Why selling your house to a cash buyer is better

A “Cash buyer” or “Property cash buyer” is an individual or company who can close a sale on your house and pay you outright cash for your property. You simply sell your house, flat, or bungalow direct to the cash buyer, without having to go through any third parties, like estate agents or middlemen. The property cash buyer will carry out a valuation on your property, and if you are all in agreement as to the value of the property, they will pay you in cash at once, or over any stipulated time frame you choose.

This is a fast way to sell your house, because a reputable cash buyer will buy just about any type of property and can complete the purchase very quickly.

In 2016, the average proportion of cash buyers in the UK was 36%, but in 2017, 38% of properties were sold to cash buyers says Nationwide, the largest building society in the world, and the UK’s second biggest mortgage lender. “Nearly 4 out of 10 homes were sold for cash, without the need for a mortgage in the first quarter of 2017,’ they said.

 

You can encounter a number of potential problems when trying to sell your house: the buyers can change their mind, problems can be discovered during the survey that will discourage potential buyers, someone might be unable to secure mortgage financing, or the housing chain process might break down. This why a lot of people in the UK are rapidly adapting to the idea of selling their property to a cash buyer to raise the much needed cash for various reasons. This process has earned the reputation of being very convenient and stress free, saving months of legal processes, mountains of paperwork, and major disappointments.

 

So why exactly is it better to sell your house to a cash buyer?

 

Speed of sale: It is quite clear that a cash buyer is the right choice for you if you are looking to quickly sell your house. Ordinarily, you will have to wait several months and follow a tedious process if you want to sell your house the old school way. But with cash buyers, you can receive an offer within 24 hours of placing your application, although, you are under no obligation to proceed at this point. You have time to think it over and make up your mind, but generally cash buyers can complete a purchase in as little as 7 days. Instead of waiting for someone to finally make an offer and hoping that everything goes well, when you sell to a cash buyer you will be able to get your money in time to avoid financial complications, or be able to relocate to your new home, or do whatever it is you need to do with the money.

Your sale won’t fall through: A lot of things can go wrong when trying to sell your house which will make the sale to fall through: the buyers can change their mind or realize that your property is not what they really want, or their mortgage loan may not be approved. Whatever the problem, it can be very frustrating for the seller, but with cash buyers, you have professionals carrying out a business transaction. Once interest has been made known, the deal is as good as concluded. There are no loans to worry about, and the cash buyer takes care of virtually all the process involved. When they show interest in buying your house or flat, it means they have the money for it, and they are also less likely to change their minds.

Convenience: Selling your building, apartment, or property to a cash buyer means that you don’t have to worry about the condition of your property; you will not waste time or money fixing or repairing the house before putting it on sale. When a cash buyer buys a house, they are buying it as is, which means they are accepting the home in whatever condition it is at that moment. You will not having to worry about painting or decorating or even mowing the lawn: the cash buyer will carry out the necessary repairs to the place and bear the costs. It is the cash buyer that will take care of things like surveying and valuation, although you certainly have the right to do that yourself. This is so that there can be fairness and transparency in determining the cost of the house and its market value. And they will give you the full agreed upon amount of your property price, all within a week or two.

Option to Rent: Some cash buyers obtain properties not to sell them off or make a huge profit from, but to rent out. This buy-to-let system can give the seller the option of renting their previous property, instead of having to look for another accommodation. This is a great option for sellers that need to raise quick cash for any reason, but want to remain living in the apartment.

It is free: The irony with selling your property the traditional way is that you have to spend money every step of the way. You are selling your property to raise money, but for every letter you receive and the services you need, from the solicitors to the property valuation, you are going to be spending money. The beauty of property cash buyers is that the whole process is free for you. The buyer bears the financial costs of the solicitors who will be involved in the transaction, as well as the cost of the property valuation and survey, and may go as far as using accredited agents from the Royal Institute of Chartered Surveyors. Think of all the money you will be able to save using a property cash buyer – money that can be put to other good uses.

Hard to sell? No problem: Property cash buyers are a great help when it comes to hard to sell properties. This could include houses with sitting tenants, commercial buildings, properties with irregular construction, empty or abandoned buildings, or even properties with short or troublesome leases. It will be quite difficult to have anyone show interest in these sort of properties, but cash buyers are always willing to buy properties like these for cash, offering you a solution to what could otherwise be a difficult problem.

They are well regulated: A lot of people are afraid that property cash buyers are not trustworthy. Of course, there are a few out there that are obvious and not-so-obvious scams. But a larger percentage of them are very well regulated and are trusted members of regulatory associations and agencies. The National Association of Property Buyers is one such association; there is also the Property Ombudsman, the National Association of Estate Agents, and the Royal Institute of Chartered Surveyors. Members of these associations are well known for their sense of fairness, quality, and transparent service in doing business.

It is anonymous: Another good thing about selling your house to a cash buyer is that you can keep the transaction completely private: nobody has to know you plan on selling or that you plan on moving out, so nosey neighbours and friends are kept out of your business. By the time they find out, you have finished the process and have your cash in your hands.

Certainty: In the wake of the EU referendum, the UK housing market has been facing uncertainties and no one knows what the future will bring as the government proceeds with Brexit. The government has introduced more stringent requirements for lending and so it has become harder for buyers to borrow money: when trying to get mortgages, some buyers find out that they cannot borrow as much as they want or they find out that they have to meet unfair conditions. The housing market slowed down considerably in the final quarter of 2016 and with this type of market condition, it could take months before you finally sell your house if you go through the conventional property market channels, which is why property cash buyers are such a great idea.

 

Cash, they say is king. And in the real estate industry, cash is actually king. There is little to no downside in selling your building to a cash buyer: it eliminates the need for lender approval and all other associated inconveniences. So if you want to sell your property for any reason, whether to avoid foreclosure, bankruptcy or any other financial difficulty, or you have a better option elsewhere and need to move, or you just want to raise funds, think twice before saying NO to a cash buyer offer. With the current state of the property market, it might not be very easy to find other buyers, and your property might remain unsold for a very long time. Cash buyers are definitely the best option if you are interested in selling your property with speed, convenience, and the ability to avoid bottlenecks, red tape, and all other attendant complications involved in selling a house.

Published on 31st October 2017

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