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What is a Cash House Buyer?
Lots of people are tired of the ‘traditional’ high street agencies. With exaggerated valuations, drawn-out proceedings and slow communication, it is no surprise that many homeowners want a faster, cheaper option.
Selling to a cash buyer could offer the perfect solution.
A cash house buyer is a person or business who can buy your property up-front for cash. These companies tend to offer slightly below the price that you would expect to receive when selling with a high street agency – but in return, you will get the property sold quickly and without all the hassle that comes with it.
Cash house buyers can be extremely useful to people who will struggle to sell to people on the open market – for example, if there are still tenants living in your house, or if the property is in bad shape. While lots of ‘typical’ buyers might be put off by these factors, a cash house buyer won’t be, and can save you the trouble of making fixes to the house yourself.
Common Reasons for Using a Cash House Buyer Include:
- Your buyer has withdrawn, or you want to save the chain
- Divorce or separation
- Estate agent is not delivering the results you’d like
- Inherited a property through probate
- Offloading a Buy to Let
Sold.co.uk is a Trusted Cash House Buyer
Most cash buyers make their money by buying your house below the usual market price, and then selling it for a profit further down the line. It is an ideal option for someone who wants a house ‘out of their hair’ quickly, or who needs quick influx of cash – for example, if you are facing eviction.
A legit cash house buyer will take steps to reassure you that the transaction is in safe hands. For example, if you ask Sold.co.uk to show you proof of funding, we will be happy to do so.
Most importantly, if you decide to walk away from the deal halfway through, there is no penalty for doing so. The most important thing is that you feel safe, secure and happy.
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What are the Benefits of Using a Cash House Buyer?
Using a cash house buyer allows you to avoid the tiring, expensive processes involved with selling a house in the traditional way. Some of the many advantages include:
- Avoid a property chain
- Save money by knowing the cost of sale with no hidden fees
- Keep the entire sale price – because we don’t charge commission
- Get your house sold in a few days
- Receive funds within 24 hours of the deal being completed
There are other things involved with selling a house which can be tiresome, too, such as hosting viewings for potential buyers. While some people who view your house won’t seriously consider making an offer, a cash buyer can guarantee a sale, which means you can cash in and get the house ‘off your hands’ as quickly as you’d like.
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The Cash Buying Process
Want to get the ball rolling? It all starts by filling out our enquiry form. By giving us your name, address and reason for getting in touch, the sale of your house will be much closer.
From here, someone on our team will reach out to discuss a free valuation for your home. We will use online tools to make this valuation, such as the Land Registry and RightMove Plus. We will also usually want to visit your property in-person to check out its condition, since we can’t always get a clear sense of this through online platforms.
Once you receive an offer from Sold.co.uk, it is entirely up to you whether you accept it.
You will usually want to speak to everyone affected by the sale, before you make a decision. For example, if you are selling your house alongside a partner, or if you are saying goodbye to the family home, then the other affected people should be involved in your decision, too.
If you decide to accept our offer, most of the remaining work will be done by us. The conveyancing is handled on our end, and we will get all the necessary paperwork in place to complete the purchase of your property at a date that works for you.
So, sit back and relax. The cash buyer process can be very straightforward.
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The Sold.co.uk Method
How We Help
Sold.co.uk is proud to have some of the UK’s best cash buying experts working for us. We have lots of experience buying properties in every part of Britain – and this ensures that we can purchase your property, no matter its condition, in an efficient and hassle-free way.
You can rest assured that all conveyancing will be taken care of by us. You also don’t have to worry about arranging dozens of viewings – since we will only need to visit your house once.
We do not tie you into a lengthy contract like some businesses do, and we provide the same fully managed service as any other high street agency.
Most importantly: Sold.co.uk will hold your hand every step of the way. We will not leave you ‘out in the cold’ – we are in this process together and will communicate with you consistently and clearly so you always feel at ease.
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Who We Help
It is common for people who have inherited a property through probate to contact us. If you do not live close to the house you have inherited, or do not have the time, effort or money to maintain it, it can often be preferable to cash in for a quick lump sum.
We also help people who are facing repossession to get a large amount of cash, quickly. This can help them to pay off any debts which are due in the short term or pay for a new place to stay over the next few weeks.
If you are going through a divorce, then a cash buyer can be helpful, too. When both people want to communicate as little as possible and avoid a dragged-out process which goes on for months, completing the sale immediately with a cash buyer is the perfect solution.
These are just a few examples, but our network of past sellers stretches to every demographic in every part of the country. In summary: we can help you, no matter who you are, where you are or what your situation is.
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Get A Cash Offer from Sold
Once you receive a cash offer from Sold.co.uk for your house, it is entirely up to you whether you accept it. You can walk away from the deal at any point up until completion – so if our offer is not what you were hoping for, there is nothing stopping you from going elsewhere.
You can ask us to provide any proof that the property is truly being bought by Sold.co.uk, and we happily do so. You can ask for evidence that we are buying the house directly, without relying on third parties such as mortgage lenders, and you can also ask us to give proof of funding.
Please keep in mind that our offer will be slightly below the typical market value.
We operate throughout the whole of Britain – from Edinburgh to Birmingham, Cardiff to Newcastle, and everywhere in between.
What to Expect From Sold.co.uk When Selling a Property
When the time arrives to sell your property, Sold.co.uk is committed to being a partner that you can trust.
