Important Questions to Ask a Potential Cash Buyer
When choosing a cash buyer to purchase your home, it is essential that you deal with a reputable UK based company. If you are selling your home, you’ll want to sell the property to a legitimate organisation who can guarantee a smooth transaction process. So, before you decide on a company, you should carry out some screening procedures.
Do they have a good reputation?
When speaking to the cash house buyers, ask them about their reputation in the industry. Most will tell you they’ve an excellent reputation, they’re not going to put their business down while trying to purchase your property. The best way of substantiating their claim is to speak to previous clients. See if they can provide some references of clients who they’ve purchased property from, if they’re confident in their service, they’ll have no problems honouring your request.
Do they have the capital available to buy your home?
Most corporate investors will have the capital to buy your home, but some are only starting out and may be using other investments to fund their purchases. A good way to check is to review the purchase agreement, if they’ve written something into the document that states they can back out pending inspection or pending finance, then they may not have the funds available to purchase your property. These words are generally included as a safety net if they can’t find the capital.
Do they have the resources to handle the transaction?
Selling a property involves a lot of administrative tasks, you’ve to deal with lawyers, property surveyors and more. If you’re selling to a cash buyer, they should be able to take care of the whole transaction with minimal hassle. The whole process should be completely different in comparison to going through a local estate agent. Closing a deal on your home using an estate agent can take months, whereas using a cash buyer usually takes a few weeks or less. Selling a home comes with a maze of legal tasks including:
How long does the offer stand for?
When using a cash buyer, inquire about the amount of time their offer stands for. Most reputable cash buyers will give you an offer that stands for one month, this is liable to change if there is a sudden move in the market.
Will the cash buyer pay the full price?
There are many benefits to using a cash buyer, especially if you’ve problems selling your property, or you need a quick sale. Using an estate agent can take months or even years to sell your home, but a cash buyer can make an offer within 7 days, so you’ll usually get close to 90% of its worth.
When trying to sell your property to a cash buyer, it is important to ask them as many questions as possible to ensure the process runs smoothly. You’ll want to work with a reputable company who has plenty of experience in the industry, this ensures you’ve a high chance of success and your home will be bought in a timely fashion.