Sell Your House Fast In 7 Days
When you need a quick property sale, and look online as to how to sell house fast, there is really only one way to ensure that you get a guaranteed buyer for your home, and that is to sell for cash. Selling for cash used to be a difficult matter, you had to advertise in local newspapers, had to have endless viewings of your property from potential buyers, and you were still at the mercy of the open market.
Since the introduction on the internet, the traditional methods of selling a property have now all changed. There has been a huge increase of people selling their property online, and finding cash buyers online. There has also over the past 6 years been a huge increase in the amount of companies advertising to buy any property for cash in as little as 7 to 10 days.
Although selling on the internet to a cash buying company may seem like a great idea, there are however many pitfalls that you need to be wary of.
Companies pretending to be cash buyers.
There are a number of estate agents and mortgaged investor buyer services on the internet, advertising on keywords like ‘cash for my house’ and ‘sell my house quickly for cash’ that really shouldn’t be there. They don’t have the funds to buy and they can’t assist in getting you genuine cash. These companies often state they can buy any property for quick cash, but vendors are often mislead into signing up to something they didn’t really want.
As the companies advertising are often misleading, they generally ask sellers to sign up for lengthy contracts in order to keep their client for up to 12 months. What this means for the seller is they are locked in to that company for that time period, and if they try to sell with anyone else they may be liable to paying a fee.
Some supposed ‘quick buying companies’ are also practicing fraudulent activities, including illegal sale and rent back which has now been abolished in the UK.
The best thing any seller can do if they are considering a quick sale is to speak with a genuine qualified cash buying company who can assist with the sale of their property. It is also advisable that any individual seeking a cash buying company should get independent financial advice before proceeding with anything.
Can you really sell your house in 7 days?
There are numerous cash house buying companies advertising on the internet but often the claims they make are too good to be true. We however think that as long as you follow some well chosen guidelines you can avoid the con artists and achieve that seven day sale.
Let us show you how.
Unfortunately the reality is that most cash buying house companies do operate with an ulterior motive in mind. The worst examples are those who are committing mortgage fraud and are trying to take as much equity from you as they can get away with as well as from the bank. The second type are those which try to get you to sign an exclusivity contract which when looked at properly shows that are simply just trying to get you to agree that you will only sell your house to them, even though they in reality do not have the funds to make the fast cash purchase you were expecting and instead tie you down and force you to enter into a legal battle to escape. Often they do this through their own estate agent companies, so whilst it might not be obvious at first, you are in reality dealing with the same person and this was their intention all along.
You will however be pleased to know that there are genuine companies out there who can offer a quick sale which will be completed in the seven days advertised. They are not out to take advantage of someone who is in dire need, but understand your situation and offer both you and themselves a mutually beneficial deal.
We have put together a list of three areas which you need to take note of so that you can make the right decision on who to deal with and have the peace of mind that what you are doing will work out just as you expected.
Let's go through them one by one:
Number 1: Are they able to demonstrate that they have the cash available to purchase your home?
Any honest and well established house cash buying company is prepared to show you that they do have the money available to make the purchase. This is best demonstrated by them showing you their bank statements. Don't accept a paper statement as these can be produced by anyone with a laptop, some photo editing software and a printer. Instead have them show you by either going with them to the local branch of their bank, or have them log into their account online so that you can see their bank balance on the secure website owned by the bank or building society in question.
Number 2: Are they asking you to pay any up-front costs?
If the company you are speaking to say's that it is you who has to pay for things such as the valuation, the administration fees, or any other sort of fee then do not deal with them. If they are truly in a position to buy your home as they say they are then it is they who is expected, and should be able to cover these costs. As many people know, when selling to a cash buying company they do not always offer the full market value, and so these costs are small in comparison and any legitimate buyer knows this and expects to have to cover these costs themselves.
Number 3: Have they asked you to sign anything other than the actual contract of sale?
If the people you are dealing with ask you sign an agreement of for example exclusivity then stop what you are doing and either choose a company which does not, or seek legal advice. The reason is that many ask you to sign such agreements as they know you are in need of a quick sale, so offer you a great deal and once it's signed suddenly are unable to come up with the funds and ask you to wait. This of course wasn't what you we're expecting an instead of being able to freely sell your home to the next person who comes along with the amount of money you are asking, you will be forced to only deal with them, whether they do eventually come up with the money or not. They know that once the contract is signed that you are backed into a corner and typically then offer you far less than what was originally agreed knowing full well that if you don't accept the offer you will be unable to sell your home for the period of the contract states, which is often over six months or even a year or two in some cases.