ARTICLES!
QUICK PROPERTY BUYERS?
- What Is The Best Way To Sell My Property?
- How to sell your house quickly?
- How can I tell if a cash buyer is trustworthy?
- What will a property buyer offer for my home?
- Different ways of selling your home quickly
- Houses bought for cash: does this really happen?
- How much will it cost to sell my home?
- Quick house sales and where to get them
- Sell my house fast: here are a few options
- Will anyone buy my home?
ESTATE AGENTS?
- Recommended Estate Agents
- 10 things you must know about Estate Agents
- Shall I choose the cheapest Estate Agent?
- Do I need a Rightmove Estate Agent?
- Can I trust an Estate Agent's valuation of my property?
- Are there any good online Estate Agents?
- Choosing an asking price that draws in buyers
- Do I need an EPC to sell my property?
- Does my Estate Agent need to advertise my property for sale in the local newspapers?
- Do I need to use a local Estate Agent to sell my house?
- Finding the best Estate Agent
- How do I choose the best Estate agent to sell my home?
- Shall I sell my home privately or sell using an Estate Agent?
PROPERTY VALUATION?
- Free online house valuation
- How to add value to your home
- How to value your property
- How you can use house price data to accurately value your home
CONVEYANCING?
- What is property conveyancing?
- Property conveyancing process for a house seller
- Property conveyancing process for a house buyer
- What about DIY conveyancing?
- How do I go about choosing the best conveyancer?
- Property conveyancing glossary: A guide to the commonly used terms in conveyancing
HOUSE REPOSSESSION
- Repossession process explained
- Ways to stop a repossession
- Where you can get help if you're facing repossession
- Mortgage Rescue Scheme
Houses Bought For Cash: Does This Really Happen?
Houses Bought For Cash: Does This Really Happen?
If you think that a house being bought for cash seems too good to be true, then rest assured it is actually true and indeed more and more houses are bought for cash; particularly because people are able to avoid repossession when this happens. So instead of having their homes repossessed they are able to realise a lot of the value of their home and often pay off their mortgage or minimise the debt that they owe on the house. It is not ideal and does come with drawbacks, but at the end of the day it depends how keen home owners are to avoid repossession.
Houses For Cash: How It Works
If you are keen to sell your home for cash and you are keen to have a really quick sale then you have to accept that you will not get the full market value of your home. You may actually be lucky to realise about 70-75% of the market value. The company who is buying your home for cash is doing so because they want to be able to complete the purchase within a very short period of time and then they will resell your property and at a profit. Or else they will rent out your property and will make their profit in this way. The important thing to remember is that any company that is buying your home for cash is doing so to make a profit, not out of the goodness of their hearts.
Sell And Rent Back
Some companies will buy your home and then they will rent it back to you. Many people prefer this option because it minimises the disruption that they have to go through when they sell their home and have to move out. The children are not disturbed and life can continue as normal but you do not own your home: it is owned by the property company that bought it, so you are less secure in terms of your housing status. Sell and Rent Back is now regulated by the FSA, so make sure the company is registered.
A Buyer’s Market
If you are selling your home for cash and you need to sell your home quickly to avoid repossession then you have to accept that you are not in a strong bargaining position. In fact it is very much a buyer’s market and as such the buyer will have the power within your relationship. It is possible to receive offers from more than one company when it comes to selling your home but if a company offers you 90-95% of the value of your home then you need to be quite sceptical because it is unlikely that this is true. Not all companies are reputable, so it is worth taking the time and effort to research them and to compare what different companies will offer you!
A Last Resort
Usually people sell their home for cash as a last resort only because they will have exhausted all other avenues and are facing repossession. But selling your home for cash to avoid repossession can be worth the money that you lose because you have sold for a lower price. However, it is not something to be entered into lightly and you should consider all the implications of selling your home for cash before you sign any contract.