Should You Sell Your Property To A Cash House Buyer
With the property market suffering from the fallout of the UK’s decision to leave the EU combined with the tumultuous effects of the Coronavirus outbreak, many people are finding that their ability to sell a home for their desired asking price is often reduced.
There are many reasons for this, but the primary reason is that numerous authorities have given conflicting statements regarding how well the property market will recover – confusing the public and forcing buyers to ponder whether or not they want to risk entering negative equity if house values fall over the next few years.
So, what options do house sellers have?
Sellers still have numerous methods of selling available to them, but the advantages and disadvantages of each depends on the state of economy as well as the seller’s individual financial position.
In order to sell a house fast, some sellers opt to choose auction houses – but unless your house has a unique selling point, interest from buyers may be lacking. Furthermore, many investors visit auctions with the hope of scooping a bargain and if you place your reserve price too high, you may fail to sell but will still be subject to the admin charges associated with the auction.
Other sellers choose to go down the traditional route of contacting an estate agent, which under normal circumstances would be a great approach – if time is not an issue. However, when the property market is in a state of bad health, a property could end up staying on the market much longer than anticipated. Sadly, the longer a house stays on the market, the less interest it will generate from potential buyers who question why it hasn’t sold yet. In these situations, an agent is likely to ask you to reduce your asking price while also taking a cut of the profits if it does sell. So, what other options are there?
Selling a house to a cash buyer
Luckily, in today’s market, there is a growing trend of people who need to move house in a short space of time to use the services of a cash buyer.
The benefits of a cash buyer are plentiful:
- Many people have issues with their homes that would deter a normal buyer. Most cash buyers will still see potential in your home and make an offer. These include structural issues, poor location and lack of amenities.
- One of the biggest pains when selling a house is being stuck in a chain. Many house purchases are delayed due to multiple buyers waiting for their own house sale to be completed – with cash buyers, there is no chain or delay.
- You can avoid keeping your home in ‘showroom’ condition constantly, removing a lot of the stress associated with arranging viewings.
- Conveyancing will be carried out by the cash buyer more often than not, saving you a lot of money on fees.
- There will be not estate agent taking a percentage of the profit that is made, saving you further money.
- While it is likely that a cash buyer will expect to pay a little less than market value for a home, for many, the benefit of being able to sell in a short timeframe is worth the sacrifice.
In essence, it is important for buyers to determine which would be the best method to encourage a sale given their own situation, but if you need advice you can always contact companies such as National Homebuyers for advice.
Are you worried that your house isn’t selling? Why not ask National Homebuyers for advice, as we buy any house. Call 08000 443 911 or request a call back to find out how much you could get for your property before it’s too late.