We’ve put together these 5 top tips for a secure cash house sale incase you’re looking for a quick sale. Many homeowners or landlords with property in the UK make the decision to go for a cash sale. This can be for a number of reasons, most of which centre around speed. Let’s face it, estate agents and mortgage buyers aren’t usually known for their ‘greased lightning‘ capabilities. A cash sale avoids the familiar and frustrating scenario of dealing with buyers who make an offer only to have their applications turned down by the mortgage companies. This usually takes months, which, in some areas of the UK, can turn into years.
Selling your home for cash avoids not only the financial inconvenience of a string of failed sales but also the stress involved.
5 top tips for a secure cash house sale
It can, however, be the very speed of such a cash sale that causes issues. When things are moving along quickly and decisions have to be made daily, it can be easy to get wrapped up in the excitement of your forthcoming cash windfall and forget the importance of ensuring the security of your sale. We give you 5 top tips for a secure cash house sale.
1. Do your property price evaluation homework
There aren’t many of us who know the price of a loaf of bread but it isn’t difficult to find out. The same applies to property values. This is where you get to don your deerstalker and do a bit of Sherlock Holmes type investigation (hopefully without anybody called Moriarty to get in the way!). Firstly, do some general internet research to find out what price similar properties in your area are being advertised at. Remember that in today’s market this is unlikely to be the price that they sell for. Next, invite an estate agent in (make him a cup of tea if you are feeling friendly) to value the property. You can get a more realistic estimate of what a cash property sale should make by asking him how much you would have to drop the price by to achieve a quick sale.
2. Go shopping for the best cash property buyer
Nobody likes the sinking feeling that happens when you make a purchase and then discover that the same item is for sale at half the price just around the corner. It is the same with cash house sales – it pays to shop around for the best offer. However, the picture with cash property purchases is a bit more complicated than that: it is important that your property investor also has the experience behind him to ensure a smooth process and deal with the technicalities.
It is also important to find someone with a trustworthy reputation. An offer of a large cash sum might be tempting but would you really trust your life’s investment to just any chap off the street? By far the most effective way to find an efficient and reliable UK cash property buyer is to ask around. People are astoundingly honest when it comes to house sales, especially ones that have gone wrong. If you can’t find locals to ask, then run potential buyers’ names through social media.
3. Choose your own legal advice
A property cash buyer may well recommend a solicitor. This will almost certainly be because they prefer to work with someone who knows their processes and understands the need for speed. However, if you favour using your own solicitor, this shouldn’t be a problem. You may feel more secure with your own legal advice or you may want to keep legal costs down.
4. Read it and write it
When you are in a hurry and can sniff the aroma of your forthcoming lump sum, you might be tempted to skim through the small print on documents or forget to ask for information in writing. Get into the habit right from the start of the cash property sales process of asking for written offers and documents and reading them. Ask your property investor to explain if you find anything difficult to understand. You could also ask a friend to check if you have missed anything important.
5. Don’t be in a rush to sell your property for cash
Our last of our 5 top tips for a secure cash house sale is simple. An established property investor will understand your need for a quick house sale. However they shouldn’t push you to move at a faster speed than that with which you are comfortable. They will understand that this is a big decision for you. If they are good at what they do, they’ll have a substantial portfolio behind them. This would mean that they can allow you to move at your own pace. Even with a cash house sale, your property investor should be more ‘helpful guide’ than ‘pushy salesman’.
Selling your property for cash may be a necessity. It may also be your route to a new and exciting lifestyle. Whatever your reasons, these 5 top tips for a secure cash house sale should help to ensure a secure sale.