Here at Cash House, we buy houses for cash with a self-explanatory and concise process. Everything is clearly defined on our website, although, if you have any additional questions, please feel free to ask. We buy houses for cash for many different reasons, which means we will consider a broad range of properties. However, it’s important to note that when we buy houses for cash, we don’t always expect them to be in pristine condition. This surprises many people, especially those who cannot afford to carry out repairs and renovations before a “pristine sale”.
We will now examine the process and some of the dangers of using fast house sale companies.
The rapid house sale process
We buy houses for cash across a broad range of values, types of property and areas of the country. Consequently, when first approaching a company to sell your house for cash, the process must be as simple but informative as possible. We request the most basic of information from you about your property. We will then call for a chat and then take it from there. You will be kept in the loop, as we work hard to put together a deal which is fair and attractive. So, where do we start?
Fill in our online form
The online form is straightforward. You will be asked about the type of property with options including:-
- Detached house
- Semi-detached house
- Terraced house
As a fast-moving well-informed organisation, we are able to move with the trends and look at acquiring new types of property as they emerge. Those who follow the property market will be well aware of the eye-catching standard of innovation evident amongst builders and designers. If there is a market for a particular type of property, we will consider it.
You will then be asked additional questions such as the cosmetic condition of the property. We will also look to confirm the number of bedrooms, bathrooms and reception rooms. Lastly, we will take note of any special features, which may include:-
- Private garden
- Off-street parking
- Period design
- Utility room
- Roof terrace
If your home includes several features, you can select more than one; otherwise, press okay and continue. When we buy houses for cash, we appreciate that many clients will be working on a relatively tight deadline. They may have financial/personal issues, need to repay a bridging loan, or looking to downsize. So, what next?
First point of contact
After you have entered the details of your property into a brief questionnaire, you will receive a phone call from one of our account managers. As we buy houses for cash regularly, we have access to market information which allows us to calculate an offer for your home. After confirming the property details, we will give you a preliminary offer over the telephone.
After receiving the preliminary offer, if still interested in selling the property, we will arrange a home visit .
Due to some dubious companies in the sector, many people have the impression the initial offer will be reduced once the home visit has been completed. We work on the basis that our word is our bond; if the property details stay the same, our preliminary offer remains valid. Where specific issues are not raised during the initial questionnaire, the value of our offer may increase or decrease.
In many ways, as sufficient information is available online to calculate the preliminary offer, the home visit is simply a formality for most people. When we buy houses for cash, we are on the other side of the transaction, but we fully appreciate you may have concerns. After the home visit, we will make a formal, finalised offer for the homeowner to consider.
In the majority of cases, the initial offer is simply rubberstamped (or even improved) after the home visit. Therefore we have a relatively high rate of acceptance. While we have come across some companies who try to railroad homeowners into selling their homes, this is not a practice we use. Upon verbal acceptance of the offer, we will forward the relevant offer paperwork. Consequently, this allows customers to give further consideration to the sale of their home when the reality finally kicks in.
Upon receipt of the signed documentation we will instruct our solicitors to begin the legal process. As we make clear on our website, we will pay your legal fees, allowing our solicitors to complete the transaction as soon as possible.
Completion of “we buy houses for cash” process
When we buy houses for cash, we have a set process, a team available to complete the checks and paperwork and ultimately forward funds to your bank account. Rest assured, we appreciate that many people require the swift receipt of funds due to various financial commitments. If you have any questions or queries along the way, we welcome the interaction with customers to create a smooth and swift completion process.
Dangers of using some “we buy houses for cash” companies
In the early days of the cash for houses revolution, several dubious companies attempted to take advantage of people who were sometimes in difficult financial situations. While the Internet played into their hands in some ways, it also allowed individuals and companies to leave feedback on these rogue players. However, even though we have a set process when we buy houses for cash, it is vital to be aware of the potential dangers.
Considerable discount to market value
As a rule of thumb, we tend to work on broad discount to market valuations as follows:-
- Excellent condition: 15% below market value
- Good/Average condition: 20% below market value
- Poor condition: 25% below market value
- Structural problem: 30-35% below market value
The premise of the discount to market value for cash purchases takes in potential mortgage savings, refurbishment costs, legal costs, time taken and agency charges. While no two properties are the same, and no offer discount is set in stone, the above will give you an idea of what to expect.
While perhaps more in the early days and less today, some companies attempted to take advantage of a homeowner’s financial struggles and offer a wholly inappropriate price. Here at Cash House, we offer incredibly competitive rates and endeavour to match or beat our competitors’ offers.
While gazundering is perhaps not as prevalent today as it has been in the past, it is still something of which to be aware. This is the process by which a cash buyer will make an attractive offer for your property only to reduce this at the last minute. While not illegal, in the eyes of many, it is immoral and can place homeowners in a challenging financial situation. We work on the basis that our word is our bond; once a deal has been agreed upon and formal written notice given, there will be no downward adjustment.
Additional costs to “we buy houses for cash” process
Whether we buy houses for cash to rent or resell, we fully appreciate the traditional costs of a property sale. Therefore, as we discussed above, we will cover all your legal fees and use our solicitors to expedite the sale. There are no hidden costs, no sudden financial surprises; what you see is what you get from day one.
Unfortunately, some companies operating in the cash for homes sector will deduct additional fees from your gross sale proceeds. What may have appeared to be a generous offer could quickly unravel at significant cost. The homeowner may receive less net proceeds than they would have elsewhere. Be careful!
Reputation is important for “we buy houses for cash” traders
As an established organisation in the cash for homes sector, we buy houses for cash regularly. Our reputation is critical when looking to attract new clients and one of which we are very proud. There are many elements to our reputation which include:-
Trust in the “we buy houses for cash” process
Trust is a critical element of any business. We find it is especially important when looking to buy homes for cash. Consequently, we welcome questions and queries from day one. Often trying to address potential issues before they even arise and taking a very open approach to client relations. Sellers will be kept in the loop once a sale has been agreed. Settlement is often completed in as little as 4 to 6 weeks. We find this instils trust and reduces suspicion. Facilitating the smooth prompt payment of what are traditionally often complex and challenging transactions.
Our track record speaks for itself. Unlike some companies, we are more appreciative of client concerns and queries.and historic mistruths and rumours surrounding the industry. We are constantly evolving and adapting to new market trends. Striving to maintain an efficient settlement process while remaining competitive with our offers. As with our reputation, we have worked hard to build and maintain our track record. This is not something we will sour with unreasonable deals!
We are extremely reliable, whether looking at offer prices, settlement timescales, or simply being there to answer any questions or queries. Cash House Trading is not in the business of gazundering customers to improve our returns. We keep clients in the loop from day one until receipt of funds. They say success breeds success, but reliability is critical for any business going forward.
As a reputable operator, we buy houses for cash regularly with a “what you see is what you get” approach. We are honest, and upfront about offer prices and the details of our calculations and will cover the seller’s legal costs. Our website contains an array of information which you may find helpful when seeking a partner to buy your home for cash. Usually, settlement tends to be between four weeks to six weeks, as opposed to up to 9 months for a traditional transaction, which is critical for many people.
When we buy houses for cash we are honest and upfront, no ifs no buts, an approach that many of our customers appreciate.