In the UK, selling your house on the open market with an estate agent is common.
However, it isn’t the best way to sell your house for everyone.
So, some people consider accepting a cash offer for their house.
So, what exactly is a cash house buyer, and should you accept an offer from one?
Let’s find out.
What is a cash buyer?
In the UK, a cash buyer is a business or individual who will buy your house for cash upfront.
This doesn’t mean buying your house with physical cash. It means the buyer transfers the payment without needing a lender.
This process enables property deals to complete quicker than a traditional sales. Sometimes they can be completed in as little as seven days.
How cash buyers work
Cash buyers will use tools like HM Land Registry to value property.
Their offers will be less than the open market value. Sellers receive payment immediately and save on estate agent commissions and legal fees.
There are many cash buyers throughout the UK. But some organisations are more reliable than others.
Finding the right cash buyer
This is why you should conduct thorough research before selecting a cash buyer. Not all companies posing as ‘cash buyers’ are trustworthy.
Some businesses, for example, act on behalf of other organisations. And they may charge extra fees for services such as arranging different surveys.
Others may attempt to profit further by selling your information to third parties.
Where do cash buyers operate in the UK?
Cash buyers operate throughout the UK and can be found in most major cities.
Some cash buyers specialise in certain areas. For example, premises in one city rather than several throughout the country.
However, for these smaller firms, it is always worth making sure that they are a trustworthy. And that they have the up-front funds to buy your house.
Advantages of a cash buyer
Using a cash buyer has several advantages. This is why many people in the UK choose this route over more traditional ‘on the market’ options.
Certainty
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. It is not relying on third parties to give it the funds to do so.
Quick sale
Secondly, a cash house buyer can buy your property within a timeframe of your choice.
If you want the sale completed within 7 days, in two months, in half a year, or any other period, they can do so.
Reduced fees
Thirdly, selling to a cash house buyer will often reduce the fees that you have to pay.
Some don’t take any commission on the sale (unlike an estate agent), and we also pay your legal fees.
These financial advantages can help offset the reduced price you receive.
Should I accept a cash buyer for my house?
You should consider many factors when deciding to sell to a cash house buyer or an estate agent.
Reasons to accept
If you want to receive the funds for your house sale quickly, a cash house buyer could be an excellent option.
You may also prefer a cash buyer if you want to avoid property chains and the legal complications of working with a solicitor.
Cash buyers might be the solution if you need help selling your home in a buyer’s market.
Reasons to not accept a cash offer
On the other hand, if you are not in a rush to sell your property, it is worth considering all your options elsewhere.
Some sellers are not struggling with cash flow and are willing to work with a property chain or solicitor.
For them, selling on the market is usually a more viable option.
Sell your property with We Buy Any Home
We Buy Any Home are chain-free cash house buyers who can purchase your property up-front and quickly, without hassle or stress. You are in the perfect place to sell your house fast.
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 want a cash offer for your house.
