Selling your home can be an overwhelming and stressful experience. There are many factors to consider based on your priorities and needs.
The first step is to decide how you are going to sell your house and to whom. You have three options: enlist an estate agency, sell it yourself privately, or contact a “we buy any house for cash” company.
If you need to make an urgent sale and don’t have the time to advertise and wait for the right buyer, you can choose to go with the third option.
This article takes you through the pros and cons of using a cash house buying company before you make your decision.
What is a House Buying Company?
House buying companies buy houses for cash. They do not act as real estate agents. They make a direct cash offer on your house, offering you a quick sale.
The Pros of Using a Cash House Buyer
1. Fewer Costs
Unlike estate agents, house buying companies do not charge a commission. All additional charges associated with selling a property, including legal fees and valuation fees are covered by them.
2. No Need for Repairs
Another benefit is that you can sell your house as it is. Cash house buyers buy any property in any condition. You don’t have to worry about repairs or renovations to attract potential buyers.
3. Fast Closings
House buying companies work according to your timeline. If you require an urgent sale, they speed up the sale process. They work quickly and efficiently to get you your money a lot faster than an estate agent can. A sale can be completed as quickly as 7-14 days.
4. No Middle Man
Because there is no middle man, there is direct communication between the buyer and the seller. It is a straightforward process in which you speak directly to the buyer.
Potential Cons of Using a Cash House Buyer
1. Lower Prices
To make a quick cash sale, you may have to accept a lower offer than you would normally get through a traditional agency sale. Weigh this against other expenses you may encounter such as repair costs, valuation costs, and time saved.
2. No Competing Bidders
Real estate agents usually try to find you the best possible deal with competing buyers. With a house buying company, it’s a “take it or leave it” deal. A reputable company will offer you a good rate but watch out for the ones that are looking to pay as little as possible.
3. Scam Risk
Although there are mostly legitimate “we buy any house for cash” companies out there, some are not. Companies that offer to buy your house at 100% market value sound too good to be true.
Before picking a house buyer company, confirm that they are not dodgy companies, making promises they can’t keep. Check out the we buy any house reviews online to gauge the reputation of these companies before making your choice. Watch out for scammers.