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Sell House For Cash
Professional homebuyers are often a great choice when you need to sell a house for cash. Companies that buy houses will often offer a fast cash purchase and even pay your legal fees. A quick house sale is probably one of the reasons you would go to cash property buyers. However, you may not be fully educated to deal with the process properly and efficiently. To protect your interests and be prepared, you should ask your property buying company some questions before you decide to sell your house fast. Here we list our Top 5 questions to ask:
1. Can you provide me with immediate proof of funds?
This question alone will instantly separate the good guys from the bad. For some ‘sell house for cash’ companies, having to show proof of funds causes serious issues. Often they won’t have the money themselves to buy your property, despite offering a speedy route to sell your house for cash. How does that work? Well, the likelihood is that they never actually planned on buying your house from you in the first place. Instead, some companies who buy houses work on getting you to sign a long-term contract. These house buying companies can then take control of your property without paying you a penny. Once they have this control they then seek to find a buyer themselves. In doing so this creates a profit margin between what they agree to pay yourself and how much the end buyer pays.
Asking for proof of funds is completely standard within the industry, so don’t be shy to ask. The reaction from cash property buyers to this request can quickly demonstrate a lot about their position.
2. How long does it take to sell a house for cash?
Because cash property sales are typically quick by nature, it’s easy to get caught up in all the excitement. Never forget though that in selling your property fast you will want to be sure that you agree a secure sale. Don’t be afraid to ask to be kept in the loop during the process. Ask your cash home buyers to verify the paperwork and carry out a new valuation before making an offer. And don’t forget to also ask for a copy of the independent valuation or survey. This is the most vital document in agreeing the final sale price as it will clearly details the true value of your home. All sell house for cash companies should do this anyway, so look out for other warning signs if they fail to do so.
3. Are there any upfront fees?
When you’re looking to sell your property through cash property buyers, charges and fees may apply. You should be told of any at the very start of your discussions. Some home buying companies operate with less than scrupulous practices. These include using couriers to send documents for urgent signature in a bid to tie sellers in. Beware of any such company. Failure of your homebuyers to tell you of these requirements at the start is a breach of consumer protection laws. Charges will differ from companies who buy houses, so ask around to make sure you’re not being overcharged. Today many of the companies that buy houses do not charge any fees and this includes us. You should keep in contact with the company to ensure there are no hidden fees waiting around the corner. Also, ask questions about your position should the deal not go through.
4. Are there typical delays?
Time is precious, and fast cash house sales are used by homeowners in most circumstances because a quick process is necessary. Compared to traditional estate agents, cash house buyers will offer a lower price for your property. But be warned – if the process were delayed it could take as long, if not longer, than a traditional sale. It is important to make checks that the company you are thinking of selling to are indeed cash buyers. The compromise you made in the price you agreed to sell your property for initially may not be worth it. Ask your sell house for cash buying company to inform you should there be any delays. It’s much better to have an open conversation from the start so that your expectations can be met.
5. Is the offer price subject to change?
The most crucial aspect of deciding who to sell your house fast to will more often than not be based on the final price offered. However, this will not necessarily be the only factor. From our experience, sellers also want to know that their buyer is serious about buying their house. And don’t forget that any house sale is always subject to a formal survey and valuation. Before finally agreeing to sell your house fast you should always ask about the possibility of the price changing. And be sure to check that your chosen house buying company is a registered member of a property redress scheme such as the Property Redress Scheme.
Want to find out more?
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Alternatively, contact one of our team at National Property Buyers on 0115 740 1900.