a sale or something doesn’t feel right about a company you are dealing with, the Citizen Advice should be able to offer some guidance
- Money Helper – A website set-up by the UK government to help homeowners understand the quick house sale industry