In the UK alone, there are over half a dozen national cash buying companies that offer faster than average home sales. While most of these companies do buy the home outright with cash, there are some who will purchase the home for cash and allow the owner to stay in the home and pay rent and others who buy the homes for third-party investors like landlords who want property for rental. For the most part, the majority of these cash-buying companies work in a similar manner. After you provide the details about your home, the company makes you a cash offer, which is usually about 75-80 percent of the true value of your house. There are no estate agent commission fees involved, and the company typically pays for the home survey and the solicitor’s fees. In the end, it’s a great deal for homeowners who need to get out of their homes quickly and make as much cash as possible.
Despite the simplicity, if you need to sell a house fast to one of these companies, you may still have a few questions. Here are the most commonly asked.
What happens if my house is going to be repossessed?
If you have received notice of house repossession, you need to contact the cash buying company as soon as you can. In most cases, the company will work with their solicitor and help stop the repossession order. The company will then quickly take steps to purchase your home with cash. The key is to work fast before the repossession order comes into effect.
What happens if I still have an outstanding mortgage on my home?
In most cases, if you still have a mortgage on your home, the proceeds of the sale will go to the lender. Any additional monies that go above and beyond repaying the lender are then paid to you in full.
Do these companies purchase all types of properties?
In general, these kinds of companies are interested in flats and single-family homes. However, they limit the purchase of the home to about $300,000, so if you have a home that costs $750,000 and upwards, it is unlikely that the company will buy your home. Usually, they’re looking for average family homes that they can renovate and put back on the market for sale or rent. In most cases, the purchase of your property depends on where it is located. In general homes in urban areas are more likely to be purchased than homes in isolated rural areas.
If I am relocating to a different country, is it possible to sell my home fast?
Yes, some people may move to another country or to another part of the country; in either case, these kinds of companies will expedite matters fast and purchase your home with cash, so that you can move to your new destination
I have an investment property that needs quick cash. Can this property be sold quickly?
Yes, any time you have an investment property that needs to be sold, these companies can purchase the property from you for cash. Depending on the urgency of the situation, the deal can be sealed within a few weeks. Even if the property is undergoing repairs or has tenants, the property can still be sold quickly.
If I am going through a divorce, is it possible to sell my home fast?
There are times when a couple is separating or getting a divorce; because circumstances are not ideal for both partners to reside in the home, one option is to sell the home. In most cases, though, the solicitors involved in the divorce will be contacted so the company purchasing the house can better understand the financial circumstances of the divorce. Since marital homes are jointly owned, consent from both parties must be obtained before the home can be purchased. The funds are then divided equally between the two parties unless there is an agreement indicating otherwise.
Can I sell my home if I have an active tenant?
In most cases, these companies will purchase a home that also has an active tenant. The company will then deal with the tenant according to the laws of the county.
Are there any hidden fees associated with these companies?
In general, reputable companies do not have any fees. In fact, they will pay for your home inspection and solicitor fees. If a one of these companies asks you for upfront fees, it’s better to find another offer for your home.