When buying or selling property you may hear the term ‘cash buyer’ being used. Cash buyers make up a growing percentage of property purchasers in the UK but do you know what a cash buyer is and the advantages of having one? We explore the subject in this article.

 

What is a cash property buyer?

A cash buyer is someone who has the cash available to buy a property outright without needing to secure a mortgage or sell something, such as another property. This can be a private individual or a company that specialises in buying property for cash, such as Reader’s Digest Property.
 

What is the advantage of a cash property buyer for a house?

When a sale falls through it can not only be frustrating but it can also be costly.

In June last year Which? reported that nearly a third of property sales fell through after an offer had been accepted, with the average loss of £2,899*
 

There are many reasons a house sale or purchase can fall through. These can include:

  • Someone changing their mind in the chain. This could be because they have found something they prefer, their circumstances have changed or the purchase/sale is taking too long for them

  • The buyer can’t secure the funds via a mortgage. The process of getting a mortgage has become harder for many in recent years and this has caused some buyers to struggle to get one

  • A problem is found with the property in the survey causing the buyer to abandon the purchase

If you can secure a private individual as a cash buyer it can prevent some of these situations arising - such as speeding up the house sale and preventing a chain forming beyond the purchaser. However, it doesn’t prevent people from changing their mind or issues being found during a survey.
 

Using a cash property buyer like Reader’s Digest Property can prevent all of these issues arising. We give a guaranteed cash offer following a formal valuation (which takes place within days of you contacting us) and once you have accepted the offer the sale can complete in a timescale to suit you. We also cover all solicitor fees and there are no estate agency fees to pay. This means the only reason the sale may fall through is if you change your mind about selling.
 

How do you get a cash property buyer?

There are clear advantages to having a cash buyer for a property. But, if you want to sell your house through an estate agent - either a high street agent or an online one - then guaranteeing a cash buyer can take time. One way is to request that offers are only made by cash buyers. This method is often used for properties that are unlikely to be able to get a mortgage but is also used for people targeting a cash buyer for a quick house sale.
 

A quick word of caution - some estate agents have been known to stretch the truth when telling sellers they have a cash buyer. The definition of a cash buyer is that they have the money and are ready to buy, however some estate agents include people who will be cash buyers once they have sold another property.
 

The quickest way to get a guaranteed cash buyer for your property is to use Reader’s Digest Property or another cash property buying company.
 

To find out what cash offer we could give you for your house fill out the form below or call us on 0800 433 7979
 

*http://www.which.co.uk/news/2016/06/three-in-10-property-purchases-fall-...

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