Getting a cash offer for your property is still possible even in late 2010. But different ways of selling, will yield different results.
The first thing to bear in mind is that although money is relatively cheap today, it is in tight supply. This means different types of property buyers will charge varying levels of “premium” for the privilege of buying your house for cash.
Getting a cash offer means – liquid funds
For the purpose of today’s discussion our cash offer refers to liquid funds. Cash in the bank rather than funds dependent on loans or mortgages.
An estate agent may have access to buyer with funds, but he or she may not know it! Ask local agents if they are aware of cash buyers – people who have already sold or are about to downsize.
Next on your list may be estate agent property buyers. Many people think of this type of buyer as a substitute for estate agents. Well they are and they aren’t.
Estate agent property buyers are the same thing as property buying companies or sell for cash companies.
An estate agent works for the seller, as does the property buyer. Although some people may think they both work for themselves;-).
However. All too often a cash sale, refers only to a chain free sale.
This is due to vocabulary picked up from estate agents, who have always referred to chain free and cash sale as equivalent.
Now depending on your circumstances that may be OK, but you must clarify the terms with the estate agent property buyer exactly that they mean.
This is because in today’s market Buy To Let Mortgages are, like all other mortgages getting harder to come up. And lenders can be extremely fickle in enforcing their terms and conditions.
This could mean that any proposed cash sale is far from being a “done deal”.
Now the level of offer you’ll get via an estate agent and property buyer are likely to be quite different.
This where your motivation comes in. Do you want to sell? Is it a matter of convenience? Or do you really value a quick sale?
Of course, some sellers don’t want to deal with property buyers. We believe this is for a number of reasons, one of which is that they believe other ways of selling quickly will give them a fairer outcome.
So getting a cash offer for your home does not mean you have to use cash property buyers. You can at least investigate property auctions.