Things to Watch When Selling a House for Cash
Cash house buyers have become increasingly popular in recent years. If you have been searching for tips on how to get fast cash for your house, it is one of the top options that is mentioned. It’s not really surprising, as choosing to sell your property to cash house buyers can help you to get quicker access to the money, while avoiding the need to engage in the services of a real estate agent or agency and the unpredictability and hassles of the real estate market.
However, rather being a completely fool proof alternative, it is important to understand that not all fast cash home buyers are made equally and that some are less than trustworthy. To help you navigate this section of the property market and avoid unrealistic offers and false claims, we have put together a quick and handy guide to the things you need to watch when selling your house for cash.
Are They NAPB Regulated?
The very first thing you need to check before you even consider selling your property for cash to a company is to check if they are NAPB regulated. The NAPB is the National Association of Property Buyers and membership is evidence that a company has registered and agreed to The Property Ombudsman Code of Practice. This means they have made an official commitment to provide the best standards possible.
The quickest way to check if they are members or not is to look for the logo on their site. However, as some companies have been known to fake membership, it is best to either check directly with the Property Ombudsman or NAPB.
What Does Their Valuation Process Involve?
As their valuation will determine the price you get, you will want to make sure they are doing it fairly so that you can get the best amount of fast cash for your house. Reputable fast cash bouse buyers aim to conduct accurate valuations of properties relying on RICS-accredited valuers and surveyors. If for any reason the cash house buyers you are in talks with are reluctant to discuss their valuation process, it may be a sign that they have affiliations with a real estate agent, which may mean the valuations will be biased towards them.
Are All the Fees and Expenses Covered?
One of the biggest draws to cash house buyers is the fact that they make the whole process of selling property quicker and more convenient. That means less paperwork and expenses for you. You need to be careful, though, as some unscrupulous companies will still add on fees and surcharges during the process. Any reputable fast cash home buyers’ company will not, however. So always check that all your fees and expenses will be covered by them.
Are They Directly Buying the Property?
Again, most cash house buyers are reputable and trustworthy, it is just the few out there that give the business a bad name. Some falsely claim to be cash buyers when there are actually operating more as estate agents or listing service companies. If you are unsure, you can ask them directly for proof that they are buying the property and that no third parties are involved. You may also want to look at property sites like Zoopla and Rightmove to make sure your property is not listed there. If you find it there, then it is unlikely they are buying directly, and this may spell trouble with securing a sale.
Where are they Located?
All legitimate companies need to provide a fully registered business address. This should be easily found at the bottom of most pages on their website. Check that where they say they are based is a real place, to be sure you are going to use the services of a real company.
How Much Are The Offering? Is it The Market Value?
You need to be aware that when you want fast cash for your house and are looking at fast cash home buyers, if they offer close to the market value, this should be a real cause for concern. As good as it sounds, no cash house buyers will be able to offer as much as 90 to 100% of the market value. It will always fall lower than this because the government has made it, so these kinds of companies need to pay considerably higher stamp duty compared to private buyers.
When you factor in the resale costs and legal fees on the sale, they would be making a loss if they were offering close to the market value.