We will hold your hand from start to finish, so you always have a clear understanding of what is happening, and why. If you have any questions throughout the cash buying process, we will answer your queries in full.
You can expect total transparency from beginning to end when you work with us – as this is something we take great pride in. We make it clear up-front that:
- We cannot offer a full market price for your property
- Our valuation may change once the property has been fully surveyed
- We charge a fee of £1,999 once the sale is completed
These are important details for you to be aware of, because we will never spring unexpected surprises onto you midway through a deal.
You will be able to save several costly and time-consuming parts of selling a house when you work with us. Our team takes care of all conveyancing, so this isn’t a charge you have to pay for – and we also won’t take a percentage commission of your sale.
Finally, please keep in mind that while we always aim to complete a cash purchase within 7 days (and have done so on countless occasions) this is not always possible if unexpected issues crop up. Examples might include a problem found in the survey, or waiting for probate to be completed before we can officially buy your house.
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Are Cash House Buyers Legit?
Yes, there are several legitimate cash buyers working throughout the UK, including Sold.co.uk. We aim to be transparent at every step of the cash buying process, so you always understand exactly what is happening.
If you are ever in doubt about the cash house buyer you’re working with, you should research the company thoroughly. A few important aspects to look into include:
- Check whether they are registered members of the National Association of Property Buyers (NAPB)
- Check whether they are fully regulated members of The Property Ombudsman Scheme (TPO Scheme)
- Ask for proof that they have the funds to pay for your property
- Find them on Companies House and look at their trading history
- Research the Directors of the company to learn about their experience
- Find their offices and ask yourself: “Do they look like an authentic company?”
- Check out their online reviews to see what other people say
- Call their office number and ask any questions you may have
Unfortunately, there are some cash buying companies in the UK which cannot be trusted. You should make sure you research a business, and look out for any warning signs before you trust them with buying your house.
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Drawbacks of a Cash House Buyer
Every year, thousands of homeowners in Britain recognise the value of selling their homes to a cash house buyer like Sold.co.uk. However, while there are lots of upsides to selling your house to a cash buyer, there are drawbacks, too.
Selling to a cash buyer means that you may not receive the full amount of money for the property that you would otherwise get when selling ‘on the market’ with an estate agent. If you are not in a rush to sell your house, or don’t mind the hassle that comes with a high street agent, it may be worth going down the traditional route.
Using a traditional estate agent allows you to decide who moves into your property next. When you use a cash house buyer, you do not get this option – which can be disappointing to people selling a family home, who want to know who it will be ‘passed onto’.
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Frequently Asked Questions about Cash House Buyers
Is a cash buyer better for houses?
Whether a cash buyer is more suitable for selling your house depends on your personal circumstances. If you need access to funds very quickly, or if you are determined to avoid the hassle of viewings, conveyancing and price negotiation, then a cash buyer is ideal.
Do cash buyers need a solicitor?
Yes. Conveyancing is required in all property transactions, no matter who it is with. Many cash buyers hire in-house solicitors who will take care of this paperwork.
Can you trust a cash offer for a property?
You can trust a cash offer which comes from a reputable company like Sold.co.uk. Unfortunately, not all cash buyers are as trustworthy as us, so you should be thorough with researching any company before you accept their cash offer. Common warning signs to look out for include: a cash offer no lower than the typical market price, negative reviews online, and automated telephone machines when you call their main number.
Do I need to pay stamp duty?
No. It is the home buyer that pays stamp duty, not the seller.
How does selling to a cash house buyer work?
A cash house buyer does not operate in a property chain and has all the funds required to purchase your property up-front. This means that when you sell to a cash buyer, they can deposit the funds in your account within a few days. It also means that the sale can be completed in a time frame that works best for you.
How fast will Sold.co.uk buy my house?
Sold.co.uk can sell your house faster than anyone else on the market. In many cases, we have purchased a house within 7 days of an initial enquiry being made.
Alternatively, we can complete the sale within a time frame of your choosing.
Will Sold.co.uk make a fair offer?
Yes, Sold.co.uk will always make a fair offer on your property.
We are committed to being totally transparent every step of the way – and while we will not be able to offer full market price for your property, we will still give you an offer which is more than reasonable for your property’s condition, location and size.
Please keep in mind that the circumstances surrounding your house sale will impact on our offer. For example, tenanted or derelict properties are inherently less valuable, and this will be considered in our offer.
Can I change my mind after approaching a cash house buyer?
Yes. When you work with a trustworthy cash buyer like Sold.co.uk, you can change your mind after contacting us. Once we have valued your house, you are not required to go through with the sale.
How much do you have to pay to use a cash house buyer?
If you are using a reputable company, there should not be any costs associated with using a cash house buyer. The valuation will be completed free-of-charge, and you won’t have to spend money on a solicitor throughout the process because we pay that for you.
How likely are deals to fall through?
Cash house buyers can guarantee a sale because they are chain-free and using their own funds.
When could a Mortgage Buyer be more appropriate?
A mortgage buyer might be a better option if you are not in a hurry to sell your property, and when the market is in a strong condition. For example, if you are not in a property chain and there are lots of buyers on the market, then it could be worth exploring the idea of selling through the traditional method. When the market is strong, you will typically receive higher offers on your property, and might therefore make a larger profit on your house.