Quick house sale firms are often cash purchasers with a cash fund ready to acquire property from homeowners who need a sale sooner than the norm. The offers offered by rapid sale companies are below of what a homeowner could expect from an open market sale with an estate agent.
The perks to the homeowner include a guaranteed sale within a certain term and a preset sale price that they are willing to accept. Cash home purchasers operate the same manner as pawn shops so if you want to sell overseas property fast be careful of the offers.
The global world has made real estate an easy deal. Individuals and investors from around the world can purchase real estate through international marketing. Now sellers can easily reach buyers from across Europe, Scandinavia and the USA to present their offers and market their house investments.
Selling your house to a cash purchasing company is typically simple and takes around ten days to complete. The procedure is summarised below:
Day 1–3: First Contact
The cash purchasing company contacts you over the phone or email and gives you an indicative offer on your property. At this point, this offer is simply hypothetical and serves as a “guide price” for you. If you are satisfied with this estimate, the business will hire an RICS surveyor or three independent estate agents to do a thorough appraisal of your house.
Day 4 & 5: Valuations Completed & Reports Received
The three estate agents who come to your house will write a report outlining what they believe your home is worth based on a 90-day resale. Because the cash purchasing organisation is acting as a broker, they do not want to be holding stock for too long. Therefore they need to know how much your house is worth to sell it swiftly within 90 days.
After completing all three studies, the information is forwarded to the cash purchasing firm, which will then make a final offer to the homeowner. If the homeowner agrees, the process will proceed to the final phases.
Day 6 – Day 10: The Completion Process
If both parties are satisfied with the sale price, the closing procedure can commence. Both sides retain independent counsel (sometimes the buyer may recommend solicitors they usually work with for speed). The cash purchasing firm usually covers the solicitors’ expenses.
How much is a rapid property selling company likely to pay?
Most cash purchasing organisations would want at least a 25% reduction from market value. It is your right as a homeowner to shop around for the greatest possible offer on your house, and we strongly advise you to do so.
When it comes to cash purchases, our panel of purchasers is among the industry’s largest payers – so you can be confident that you’re getting a fair deal when you work with them.
Why would someone want to work with a speedy house selling company?
There are several reasons why someone would wish to sell their property quickly, including, but not limited to:
- Financial problems
- Separation or divorce
- Inheritance
- Problems with structure
- Reasons of age or health
- Property that is difficult to sell on the open market
When dealing with quick-sale companies, what online frauds should I be on the lookout for?
We believe homeowners should be aware of reasons to avoid rapid sale businesses in certain situations. These are some examples:
Non-authentic cash purchasers
Some firms that advertise online promise to be able to acquire property rapidly, but they cannot make that assurance unless they are legitimate cash buyers. If a corporation you are dealing with cannot show proof of money that they are a cash fund, you should carefully examine your choices.
The firm in issue is most likely promoting your house on the open market (just like a conventional estate agent), serving as a broker for an investor (who will need to obtain a mortgage), or functioning as a lead generating company that will sell your information.
Price changes at the last minute
Many rapid sale companies put homeowners in a bind by reducing the price they originally offered at the last minute. This forces homeowners to choose between accepting a newly lowered offer or completely walking away from the sale.
Homeowners can defend themselves against such tactics by requesting a solid guaranteed offer following the appraisal step. They should require that this pricing not alter for any reason other than anything appearing on a thorough structural report (should the buying agency request one).
Contracts with tie-ins
Quick sale corporations that acquire cash should not be required to bind sellers to long contracts that prevent them from selling with another firm. The maximum length of any tie-in contract should be one month — this is merely to safeguard the buyer’s interests against a competing rapid sale business making an offer.
How can I protect myself when I receive proposals from cash buyers?
Many organisations advertise online, guaranteeing homeowners a quick sale; however, not all quick sale companies are the same. Most companies who advertise to sell your home quickly perform a good job and pay you a fair cash price. However, some organisations promise to sell your property rapidly yet do not have the funds.
The simplest approach to protect yourself is to go to the NAPB (National Association of Property Buyers) website and make sure the company you’re considering working with is registered as a cash buyer. You can also utilise our 21-point checklist, which has been authorised and endorsed.
If you want to sell overseas property fast online you can use one of these companies or you can market with us to worldwide investors.
