Cash buyers for houses are in high demand.
When your purchaser has all the funds up-front, it can speed up the transaction and even reduce costs.
But how exactly do you find cash buyers for houses? And how can you ensure that they are trustworthy?
Keep reading to find out.
7 ways to find cash buyers for houses
1. Search online
Search engines like Google may be the quickest and easiest way to find cash buyers.
But your investigation needs to go much further than simply pressing the search button.
Determining whether a cash buyer is legitimate online can take time and effort.
Ideally, during your online research you should look out for the following for each company:
- Many independent reviews over an extended timeframe
- An informative and well-designed website
- Listing on Companies House
- Answers to frequently asked questions
- Contact information – ideally a phone number
2. Speak to estate agents
It makes sense to speak to property experts, who can point you in the right direction for cash buyers. Plenty of estate agents could help you with this.
Estate agents often have an extensive network of potential buyers in the local area.
Therefore, they could connect you with local cash buyers they have worked with, who are active in the market, and who are trustworthy.
Your estate agent may only be willing to help you if the sale is conducted through them. But may still consider this preferable to dealing with the unpredictability of mortgages and chains.
3. Check relevant groups and organisations
There are some places where cash buyers gather, meaning that you can get in touch with lots of these people simultaneously.
Facebook groups are designated for cash buyers, and LinkedIn groups focus on property investing.
Accreditation groups, such as the National Association of Property Buyers (NAPB) or the Property Ombudsman Scheme, are also excellent places to find cash buyers.
4. Ask friends and family
You may be surprised to learn that friends or family members have experience with cash buyers in the past – or have contacts who have been involved with this area.
Speak to people you trust and see if they can make any personal recommendations on cash buyers they know.
5. Auction houses
As you might expect, auction houses are predominantly populated by cash buyers and property developers looking to get a great deal.
These people might be representing organisations or simply there on their own. Either way, they could have the funds to buy your house outright.
You could attend these auction days and speak to the bidders directly to exchange contact details.
You might even ask the auction house for details about attendees or completed deals, although this is unlikely.
6. Public records
Public records of properties the UK can point you towards cash buyers.
For example, the Title Deeds for any house are available online – and if you find a property that a Limited Company owns, then this is likely to be a cash buyer.
7. Contact developers directly
Property investors usually carry out local developments in your area – individuals or companies.
Either way, this proves that local people are investing in houses, and you need to contact them.
Putting a letter through the door or speaking to site managers to find out who is investing is a great way to contact someone who may have the cash to buy your house outright.
How to ensure a cash buyer is legitimate
Even if you follow the steps above, it does not guarantee that the cash buyer is legitimate and trustworthy.
In addition to the online search recommendations we made at the top of the blog, you should also consider the following.
Firstly, ask for proof of funds from any cash buyer you work with. They should have no problem giving you this if they have nothing to hide.
It would help if you also ensured that there was no third-party involvement.
An actual cash buyer is self-funded and can purchase and process a property quickly and directly without interference from other people or organisations.
Ask for references from previous satisfied customers and speak to these individuals directly and in person.
You should also pay close attention to the price offer you receive from the cash buyer.
If it seems too good to be true, it probably is, as cash buyers cannot make a profit from purchasing properties by offering full value.
Is a cash buyer the same as a chain-free buyer?
No, these two terms do not mean the same thing.
A cash buyer is a person or organisation that can pay for a house with up-front money without needing a mortgage.
A chain-free buyer already has their next living accommodation sorted out and is therefore not reliant on selling a current house to purchase yours.
For example, a first-time buyer typically does not operate in a chain, but this does not mean they have all the funds required up-front.
Advantages of selling to a cash buyer
There are several advantages to using a cash buyer, which is why many people in the UK choose this route over more traditional ‘on the market’ options.
A guaranteed sale
Firstly, you are guaranteed a property sale when you go through a trustworthy cash buyer.
This is because the company is buying your house with its own funds and is not relying on third parties for the funds to do so.
A guaranteed timeframe
A cash house buyer can purchase your property within a timeframe of your choice.
This means that they will be able to accommodate you if you want the sale completed within 7 days, 2 months, half a year, or any other period.
Reduction in fees
Selling to a cash house buyer will often reduce the fees that you have to pay with an estate agent.
For example, We Buy Any Home doesn’t charge any commission on the sale (unlike an estate agent), and we also pay your legal fees.
These financial advantages can offset the slightly reduced price you receive for the house.
Willing to accept different types of property
You can sell your house to a cash buyer in absolutely any condition. This is useful if the house has structural problems, a short lease, or is in total disrepair.
You can also sell tenanted houses directly to cash buyers, albeit for a reduced price.
How to sell a house to a cash buyer
Once you have found and vetted a genuine cash buyer, selling to them should be relatively straightforward.
However, there are still several important steps:
While the process is generally less complex, there are still key steps involved:
- Negotiation: Agreeing on a price, typically between 75% and 85% of the open market value. It’s important to stick to this range, as cash buyers often cannot themselves make profit above it
- Legal representation: Consider hiring a solicitor, especially if you’re new to property transactions.
- Due diligence: Property searches and surveys are usually arranged by the cash buyer.
- Paperwork: You should gather necessary documents like EPC, title deeds, and contracts.
- Completion: Transfer ownership and funds on the agreed-upon date.
We Buy Any Home: The UK’s largest cash house buyers
We Buy Any Home are cash house buyers that operate without a chain based in London and working across the whole of England, Wales, and Scotland.
Our experienced team of house-selling experts can guide you through the cash-selling process to ensure a quick and smooth up-front purchase of your property.
Fill in our enquiry form below if you want a cash offer for your house.
