The best cash house buying companies provide a quick, hassle-free way to sell property.
This is valuable to people who want or need to sell their home quickly.
But bad companies can give the industry a bad name.
Let’s examine whether cash house buying is legit and how you can distinguish the good from the bad companies.
What is a cash house buyer?
A cash house buyer is a company or individual that buy properties with their own money.
In other words, they don’t borrow money from a third-party (such as a bank).
They pay under the market value but complete sales faster than other selling channels.
They also typically buy many different properties. This includes ones needing serious renovation, retirement homes, etc.
Advantages of selling to a cash house buyer
There are several main advantages to using a cash-buying company. Obviously, many of these depend on the seller’s circumstances.
1. It’s very quick
Cash buying companies can often complete a sale in days or weeks.
By contrast, completing a property on the open market usually takes a minimum of a few months.
2. It’s convenient
Selling a property can be stressful and time-consuming. It can interfere with work, family life, and other responsibilities.
By selling your house to a cash buyer, you can avoid many of the traditional hassles of selling a property, such as:
- Finding the right estate agent to work with
- Finding the right solicitor to work with
- Staging the home for viewings
- Negotiating with potential buyers
And more.
3. It’s flexible
Cash house buyers are often willing to buy a property in any condition.
So, you don’t need to invest time and effort into making repairs or improvements before you sell.
This is especially useful when selling a property that requires extensive maintenance. Or if you don’t have the time or money to invest in getting the house market-ready.
Are companies that buy houses for cash legit?
As with all industries, there are good and bad cash house buying companies.
Legitimate cash buyers can buy your property quickly and smoothly. They handle the administrative and legal processes along the way.
But there are also bad companies – and even property scammers – to watch out for… Some are even specialist quick house sale scammers.
So, it’s essential to know what to look for and what questions to ask before making a final decision.
Read on to find out more about these.
How to tell whether a cash house buyer is legit or not
1. Check their credentials
Do your due diligence before you agree to sell your property to a cash house buyer.
Look for signs that the company is legitimate, such as its:
- Registration number
- VAT number
- Trading history
In the UK, this information is available on Companies House. This is the government’s official register of companies.
2. Read reviews and testimonials
Reading reviews and testimonials from previous customers is very helpful.
Look for reviews on independent sites like Trustpilot or Google Reviews. And check the company’s website and social media channels.
Positive reviews from satisfied customers are usually a good sign. This is especially true if there are a range of reviews across channels.
3. Ask for proof of funds
A legitimate cash house buyer should be willing and able to provide evidence of funds. This can give you peace of mind that they have the money to buy your property.
If you ask for this and the company is reluctant to provide it, or requests an upfront fee beforehand, that’s a red flag.
4. Beware of lowball offers
It’s essential to be wary of any offers that seem too good to be true.
Scammers might make attractive offers. Their goal may be to entice a quick property sale without due diligence by the seller.
Do research to find out what your home is worth before accepting any offers.
5. Ask questions
Be bold and ask as many questions as you need before deciding whether to sell your house to a cash buyer.
A reputable company will be happy to answer questions about the sale process, fees, etc.
If the company is evasive or unwilling to answer your questions, you might be dealing with a scam.
Sell your property with We Buy Any Home
We Buy Any Home are cash buyers for homes – of the legit kind!
If you are looking for a company that can purchase your property up-front and quickly, without hassle or stress, you are in the perfect place.
Using our funds, we will purchase your property at a set price by your chosen date and fully manage it from beginning to end.
Fill in our enquiry form below if you are interested in getting a cash offer for your house.
