If you have no choice but to sell your house for cash to an estate agent property buyer then it’s important you know who will be buying your property.
You see, property buying companies or cash buying specialists may be less in control of your sale than you imagine.
There are at least two reasons for this.
Property Buying Companies Can Sell Your Information On
Some buying companies are not buying the property directly. They basically act as “finders” for other people or act as clearing houses for leads sourced on the internet.
In the case of lead generators you fill out a form and it ends up in an online shop. Someone buys the information on your form. Your personal details are not revealed until the “lead” has been bought.
You literally have no idea who’ll be approaching you and nor does the lead shop owner because they have done no vetting!
That said, some sold experienced buyers do use these services.
The second possible outcome is that the company you have contacted does not buy in your area or prefers t find a buyer for your sale. Kind of like acting like a property equivalent of a dating agency.
Our point is that both these can work for vendors, but you really need to know the who and what of any person or firm contacting you after you have been online to find property buying companies.
When Sell Your House For Cash Means a Mortgage
The other dilemma is that your “cash sale” may be dependent on a mortgage. You may not have been expecting that and it is a long story.
Suffice to say you really need to find out where the money is coming from.
So for your own peace of mind:
Find out who the buyer is and their relationship to the people you contacted
Find out where the money is coming from
Find out if you can use your own solicitor for the sale.