What is a Quick Cash Sale in Real Estate?
Selling a house can be one of the most stressful experiences you will ever go through in life, as the results of many polls and surveys will prove. Not only is a property generally the biggest and most expensive asset most people are likely to have, which means a lot is at stake when selling a home, but there are just so many different aspects involved in the most common and traditional methods of selling property. Many things can go wrong and many things that make it incredibly expensive.
If you need to sell your home and are looking at the alternatives to the traditional estate agent route, you may well have come across references to or offers of quick cash sales. Perhaps you have been tempted as a way of avoiding the long and drawn-out process of selling through an estate agency. Perhaps you need access to the money quickly or need to move quickly. Is a quick cash sale really the best option? In the following post, we are going to help answer that question.
What are Quick Cash Sales?
Quick cash sales are exactly as they sound – purchases made on a property in cash, though for slightly lower than the market value. These kinds of purchases are normally carried out by cash property buying companies. As no mortgages are required and the purchase of the property is not dependent on the sale of the buyer’s property, there are no property chains involved and a lot of the usual delays and complications surrounding property sales are avoided.
Is a Quick Cash Sale Right For You?
It’s easy to get caught up in the excitement of just how easy quick cash sales sound, but you need to stop and think if it is really the right option for you. To help you figure that out, we are going to discuss some of the main pros and cons of property cash sales, so you have the most balanced view of it possible.
Pros of Quick Cash Property Sales
No Mortgage Issues
Many hundreds of property sales fall through every year due to interested buyers being unable to secure mortgages. it’s worth noting then that because the sale of a property in a cash purchase is not dependant on a mortgage application being awarded, you completely avoid this issue and any other complications involving mortgages.
No Complex Property Chains
Again, when mortgage companies, buyers and other individuals and organisations are involved in the sale of a property, the more there are, the more complex the property chain. The more complex the property chain means the greater chance the sale will fall through. When selling to a quick cash buyer, however, there is just you and the buyer involved in the transaction.
Although we have touched on the speed a lot already, it’s worth noting just how much quicker a cash property sale can go through. Many companies guarantee the sale can be completed within 7 days or less. That’s impressive compared to the potential weeks, months and even years you may face trying to sell your property through an estate agent.
Issues Related to the Property Are Not Usually a Problem
There are some issues with properties that can make it harder to sell your property through an estate agent. For instance, if there is Japanese Knotweed or the entrance to an abandoned mine on your property or it is about to be repossessed or badly needs renovation work. Depending on the estate agent, they may request a higher fee for selling your property or may even refuse to sell it. When you choose to sell to a cash property buyer, none of these issues is usually a huge problem.
Cons of Quick Cash Property Sales
- Depending on the quick cash property buying company you choose, you may find that their price structures are not clearly marked out
- Many companies, though it’s important to note that not all, have been known to make unreasonable and inaccurate property valuations
- Many, again not all, are not genuine cash property buyers and are estate agents pretending to be cash buyers who are still going to sell your property onto a third party and may end up tying you into a contract that means you can’t sell your property elsewhere
The Decision Is Yours
We have tried to provide you with a fair and balanced look at quick cash property sales so that you know the good and the bad. Whether it is right for you or not, only you can decide. If you do choose to go down that route, though, make sure you choose a reputable company like Cash Home as a safe option.