5 Tips for Working with a House Buying Service

Are you interested in selling your house quickly for cash? It can be an attractive option for those who need to relocate for work or family, fund a down payment on a new house, avoid repossession and so on. How do you ensure the process goes as smoothly for you as possible?

Here are five tips for working with a house-buying service.

1. Know the Approximate Value of Your House

You can access public records and search helpful sites like Zoopla, The Land Registry, Rightmove, Yopa and other services for information relating to the value of your home. You’ll look at “comparables,” or what comparable properties in your area have been listed and sold for recently, factoring in key considerations such as the age, size, location and condition of the home.

It is critical to have an idea (as accurate as you can) in terms of the value of your house. This way, you can discern whether the offers you receive are fair and in line with reality!

2. Research the House Buying Service Carefully

Not all cash house buyers are created equal. As in any industry, there are some that have more experience, greater reach, more stable funding and a reputation for integrity and transparency. These are the companies with which you want to work. When choosing a buying service, be sure to:

• Scour their website. Is it clear and easy to navigate? Does it contain helpful information to ensure you fully understand the cash buying process? Is there contact information and easy ways to reach out?
• Check credentials. A house buying service should be experienced, and membership in key industry groups serves as proof of their standing. Look for those who are aligned with the (National Association of Property Buyers (NAPB), Royal Institute of Chartered Surveyors (RICS) and the Property Ombudsman.
• Read reviews. What do other homeowners have to say about their experiences? What was beneficial? What could have been improved? Was it worth it? Would they recommend these services? While there will be trolls in any group, this will provide you with invaluable information.
• Ask for proof of financial status. Anyone can say they are a cash buyer – but do they actually have the capital to complete purchases on an accelerated timeline? The best services will have the assets to buy your property quickly. You can request proof, such as bank statements, to ensure this is the right fit for you.

3. Manage Your Expectations - 75-80% of market value

It is essential that you know what to expect when it comes to working with a property buying service. For example, most make an offer that is equivalent to 75-85% of total market value. Yes, you could potentially get a higher price if you list your home with an estate agent on the market (or you may not!). However, you will also have to pay for:

• Estate agent fees
• Solicitors’ fees
• Repairs and updates to make the house “market ready”
• Staging and cleaning
• Completion costs (potentially)
• Etc.

Is it worth it to you to accept an offer of 75%-85% of market value – while escaping from these other expenses and selling in as little as 21 days? For many, the answer is yes.

4. Carefully Weigh All Offers

You will receive an initial offer, or “offer in principle,” within 24 hours. Sit down and decide if this is acceptable to you. If so, proceed. You will receive a formal offer after the service instructs valuations professionals. Again, determine if this is agreeable to you. You are in control. You may accept or reject any offer made.

5. If You Have Questions – ASK!

Wondering how the quick house buying process works? What type of offer can you expect? How will you be paid? Does the buyer have strong financial standing? What their experience in the industry is? How long they’ve been in business?

You likely have a myriad of questions racing through your mind. Ask them! The service you choose should be open and upfront – and they should take the time to answer all of your enquiries to your satisfaction. If they do not, look elsewhere.

If you are interested in working with a house buying service, the best place to start is on their website. Head there now and start your research!