How Can I Be Sure I’m Getting the Best Cash Offer On My House?
If you are looking to sell your home to a property cash buyer, regardless of the reason for doing so, you will want to make sure you are getting the best offer. Especially as you’ve probably heard a lot of the horror stories about how homeowners were conned into selling their property for an extremely low price, even though they thought they were getting a better deal than they would if they had gone the more traditional route of selling with an estate agent.
Unfortunately, the industry does have unscrupulous people and organisations out there that are just trying to get hold of your property by whatever means necessary. While it’s important to remember that some property cash buyers are not genuine, it’s wrong to conclude that all property cash buyers are bad. There are some out there that are exactly who they say they are and offer a great price and the convenience of that kind of transaction.
To make sure you are getting the best price, we have made a list of 7 tips you should keep in mind.
Make Sure You Get a Minimum of 3 Quotes From Genuine and Reputable Companies
This really should go without saying, but if you are selling anything you should get at least 3 quotes. When getting quotes for your home from cash buyers, make sure you choose well-known and reputable organisations.
Don’t Pay For A Property Valuation or to Close the Deal
One of the reasons why selling property to a cash buyer can be advantageous is because it does not cost you anything. Any reputable cash buyer would not expect you to pay for the valuation or to pay anything for that kind of deal. If a company you are speaking to or looking at the website of does expect that, go somewhere else.
Make Sure You Get Written Offers
It is important to make sure that, even if it’s in digital form that any companies you are looking to sell your home to make their cash offers in writing. Don’t go through with any deal based on a verbal offer, as it can easily be changed, and you have no legalities to fall back on.
Are They Registered with the Property Ombudsman?
Check that the cash buyer company is listed and regulated with the Property Ombudsman. This organisation exists to protect homeowners selling their property from rogue firms.
Try to Negotiate Legal Fees and Make Squire They Are Transparent About Pricing
You will find that the majority of genuine and reputable cash property buying companies will be willing to waive the legal fees. At Cash Home, for example, you don’t have to worry about paying any of those, as they will cover it. Don’t be embarrassed and try and negotiate for free legal fees if they don’t offer them from the outset.
You also need to be careful that they are completely honest about their pricing and that there is no surprise fees or charges they are likely to add at the end after you have signed your property over to them and can’t get out of it.
If The Offer Matches The Market Value of Your Property, Don’t Accept it
The government introduced a law that states that if a cash property buying company is giving an offer on a homeowner’s property, it should not be the same as the market value. It should be at least 10% less than the market value. If a company you are seeking a quote from suggests they will pay the full value, turn around and walk away (even if it’s only metaphorically) because they are not allowed to do that and are action fraudulently.
Make Sure They Give You Proof in Writing That They Are Buying Your Property Directly
Some estate agents and other companies have been known to poise as cash buyers in the past when really they do not have the funds upfront to pay for the property and are instead selling the property o a third party or advertising it on property websites like Zoopla etc. Make sure you get evidence in writing that they have the funds available and are not selling to a third party or putting the property onto the housing market.