How long does it really take to buy a house with cash?
We reveal everything you need to know...
When buying or selling a house, you may come across the term cash house buyer or houses that are listed as ‘cash buyers only’ and wondered what this means and whether or not selling to a cash buyer is a good idea.
To help you decide if buying or selling a house with cash is right for you, we’ve written a guide on how long it takes to buy a house with cash, what the process is and how you can make sure your cash sale is safe, as well as so much more:
A cash buyer is someone who is able to buy a property without the need for any kind of additional funding, which is normally in the form of a loan or a mortgage.
In order to be considered a cash buyer, you must have the funds readily available to be able to purchase a property immediately. People can misunderstand this and consider themselves to be a cash buyer because they’re selling another property and therefore will have the funds to purchase a property, but to be a cash buyer you shouldn’t be reliant on a property sale to make a house purchase.
Sometimes houses will be advertised as ‘cash buyers only’, meaning the buyer doesn’t want anyone to offer on the property if they will require a mortgage in order to be able to afford it.
To be able to buy a ‘cash buyers only’ property, you will normally have to supply the seller with proof of funds to show you have the money ready and waiting in order to purchase. Due to anti-money laundering regulations, there will be some checks taken out on the funds to make sure they’re coming from a legitimate source.
We can provide you with a no obligation cash offer in 24 hours!
It can be confusing when a house is being advertised on the open market as ‘cash buyers only’ – it’s hard to know if this is because the seller wants a quick sale, if the property is unmortgageable or if it’s something else.
Below are a few reasons why a property may be listed as ‘cash buyers only’:
Buying a house with cash is mainly similar to the traditional property buying process, with the main difference being that the buyer won’t need to apply for and arrange a mortgage. Taking out the aspect of acquiring a mortgage is what speeds up the process significantly when selling to a cash buyer.
To help you understand, we’ve outlined the process below of buying a house as a cash buyer:
As we’ve mentioned, when buying a house with cash you’re cutting out the whole mortgage process, which can reduce the buying process by months.
Technically, when buying a house with cash, providing you choose a good conveyancer and your seller is fully on board with moving fast, there’s no reason why you can’t buy a property in as little as 4 weeks.
Sadly, this isn’t generally the reality when buying a house with cash on the open market, as estate agents and solicitors have other jobs, slowing them down on your sale. The reality when buying a house with cash will normally be that the process takes around 2 months, if not slightly longer.
If you’re a seller looking for a cash buyer, we could buy your house for cash in as little as 7 days. We have our own cash reserves readily available that we can use to buy your property and we will cover all the fees for you, including the legal ones, meaning not only can you sell your house fast, but you won’t have to pay a penny!
Have a chat with one of our Property Consultants today!
Just like with anything, buying a house as a cash buyer has both upsides and downsides. Whether you’re wanting to buy with cash or you’re looking to sell to a cash buyer, here’s a breakdown of the advantages:
Although, as we’ve shown, being a cash buyer does bring many positives, there are of course still downsides, which we have detailed for you below:
A cash sale is less common than a traditional sale and therefore it’s less known about. As a result of this, it’s important you make sure the cash sale, whether you’re the buyer or the seller, is as safe as possible.
We’ve broken down some things that you need to do to make sure your cash sale is safe:
Carry out a survey
One way to make sure you’re not going to get a nasty surprise after purchasing a property is to carry out a survey. This is something that will be specifically requested by a mortgage lender, so won’t be a necessity with a cash sale. However, we recommend that you do take the extra time and money to complete this part of the process.
A property surveyor will be able to give you a full report on the property’s condition, including its structure, and any issues it may have. Your conveyancer will then go through the report and make you aware of any major findings, that may affect your decision to buy the property, or at least the price you’re willing to pay.
Conduct property searches
Property searches are another thing that a mortgage lender will force you to get that as a cash buyer you can make the choice yourself. Once again, we recommend you get property searches done on the house you’re looking to buy to avoid any nasty surprises further down the line.
Your conveyancer will organise these searches for you and will read through the reports in order to fill you in on any problem findings.
Searches that will be conducted involve a drainage and water search, a flood risk search, a local authority search and a coal and general mining search. These will all highlight things that will be important for you to know when both living in the property and if you want to conduct any work.
Ask for proof of funds
If you’re selling to a cash buyer, you will want to make sure they’re actually able to afford your property and that they are actually a cash buyer. In order to do this, it’s a good idea to ask for proof of funds.
If you ask for proof of funds and your buyer doesn’t want to provide it, then this is something you need to be cautious of, as chances are they either can’t actually afford it or they’re not really a cash buyer.
Check for regulations
If you’re selling to a cash house buying company, you should check whether they’re a member of The Property Ombudsman (TPO) and the National Association of Property Buyers (NAPB). These are two organisations that provide protection for sellers in an industry that has no regulation.
Any company that is are a member of these organisations will have to follow certain rules and procedures and it will also mean, should anything go wrong, you can go to The Property Ombudsman with your complaint, and they will be able to deal with the problem for you.
We’re members of both TPO and NABP so you can rest assured we will always do everything by the book and you, as the seller, will always have a layer of protection.
Getting a CASH offer is completely free! All it takes is a few minutes of your time.
If you’re looking for a cash buyer that can buy your house in as little as 7 days, then we could be the answer! The Property Buying Company is a fast cash house buying company that is owned and operated by property professionals, founded in 2012, with over 50 years of combined experience, to help you feel that you’re in safe hands.
As we mentioned earlier, we’re members of The Property Ombudsman and the National Association of Property Buyers, further emphasising why we’re the people you can rely on.
We also understand what it’s like to sell a property and all the stresses and worries that can come along with it, so we will always be up for a chat to listen to your worries, and we handle the whole process for you.
We’re also rated excellent on Trustpilot with over 1,000 reviews.
We will always be open and honest about our process and service – we will tell you upfront what we can offer, and we will keep you constantly updated, including any issues we face and how we will do our best to overcome them for you.
Compared to a cash buyer on the open market, we will cover all your fees and can complete in a timescale of your choice. It’s never been easier to find yourself a reliable cash house buyer!
Want to find out how much your property is worth & sell your house fast? It's best to give us a call on:
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Why choose us as your cash house buyers?
We’re one of the leading we buy any house UK companies for residential/commercial property and land in England and Wales. We buy using our own cash house buying facility meaning we can offer the best prices in our industry and complete the sale quicker than anyone else.
Your options | Average sale length | Typical cost to you | ||
---|---|---|---|---|
The Property Buying Company | 2-3 weeks | £0.00 | ||
Other House Buying Companies | 2-10 weeks | £1000 | ||
Property Auction | 6-10 weeks | £2500-£5000 | ||
Online Estate Agents | 16-52 weeks | £1000(upfront)-£5000 | ||
Estate Agents | 16-52 weeks | £5000 |
Unlike most of the other options available to you, we are not a broker or middle man, meaning you skip the fees and get a sale quickly and easily.
The Property Buying Company is registered with the Property Ombudsman and is a member of the National Association of Property Buyers
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Of our own money spent buying
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