Selling your house fast for cash – Where do you start?

Deciding if a fast cash house sale is for you

The very first step is to decide if a fast cash home sale is for you, and for most people the two most important elements will be speed and price. 

Most fast cash house buying companies will be able to buy your home in as little as 14 days, or even less in some cases. It is the fastest possible way to sell your home and move on, so if you really want, or need, to sell your house fast, there’s no quicker way.

The second thing to consider is the price. A reputable cash homebuyer will only be able to offer you around 80% of the market value of your home. You may get up to 85% in some very specific circumstances, but any more than that is unlikely to be an honest offer.

You need to decide if this is enough, and whether you can sell your house fast for cash at this price and still make the numbers work out to give you that fresh start you are longing for. You can get an accurate estimate of how much a cash buyer will pay for your home by clicking the button below.

Selling your house quickly to a company for cash 

Once you have got your cash offer estimate, and decided that you can work with that price, there are a number of other things to consider before deciding to sell your home to a cash house buyer.

The pros and cons of selling your house quickly to a cash buyer

As with any property sale, there are a number of pros and cons to be considered when deciding how to sell your house quickly. Let’s start with the advantages:

1. It’s the fastest way to sell a home – According to Zoopla, a typical open market sale can take as long as six months, whereas you can sell to a cash house buyer in as little as 14 days. You could even sell faster if you are prepared to accept less for your home to cover the risks that the buyer is taking.
2. There are no costs to sell – a typical estate agent charges 1-2% of your property value to sell your home, which would cost between £2,680 and £5,360 on the average UK house price. You’ll also have to pay to get your home ready for sale, paying for everything from minor repairs and redecorating, to expensive updates to the kitchen and bathroom. Plus, you’ll also have to pay conveyancing costs, which the Home Owners Alliance estimate at £610 to £950. With a cash home sale you don’t have any of these costs and most reputable buyers will cover your legal fees too.
3. Your sale is guaranteed – unfortunately, as many as a third of UK home sales fall through before completion. This not only delays your sale but can also leave you seriously out of pocket. A cash home sale is guaranteed, with no flaky buyers to change their mind or struggle to get a mortgage.
4. You can set the timescale – you may just want to move as fast as possible to leave your problems behind you, or to get your hands on that inheritance sooner. On the other hand, you may have a specific date in mind such as when you start a new job elsewhere, or when you can move into your dream house. With a cash sale, you call the shots, and your buyer will be happy to complete on any date you prefer.
5. Your price is guaranteed – most open market house sales involve a series of negotiations, with an initial offer below the asking price, then a further reduction following the survey and sometimes a cheeky last minute offer to try their luck. With a cash house sale, the price is guaranteed from the start and will not change unless there is something seriously wrong with your property that you haven’t told them about.

Of course, there are also a number of disadvantages of selling to a fast cash buyer:

1. You won’t get full value – a cash buyer has a number of costs to cover in buying your home so fast and so they will not be able to offer you the same price you could get on the open market. You will usually get around 80%.
2. The market is unregulated – this means that you may not have any legal redress if you get messed around by your cash buyer. The more reputable cash buyers will be members of the Property Ombudsman, who will mediate in disputes, however membership is not compulsory so always check that you have this cover.
3. There are lots of scams around – because the fast cash buyer market is unregulated, there are lots of companies who are only in it for themselves and don’t have your best interests at heart. You need to look out for the con artists and always avoid signing a contract or getting drawn in by an unrealistic offer.
4. Last minute price drops – some cash buyers tempt you in with a high offer, with no intention of ever paying that much. They will drop the price at the last minute when it’s too late to change your mind. Check out their reputation and talk to previous customers to make sure your buyer does not do this.
5. They may not actually be a buyer – some companies don’t actually buy homes, but mess you around while they arrange a secondary sale in the background. This slows the sale and means you’re paying for a service you don’t get. Always ask for proof of funds and a track record of actual purchases.

A step by step guide to selling to a cash buyer

Once you’ve decided that selling your house quickly is for you, the process should be simple and straightforward.

1. Make a shortlist of cash buyers – use our independent, expert reviews to select three or four potential buyers based on your individual circumstances
2. Contact each buyer directly – this will give you an estimated cash price and timescale for the sale of your home. It will also give you a feel of what the company is like to work with and how they treat their customers.
3. Choose one cash buyer and ask for a formal offer – your buyer will have your home valued and you should get an offer in around 24 hours.
4. Accept the offer and set a date – if the offer works for you, simply accept the offer and agree a date for the sale to complete.
5. Appoint a solicitor or conveyancer – the company may recommend a panel of experienced firms who deal with fast cash sales that you can choose from, but you should not be forced to use their legal team.
6. Sell your home and pocket the cash – the cash house buyer will then take care of everything and deposit the cash in your bank on completion.

As you can see, a fast cash home sale can be exactly that, getting cash for your home quickly so you can walk away form a divorce, pay off your debts, move fast on your dream home or do whatever else you want to do, without the long, drawn-out saga of selling on the open market.

To see how much you could get for a fast cash home sale, click on the button below:

Other methods of selling your house quickly for cash

If you are not in such a hurry to sell your home, and you’d like to get a little more for it, then you can try selling your home at auction. Once again, there are a number of pros and cons to consider:

Pros of selling your home at auction

1. Auction sales generally achieve a higher price, up to 90% of the market value
2. Auction sales can complete in as little as two months
3. Auction buyers will consider property in any condition
4. Auction buyers can buy un-mortgageable properties
5. You could get a very good price for your home if there are competing bidders

Cons of selling your home at auction

1. You’re not guaranteed to sell and may need to wait until the next sale weeks or even months later 
2. There’s no guarantee on price, beyond the reserve you set, so you could get less than you expect
3. The speed that auction sales need to complete limits the number of potential buyers
4. There may be charges to list your home, even if it doesn’t sell
5. You will pay commission on the sale, which Home Owners Alliance estimates to be around 2.5% of the sale price

The only other way to sell your home fast is if you already have a buyer lined up. For example, if you have been made an offer by a landlord who can see rental potential in your home. Even then, you’ll still need to go through the conveyancing process which can take up to 13 weeks. 

It’s unlikely that such an offer would be at full market value either, so you risk getting less for your home without the fast sale benefits of selling to a cash homebuyer.

The steps you can take prior to a quick sale 

The good news is that you don’t need to do anything to your home in order to sell it to a cash house buyer. Selling your house fast for cash means selling it as is, without having to spend time or money fixing it up to be market ready.

This can be especially useful if you’re struggling financially and don’t have cash to spare for repairs and redecorating. It can be a weight off your mind if you’re busy with divorce or moving jobs. It’s also a great relief if you want to sell an inherited property fast and don’t want the heartbreak of clearing the possessions of a deceased relative. A cash buyer will take care of everything for you, leaving you free to deal with the rest of your life!

The only steps you do need to take are in choosing the right cash buyer, and this is not something you should rush. There are many different companies to choose from and if you choose well, you’ll enjoy a fair and honest sale at a reasonable price and in a timescale to suit you. Choose badly and you could easily get taken for a ride and end up worse off than you are now.

But don’t worry, it’s easier than you think to find a trustworthy cash house buyer. Just follow these simple steps:

1. Ask for proof of funds
2. Never sign a contract
3. Ask to speak to previous customers
4. Check them out at Companies House
5. Read our impartial, expert reviews

Expert Insight from Kelvin Elliott