You have done the internet research. You have weighed your options. You have thought, considered, questioned and pondered. Maybe this led you to one conclusion: you need a cash offer, and you need it now. When you must sell your house fast – for whatever personal and/or financial reason – cash is certainly king. It is also quick.
Why Are Cash Buyers the Solution When You Need to Sell House Fast in London?
A cash buyer eliminates many, if not most, of the unknown associated with other house sales. For example:
You listed your house… but when will you get an offer?
After the wild ride post-pandemic, the housing market is showing signs of cooling. While homes virtually flew off the market in days – if not hours – during an average year, you could be waiting a month or longer for an offer.
Expect it to be “or longer” if your house is in less than stellar shape. Buyers typically want a property to be move in ready, and their mortgage lenders require the home to meet several standards so they appraise it. In other words, they want to be sure that they are taking a good risk.
Cash offers cut out the middleman, so to speak. When you request an offer via a reputable property buyer, you should get a reply (and of course, an offer!) within 24 hours. Better still, you can sell in as is condition.
Will the buyer’s funding fall through?
The vast majority of buyers finance their purchases; they need to go through the mortgage pre-approval and approval process. Sure, they can make an offer – but without that assurance, there is no way to know if they can actually afford to complete the transaction. Further, the lender can also deny a buyer even after they have been pre-approved. This happens if the buyer no longer meets their criteria.
When a cash buyer has the funds, you don’t need to worry about this. When working with a property buyer, be sure to ask for proof of funds (e.g. a bank statement, financial statements, etc.).
When will I get my money?
Even if all goes smoothly with the buyer’s funding, it can take some time to make it into your bank account. On average, it may take about a month, give or take, for the loan to close. When selling fast is your objective, this is simply too long to wait for your own money.
A reputable cash property buyer can have the funds in your bank account immediately upon completion. These are funds you need to make your next move.
What kind of delays may keep my sale from taking place fast?
When buyers have traditional financing, there are any number of delays that are possible – or even probable! As mentioned, these buyers have lenders who require that a property meet certain requirements. Delays are common when it comes to:
- Appraisal and valuation issues
- Home inspection issues
- Financing trouble
For example, an inspection may uncover roofing problems (e.g. leaks, soft spots, failure), wiring that is not up to code, failing sewer system, cracking foundation, mold and other significant issues. The lender may not approve financing for such a property; it is not a good risk for them. And if the buyer defaults on their mortgage, it will not be a profitable move as they will have to pour money in to repair and sell.
Cash property buyers do inspect houses. However, they are free to make their own decisions because they don’t need to meet loan requirements. Additionally, they typically buy homes in as-is condition, meaning that they do not expect you to make repairs. Experienced property investor Daniel Close says, “It’s all about the convenience factor. I compare it to paying more for a gallon of milk at the gas station – you get in and out quicker and easier. At the grocery store, you won’t pay as much, but it takes longer and is a little more of a hassle.”
When you need to sell a house fast London cash property buyers are in a position to expedite the process and ensure you have cash in your account much faster than with a buyer who has traditional financing.
