Did you know that there are companies that can buy your house in as little as a week? No, neither did I, until recently.
The house buying and selling process has remained largely unchanged in this country for more than a century, and it is notoriously slow, unpredictable, and frustrating. Could there be a better, easier way?
‘We buy any house’ companies (or cash homebuying companies as they’re also known) buy your property directly with their own cash funds. Most of the delays associated with the traditional way of buying and selling properties are caused by property chains and mortgage application processes. Buying with their own cash means that ‘we buy any house’ type companies are completely chain-free and don’t need to rely on any sort of investor or mortgages. Because of this, they’re able to offer a much quicker sale and can also agree to complete the sale on a date of your choice.
Sounds great! Surely there’s a catch? Well, sort of. Businesses have to make money, that’s the whole point of them, which means you have to pay for the speed and convenience of a quick, guaranteed sale. Rather than charging an upfront fee for the service, genuine cash homebuying companies use the business model of buying your property at a discount and then re-selling on at full market value. You can expect a reputable company to pay around 80-85% of market value for your property. That may seem like a lot, but in exchange for that discount you get a guaranteed sale on the date of your choice and are effectively made a chain-free buyer for your next property, which, in a red hot property market like this, can make the difference between getting the home of your dreams or not.
Of course, not everyone can consider selling their home at a discount, so it definitely won’t be a viable option for lots of people. But, if you’re looking for a quicker alternative to the open market, or are worried that your chain is going to fall through and need a quick sale to keep it together, it’s great to know that these types of companies provide an alternative to the traditional way of selling.