Professional and trustworthy cash home buyers often complete on sales in just 7-28 days. Some companies claim they can have cash in your bank account within 24 hours, but this is highly unlikely. There are very few genuine companies out there who can promise such quick sales, so be cautious around bold claims.
The only way to guarantee your sale meets your preferred time frame is by using a genuinely cash funded buyer.
If you find yourself dealing with dishonest home buyers, you can expect to see the process lasting months. This is due to the time it takes for home buyers to get mortgage funding. The majority of house sales agreed with unreliable house buying companies end up not securing vital mortgage funding. This ultimately means the sale doesn’t go through and a lot of wasted time. Not exactly the result you want when your main aim was a quick house sale.
How much money will I get selling to cash home buyers?
Be aware of companies claiming to buy houses for cash that offer from 80% – 100% of your property’s actual value. The likelihood of this happening is extremely slim. Most reliable offers you can expect to see are below 70% of the true value of your property. If this sounds low, you should consider the reason behind the lower price. Cash home buyers are offering you a service of a guaranteed sale with a quick time frame. Ultimately, by selling to professional home buyers you are paying for speed and certainty by agreeing to a reduced sale price.
Homeowners thinking of selling a property for cash should be suspicious of any additional costs mentioned along the way. If a company is reputable they shouldn’t be charging fees. And in most cases they will also cover a sellers legal fees. Some companies that buy houses will abuse the system with confusingly worded agreements about ‘refundable’ payments. The safest way to prevent being tricked into paying unnecessary costs is to avoid companies requesting upfront payments.
Warning about quick sale Scams when selling your house for cash
Typically, when people go through cash home buyers, they are using them for a reason. Examples include illness, uncertainty over what to do about an inherited property, a broken relationship and loads more besides. Sometimes this means your situation could easily be taken advantage of. Here are some issues people face when dealing with an unfair and fraudulent company.
- Additional and unexpected fees, often as a condition for continuing the service
- Reducing the price they are offering when the seller is financially committed to continuing the sale
- Being untruthful about the value of the property and the percentage they are willing to pay
- Making misleading claims about the timescale they will carry out the sale in
Remember, don’t be afraid to ask for information to validate the reliability of cash home buyers. If they are unwilling to show you any documentation or evidence you request, simply walk away. Don’t sign anything which may get you trapped into following through with a transaction until you’re sure of the terms. You can find out a great deal more about how to protect yourself via the Money Advice Service.