There are many options when you want to sell your house among them selling to a house buying company. This option is quite appealing when you want to sell your house fast because you can be sure to complete a sale within 14 days or less. When you opt to sell your house to a house buying company, you are guaranteed a cash buyer hence you need not worry about a property chain.
According to sell house fast specialists Ready Steady Sell, ouse buying companies negotiate discounts with sellers to negate the agency fees. This discount is then used to cater for valuations and other related costs. As a result, the house selling process will be fast and hassle-free because the ‘we buy any property’ company will approximate the offer, do a valuation and provide a surveyor.
How much do ‘we buy any house’ companies pay?
House buying companies will not pay the full value market value of your property owing to their mode of operation that minimizes fees payable by house owners seeking to sell their property. Otherwise, they will be out of business. These companies run into huge costs selling and buying property and they too must make a profit.
So then, how much do UK cash house buying companies really pay? Generally, the majority of house buying companies will pay up to 80% of the value of the property. However, this will also be determined by the initial value of the property, among other factors.
Property that is situated within a desirable location and is in good condition will certainly fetch much more than one whose circumstances are opposite. The reason behind this is that not only can you sell a property that is in good condition easily but also fast.
If a house buying company makes an offer that is higher than 80 to 85% of the value of your house, then you must stop to interrogate them further as this is unrealistic.
Should you sell your house to a UK house buying company?
Whether or not you should sell your house to a UK house buying company will be informed by your circumstances and how you view the benefits associated with these companies. Here are several reasons you may want to consider house buying companies when selling your next property:
- Since you can complete the transaction in a matter of days, you don’t have to worry about paying for household bills as it would be if you were selling your property through the normal house sale process.
- The house sale process is fast. When selling your house to a house buying company, you can be sure to complete the process within two weeks.
- Selling your house to a house buying company is less expensive because you don’t have to pay estate agent fees or cover other costs like auctioneer fees. After all, the company will cover all the associated expenses to speed up the process.
- Since there is no chain, it is unlikely that it will fall through.
- House buying companies don’t buy the house to live in therefore, it is easy for them to work with a completion date that favours you.
- House buying companies can come in handy when you need to speed up a traditional sale that won’t just cut it. This is a much better alternative than having the house repossessed.
Although you can achieve a better price selling your house op the open market, you don’t have a guarantee of if or when it will well. Thus, if your circumstances dictate that you dispose of the property fast, then you are better off taking a slightly lower offer.
What to do before selling your home to a house buying company
Even with all the reasons listed above, you must proceed with the sale of your property to a house buying company with caution by doing due diligence. Here are some of the things to consider:
- Make sure the house buying company subscribes to the National Association of Property Buyers.
- Check the company’s credentials; for providers who are brokers ensure they are registered with The Property Ombudsman. Where the provider suggests they have signed a code of practice, make sure you confirm the claims.
- Request for an independent valuation from three different estate agents to determine if the house buying company is extending to you a fair offer.
- Read the terms of the agreement carefully and understand before signing.
- Have your legal adviser as opposed to using the one the company has provided.
While most of the house buying companies are dedicated to buying houses fast for a discounted price, some tend to take advantage of homeowners. Thus, you must be sure about how much the house buying company pays and making sure all the legal checks are taken care of before committing to the sale process.