Before you start looking into a cash property buyer there are some things you should beware of as not all cash property buyers are legitimate in this article we will make you aware of what to look for so you do not get scammed or taken advantage of.
Cash Property Buyers now make up a significant percentage of buyers in the UK, they are popular given how quick and easy it may seem, and they limit the stress involved in buying or selling a house.
Type of Property Buyer
There are three main types of cash property buyers to look out for, one being the professional, this will be a company that can offer answers as to where their cash flow comes from and can also offer advice as to what your best option would be rather than trying to buy your house for less than 50% of market value. There are also individual property investors who may use a company to bid on behalf of them, so you may never actually deal with the person who is buying your property. The third to beware of is the cash property buyers that claim to be just that but in fact sell your details onto a third party.
Do your research before looking into a cash property buyer, go to a reputable company that you may have heard of and look at the details of contracts thoroughly before committing to the sale.
Check whether the cash property buyer you go for has a reputable valuer as you do not want them to value your property purposely low so that they can offer less cash for your house. Always get several valuations for your home so that you know the standard before.
There are several ways in which they may value your home, they may just do online research and may call local agents to get an idea of the price range in the area. It would be better to go for a cash property buyer that does a personal valuation which is where you would be able to meet with someone and they would tour your property, remember to check who pays for this.
Where is the cash from?
Make sure you check where they get their money from, as some that claim to be a cash buyer when in fact do not have the cash and just want your details. Ask for proof of funds or at least where they plan to get it from whether that be via mortgage or loan. For instance here at ZOOM we have our own in house cash facility.
You should also double check as to whether there will be any extra fees to pay, as many don’t so definitely look around before choosing a cash property buyer to go for.
Is the offer guaranteed?
Make sure you ask whether their offer is guaranteed and will not change at a later date, if it is not guaranteed then ask what the reasons would be for that change. Some companies will drop the price on completion day in the hopes that you, the seller, will not want to go through the process again and will accept it. To avoid this you could ask prior for contact details of previous clients to ensure that you know the level of service to expect and whether they were happy with it.
For a reliable Cash Property Buyer look to ZOOM, we use our own cash facility, our employees are experts in the industry and we will make the process of selling your home as stress-free as possible.