There is an ancient bit of wisdom that often comes in handy, even today: caveat emptor. Buyer beware. Good advice – but sellers must also beware… and be aware. Selling your home is one of the biggest decisions you can make in a lifetime, and it is crucial that you avoid any significant mistakes and missteps along the way. After all, your finances and your future is on the line.
A quick sale may be in your best interest, but it is important to do your due diligence when it comes to cash house buyers. Take the time to find the right fit for your needs and goals.
Vetting Cash House Buyers
Here are five tips to help you weed through various cash house buyers and select the best option:
1. Examine Their Website and Social Media Profiles
Your first encounter with cash house buyers is likely to be online as you are conducting your Google-supported research. Take advantage of the power of information. Scour their websites: Are they easy to use? Clear? Do they offer useful information? Can you find the answers you need? Is it fast and up to date? Appearances matter, and this is their chance to make a good first impression.
Also take a look at their social media profiles. Are they engaging? Clear? Concise? Responsive? Or, concerningly, are they nowhere? Look for a strong online presence.
2. Seek Out Reviews and Ratings
Don’t stop your web sleuthing there. Check for ratings and reviews. Your peers are an invaluable source of information and are not afraid to give you the full picture. Be cautious though: Look for any that are obviously spammy (too good to be true often is!) or overly negative (they could be trolls). Look for the balanced reviews that offer reasoning behind the rating.
3. Look for Third Party Verification
We have all heard the advice: Don’t believe everything you see on the internet. It’s important to heed that wisdom. Check third party sites, like Trustpilot. These services help you leverage the information and insight of consumers just like you, and they give the business an overall trust score.
4. Test Their Responsiveness
Is it easy to contact the cash house buyer? Do they respond promptly to enquiries? Is their contact information clearly displayed? Do they have a physical address and multiple ways by which you can reach them?
This is a simple test: If you call, do they answer? If you send an email, do they reply promptly (at least within one day)? If you ask a question, do they have the answer?
5. Ask for Confirmation of Financial Status
This is critical. If a cash buyer ticks all the other boxes, you must ensure that they really have the financial capability to complete a purchase. Ask for confirmation. No… Demand confirmation. Do not accept ‘no’ for an answer. They should be able – and happy – to provide you with verification of funds from legitimate financial institutions. If they cannot or will not, this is a big red flag. Run, don’t walk, in the opposite direction.
When you find cash house buyers who you trust, the rest is simple. Fill out a quick form on their website or reach out to them via phone. Within 24 hours, they should return with an offer in principle, which is essentially an offer capturing their best guess as to your property’s value. If you accept, they will instruct valuations experts and their survey team will compile a formal offer (at no cost or obligation to you). If you accept, they put the wheels into motion and work to complete the many legal and technical details associated with a sale. All you have to worry about is packing and arranging removals.
Cash house buyers can make the process of selling your house much easier, faster and streamlined. This is particularly true of owners who need to sell on an accelerated timeline for any number of reasons (e.g. they are in arrears on their mortgage, they inherited a property that they cannot afford, they are facing serious expenses related to necessary repairs, they need to move for work or school and the like.) These buyers will make a fair, transparent offer so you can begin moving on.