Cash Buyers – The good, The Bad, The Ugly

When you choose to sell your house quickly and you begin to test the water you realise that there are countless companies out there offering you the same thing – We buy your property quickly! There is advert after advert each one vying for your attention and you have to decide which one catches your eye the most, or which one sounds the most professional.

A quick insight into the different types of Cash Buyers that are available in the property market will help you to understand how things run and after reading the following information you will be アガルート 土地家屋調査士.  better suited to face the prospect of selling your property to the best buyer.

Nationals -These companies employ large call centers and run national advertising campaigns. They also directly employ their own valuers. Due to the fact that they have such high overheads from the advertising they then build this in to their purchase price. Their initial approach may be that they will buy at 15% below market value but you then realise that you are being charged for the valuation – typically 1% of property valuations, so if your property is valued at £125, 000 then you would be expected to pay £1250 + VAT. Ultimately they buy at 25-35% below market value. There have been a number of TV Panorama programmes citing the activities of such buyers. In one case a company charged for a house valuation, but they didn’t even visit the property, claiming that a ‘drive-by’ valuation would suffice.

Brokers – These are a bit like Estate agents. They typically buy your property on behalf of an investor at 15% below market value and sell it on at 10%. The downside to their approach is that you are tied into an agreement with them and it can be anything from 12-21 weeks. The agreement they ask you to sign is known as an ‘Options Agreement’. These have to be legally registered at land registry. During this time you cannot sell your property to anyone else and you may feel that there is not as much push to sell your property simply because they are not dealing with their own money. Therefore you could still be in the same predicament at the end of those few weeks as you were at the beginning. Not the best option if you are hoping for a quick sale!

CAUTION – Inexperienced Buyer Alert! – These are small companies, in fact they usually consist of no more than 2 people, usually a husband and wife team. They have no real knowledge of the property market and have more than likely watched a television programme and decided “we can do that! ” They do not understand how to professionally value a property and they may give you a figure but then change their offer at the end.

CAUTION – The Experienced Buyer Alert! – Please also be extremely cautious of those who provide you with a value over the phone without having been to see your property. These will draw you into a web of deceit; inclusive of missed appointments, telephone after telephone call arranging appointments, the bank surveyor who never turns up and when they do they change their offer at the final hurdle leaving you out of pocket and uncertain of their intentions. Often a ‘tag team’ approach is used where the first buyer pulls out stating that the bank valuation hasn’t stacked up and then their partner turns up out of the ‘blue’ to save the day. This tactic is deployed to ‘tire you out’, so that you sell the property at the lowest value

Share Post:

About Author


Recommended Posts

No comment yet, add your voice below!

Leave a Reply

Your email address will not be published. Required fields are marked *