Cash House Buyers Reviews – 3 Things You Should Know

Published by Property Saviour
The UK's No.1 Fast House Sale Company

July 26, 2015 - Read time: 3 minutes

Looking for cash house buyers reviews? You may have been approached by a cash property buyer and you are looking to see how to go about things.

Great news is that you have arrived at the right place.

Our national property guide to cash house buyers reviews reveals real truths and some of dirty tactics used by cash property buyer firms.

In April 2013, Office for Fair Trading investigated 3 “quick sale” house buying firms and their review found that:

  • Charge upfront fee of £500 to sellers for a house valuation fee. A buyer would normally pay for the survey and not the seller.
  • Stressing that property will be sold in 3-4 weeks yet the sales were taking months to complete.
  • Demanding that seller signs an exclusivity contract. This contract carried huge penalties for seller if they decided to change their mind or market the property via estate agent.

We have put together an excellent guide that covers all of these topics and more. Click on Property Guide to Cash House Buying scams UK.

Are there any ethical property buyers who can buy your house for cash?

We are a ethical house buying company who does not work on fixed percentages as we take property’s condition, its location and desirability into consideration and therefore, can make you a fair cash offer.  Sadly there are other companies who buy properties for cash who capitalise on people desperate to sell.  Whilst no company can offer you 100% market value for the property, we believe that we can make you a fair cash offer with no obligation, no upfront fees, in fact no fees at all, and we will even pay for a valuation out of our own pocket and cover your legal fees for you.  Our advice would be to stay well clear of these companies as many of them will sign you up on an “Option Agreement” with a view to reselling your property, often without your consent or will.  You may also be asked to use “their solicitors” which we feel is wrong as you should be able to use a solicitor of your choice.

What are benefits of dealing with cash property buyers?

There are two key benefits when dealing with true cash property buyers.  These are timescales and certainty of speed:

  • Estate Agent Sale Time-frame: 6 – 9 Months
  • Cash buying companies: 7 – 28 Days. Obviously we can complete the purchase as quickly or as slowly as you like but typically our average completion is 19 days.
  • Fees: When dealing with a genuine cash property buyers, you should not have to pay any estate agency fees, EPC fees, surveyor fees or legal fees.
  • Fees with Estate Agents: Typically expect to pay between 1% to 3% fees plus VAT, plus legals and reduce the price following the survey.

In the end, if you are looking for certainty of sale going ahead without having uncertainty of how long it may take you to sell the property.  With an estate agent, your property could be sitting on the market for months – and no firm proceedable offers.  When you factor in cost of time in delays, costs and possible loss of opportunity in buying another property, selling to a true cash house buyer could be the ideal option.

How much is my house worth?

This video answer the most common question. How much is my house worth?  It goes through how to come with an accurate valuation of a property, how different types of properties can affect it and how to evaluate wholesale value of a property such as properties sold in an auction.

A house is worth what someone is prepared to pay for it within a reasonable time-frame.  It is likely that your estate agent has over valued your property by at least 10% or 15% just to win your business.  Their target will be to progressively reduce the price to a point where the property will actually sell.  Other factors that are included within a valuations are:

  • Is your house fully modernised? Or does it need work?
  • Does it have special features that  make it more or less desirable such as proximity to a close catchment area – or property maybe non standard construction.
  • Desirability of the area – this can be a major factor in valuation of property.  The more affluent areas will achieve a higher valuation figure.
  • Time of the year can make a huge difference when it comes to selling your property, demand for properties fall in July, August, November, December and January – depending on how long does the winter lasts.

Be careful of hidden costs  such as mortgage payments, council tax, insurance, utilities, solicitor costs, risk of sale falling through and buyers chipping away at the price following the survey.  This is the crux of the matter and often when sellers are looking to sell a house quickly,  true cash house buyer can be a real asset.

Why should you be careful of Cash House Buying Companies offering you 100% of value?

Sadly there are companies that are not real cash house buyers, they are simply acting as an agent. They will pitch you what is called a “Lease Option” but please be careful.  With a “Lease Option” the sellers name remains on the mortgage whilst the buyer pays the mortgage and puts in a “Tenant Buyer”.  It is very complex to understand and many courts have dismissed these arrangements as being unfair towards the seller.  A buyer may tel you that they will pay your mortgage but in reality, it is the money from the tenant that will pay for your mortgage and what happens if they miss a few payments? You could end up losing the property…

A true cash property buyer should be able to exchange contracts within a few days, and complete at a timescale to suit the seller.  Property Saviour can step and buy the property for cash at a fair market value.  We will even pay for your RICS valuation and cost of all your legal fees too.

1. What can you expect from real cash house buyers?

  • Immediately give you their solicitors details
  • Provide you a timescale for Exchange of Contracts
  • Usually an Exchange of Contract can take place usually within 5 days
  • Once Contracts have Exchanged the buyer cannot reduce the price
  • Buyer to pay for own valuation and survey
  • Complete within 2-3 weeks after Exchange of Contracts.

2. Lessons Learnt: Cash House Buyers Reviewed

There are a number of lessons to be learnt from dealing with cash buyers – even via estate agents. Often an estate agent will have not vetted their buyers fully.

If you dealing with an online quick house sale buying firm:

  • Do not pay any fees upfront – ever!
  • Do not sign any option agreement or exclusivity agreement.
  • Ask for buyers details and their solicitors. Whom will be acting for you? When can I get my solicitor to send the contracts out to you?

If they are hesitant; they are not cash a buyer and possibly an online estate agent looking to market your property! Do not fall for that trick.

3. Ask to see Cash House Buyer Reviews?

We can help. Just make an enquiry and let us talk through your option for you.   We have a number of satisfied clients who we have bought properties from successfully:

There are number of other genuine reviews available at TrustPilot that you can see here.

If you are thinking of selling your property and you would like to talk with a genuine property buyer then please call us on 0113 320 6700 or make an enquiry online with us.


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