Property Repossession Hull

• Guaranteed sale — the risk of a buyer dropping out or a property chain collapsing is much reduced (if not all but removed) when selling to a property cash buying company. Unlike when using an estate agent, you’re dealing directly with the buyer which means that once you’ve agreed a price and the selling wheels are in motion, then the process should progress smoothly within your agreed timeframes.
• Speed — a cash buyer wants the same thing as you; a quick, hassle-free sale. With no third-parties or lenders involved, it keeps things simple from a process perspective. Most companies will be able to exchange within seven days but you’ll work with them to set your own realistic timeframes.

A quick house sale company is a business that has the means to buy houses for cash. This means that there are no external influences (for example estate agents or mortgage lenders) and so the process is much simpler, more streamlined and less risky.

• Estate agents — typically take 3-6 months for completion however there is no guarantee of a sale; in fact, over a quarter of all house sales fall through in the UK each year.  

• Auction — 6-10 weeks for completion but it is a gamble on the night. Your property will either sell, or it won’t. Plus, you’ve no control over the price. 
• Cash buying company  — completion can be as quick as 7 days with no selling fees to pay and a more or less guaranteed sale. 

Not all quick sale companies are genuine, so do your research. When choosing make sure you check: 

• Customer reviews — you want to be dealing with professionals that other people would recommend. 
• Access to funds —  For example, some businesses masquerade as quick sale companies but are in fact brokers, with no access to cash funds. This can then make the process slow and uncertain, dependent on unreliable investors. The same applies if they actually need a mortgage to proceed (which can take up to 12 weeks). 
• Check the small print —  Make sure that you’re not tied into lengthy contracts and there are no hidden fees. 
• Complaints procedure  — No-one is perfect but you need to be confident that if something does go wrong then there are people there to help. What is the complaints procedure? Is there someone at the end of the phone to speak to? 
• Price offered is the price they stick to — Gazundering (or reducing an offer price at the last minute) is sadly fairly common especially with national cash buying companies. They time it perfectly so that you’re boxed in with no choice but to accept the 11th hour low-ball offer. The best way to avoid finding yourself in this situation is to choose a local company; with a local reputation to protect and ambitions to grow in the area, the price they offer is usually the price that they’ll stick to. Be mindful though that if something sounds too good to be true valuation wise, then it probably is. 
• Evidence of quick house sales — Ask for proof that they are seasoned pros at quick house sales. If they refuse, then it’s likely that they are a broker rather than an actual cash buying company with direct access to funds.  

• You need to sell quickly — 
  • Often driven by a change of circumstance: sometimes good like a new job, or a new arrival; and sometimes bad like divorce, death or debts. 
• You don’t want to waste money on high fees — 
  • Estate agents charge high fees to act as middlemen between buyers and sellers. But with RightMove and Zoopla doing a lot of the legwork nowadays, estate agent fees are becoming increasingly controversial and more and more people are looking for alternative, cheaper ways to sell their home. 
• Your property is in disrepair —
  • If you need to move quickly and don’t have the time to ‘spruce’ up your home to get it ready to sell, then quick sale companies are a great option. They’ll buy a property no matter what state of disrepair it’s in. 

1. “Cash buyers are only for run-down, desperate properties” → Not true. 
   • Any property can be bought by a cash buying company whether it’s been newly decorated or needs a full makeover. You just have to be motivated to sell and realistic with price. 
2. “My property will sell for less than market value” → Not strictly true. 
   • Yes, the offer price will be less than market value as the cash buying company needs to make a profit when they sell it; it is a business after all. But once you’ve factored in the cost of a sale falling through plus estate agent and solicitors fees, then the end amount is often similar.
     • We’ve done a scenario below for you: 

	Estate Agent	Online Estate Agent	Hull Cash Buyers
Valuation	£90,000	£90,000	£76,500 *approx 85% market value
Selling Fee	£2,000	£1,200	£0
Solicitors fees (estimate)	£750	£950	£0
Average days to agree a sale	98 days	120 days	7 days
Average fall-through rate	1 in 3	1 in 3	0%
Average fall through cost (3.8% price reduction)	£3,420	£3,420	£0
Average time to find a buyer and complete	85 days	101 days	7 days
Holding & maintenance fees (average £600pcm)	£4,400	£4,740	£0
Net total	£79,430	£80,370	£76,500

3. “I have to move in 7 days” → Not true. 
   • Genuine cash buying companies will work with you to agree a suitable time frame. 
4. “Cash buyers will barter down the agreed price at the 11th hour” → Not strictly true. 
   • Genuine companies that care about their reputation and growth won’t change their offer once agreed. To reduce the risk, do your research and opt for a local company rather than a national one. 
5. “Cash sales still fall through” → Not strictly true. 
   • There is no property chain so the risk of anything falling through is very minimal. There will, of course, always be exceptions though. 
6. “Cash house buying is a scam” →  Not true. 
   • As long as you do your research and pick a genuine company, then you’re in safe hands.