Do you have questions about selling your house to a cash buyer? You should! It is important to be as informed as possible. Here are some house buyers UK FAQs.
Q: How does this work? And what do I need to do?
A: When you find a company that you trust, the process is remarkably simple. You contact the buyer, usually via a simple form on their website. After answering a few basic questions and clicking ‘Send,’ you will receive a response in the form of an offer in principle. This initial offer typically comes within 24 hours.
Please remember that the offer in principle is, at this stage, a best estimate. It is contingent upon the results of the appraisals. If you accept the initial offer, the buyer instructs appraisers who look at the property. Based on these reports, they instruct surveyors to formulate a formal offer. If this is acceptable to you, the buyer then works with solicitors to move towards completion.
Q: How long is this going to take?
A: Good question. As you are undoubtedly aware, selling a house via the traditional route (i.e. with an estate agent on the open market) takes an average of four to six months. This timeline can be even longer if you find yourself in a cool market. As mentioned, a cash house buyer can give you an offer in principle in just 24 hours. From there, the rest of the process can play out in a matter of days or a few short weeks. When time is money – this saves you both.
Q: What type of offer can I expect?
A: This is a question that is top of mind for most people considering a sale to house buyers in UK. Cash buyers typically offer around 80 to 85% of total market value. For easy math, this means that if your house has a total market value of £100,00, you might reasonably expect an offer for £80,000 to £85,000.
Could you get more if you listed your house on the market? Possibly, but if your house is not appealing to buyers (more on this in a moment), you will have to get it up to par. This can cost thousands or, more likely, tens of thousands of pounds. For example, if you have to replace the roof, you are looking at a conservative estimate of £10,000. It can cost twice that, depending on different factors. What if your foundation needs work? This is an average of between £7500 and £10,000. Faulty wiring? Bad plumbing? Subsidence? Mould? Keep adding.
So, if you spend all that and get £100,000 on sale… Was it worth it? For many people, the answer is no.
Q: What if my house is not in good condition?
A: Not all houses are in pristine condition. If yours is in less than stellar shape, or worse, then it is very difficult to sell to a typical buyer. They have certain standards (and don’t want a money pit). Moreover, their lenders will not finance a property that fails to meet their own criteria. You can pour endless amounts of money into your house to get it ready for sale, and then pay more to list it – or you can choose a cash house buyer who invests in properties as is.
Q: What if I am facing repossession?
A: Repossession is a last resort for lenders. If you are seriously in arrears, then you may be facing this very stressful, very tense situation. If you can complete a sale quickly, you may be able to escape repossession and the consequences it has on your credit and financial future.
Q: How do I know that house buyers UK can purchase my house?
A: This is a key question to ask. You must confirm that the buyer has the funds necessary to purchase your property. They need substantial backing and cash reserves, and they should be happy to show you proof of such.
Q: What other options are available to me?
A: There are different methods you can use to sell your house, including with an estate agent, by yourself and at auction. Weigh the pros and cons and the expense of each before making a decision.
Q: How do I get started?
A: If working with cash house buyers UK seems like a good fit for you, start by researching companies and making sure you find a reputable, transparent buyer. From there, it’s as easy as submitting a form. In a few minutes, you can start the process.