The number of companies that purchase homes quickly has increased dramatically in the real estate market over the past two decades. Homeowners who need a speedy sale typically turn to these businesses.
Before going through with a sale to one of these companies, many property owners ask themselves,
“How does ‘we buy any house’ work?” This is an important inquiry, as all house-buying companies promise to expedite the selling process uniquely.
Selling your house to a quick house sale company has both benefits and drawbacks. On one hand, you can sell your home quickly without having to pay real estate agent fees, but on the other, you may be forced to accept a price that is lower than market value. Also, these companies are not as regulated as real estate agencies.
This article will help you understand how ‘we buy any house’ companies operate, by breaking down what they do, their target audience, why you should consider selling your house to them, where they are active, how reliable they are, and how to determine a legitimate home buying company.
Let us begin…
Table of Contents
What is a ‘we buy any house’ company?
‘We Buy Any House’ is a term used to refer to house-buying companies or quick house sale companies that purchase property for cash, drastically reducing the amount of time it takes to sell.
These companies offer a quicker turnaround than estate agents, and a few have even adopted the phrase as a business branding statement.
It’s important to remember that some of these companies may be brokers or middlemen, rather than actual buyers. Therefore, it’s essential to pay attention and make sure you are dealing with a genuine buyer.
What do ‘we buy any house’ companies do?
House buying companies will provide an accurate and cost-effective valuation of your property before making you an offer. These companies guarantee payment in cash within seven days, making it an especially appealing option if your property has been listed for an extended period of time.
It is one of the most straightforward ways to sell a house. These companies will purchase any house, regardless of type, condition or other issues.
How does ‘we buy any house’ work?
The process of selling property to a quick house sale company is straightforward and speedy. Legitimate house-buying companies usually follow these steps:
- First, fill out an inquiry form on their website. Provide the necessary info, and they’ll use valuation software connected to similar properties to calculate the property’s real market value.
- Within 24 hours, you’ll receive an offer. The quick house sale company will call to discuss it, the timing, and when you can expect to get your funds. This is when you can ask any questions. Once you agree, they’ll send you the offer in writing. You’ll fill it out and send it back.
- The company will also assign and pay for an independent solicitor to act for you. Plus, they’ll arrange a RICS-certified surveyor to assess the property at their own expense. After they get a legal check and valuation report, they’ll make a final offer.
- The house-buying company will confirm the completion date that works for you. On that day, you’ll receive the funds in your account.
Who does ‘we buy any house’ companies target?
We buy any house companies focus on a particular audience – homeowners who are dealing with issues or have tricky properties. For instance, properties that are difficult to obtain a mortgage for, houses that need repairs that customers can’t pay for, and properties that are hard to shift.
To put it plainly; if we buy any house companies will purchase properties that nobody wants to take on.
Why sell property to a ‘we buy any house’ company?
There are numerous reasons why a quick house sale company may be preferable when selling your house compared to a high street estate agent, who often takes months to complete a sale.
Selling to a ‘we buy any house’ company gives you the luxury of time, as well as many other advantages.
These include: not wanting to be part of a chain; a previous attempt to sell has failed; needing to stop a repossession; the property has been on the market for too long without a sale; avoiding estate agent fees; and not wanting to have public viewings.
It is essential to ensure you are dealing with a legitimate house-buying company before proceeding.
Is we buy any house any good?
Selling your house to a ‘we buy any house’ company may sound appealing, but it is important to be aware that not all of these companies are trustworthy.
Many quick house sale companies use deceptive tactics to trick homeowners into believing they are the best.
For instance, they may promise to pay the full value of the property, only to back out at the last minute. Additionally, they may ask you to sign a contract prohibiting you from selling the property to another buyer, which will significantly delay the sale.
Therefore, it is essential to do your research and make sure that you are dealing with a legitimate company.
How do you tell a legitimate house buying company?
There are several signs you can watch out for to determine if a ‘we buy any house’ company is legitimate or not. Generally, a genuine house-buying company will offer you a price of at least 75% of the property’s value, with the maximum being 85%.
This is because they are responsible for the administrative costs, such as solicitor and surveyor fees. If you hear of a company offering to pay the entire value of the property, it should set alarm bells ringing.
The second way to identify a genuine house-buying company is to check their membership of The Property Ombudsman and the National Association of Property Buyers (NAPB) or other trusted regulatory bodies. Lastly, take a look at the company’s reviews.
Take note of any decline in ratings, as this could be a sign that something is amiss.
Most importantly, the reviews should be genuine. If you spot multiple reviews with the same wording within a few hours, this could be a sign of falsification.
To make it simpler, here are the top five tips to consider when researching ‘we buy any house’ companies’ reviews, to ensure you don’t get scammed:
- Are the reviews from genuine customers?
- Is the ‘we buy any house’ company regulated and approved by TPOS and NAPB?
- Are the customer reviews up to date?
- Are there customer reviews on third-party sites?
- Do the reviews of the company seem too good to be true or are they realistic?
The answer to the question, “Is buying any house any good?” is an emphatic “Yes!” Unfortunately, there are still some unscrupulous companies out there that are willing to take advantage of unsuspecting buyers.
That’s why it’s important to do your research and determine the legitimacy of the “We Buy Any House” company you’re considering.
Property Saviour is one such legitimate company that has helped many homeowners quickly and conveniently sell their property.
As a genuine “We Buy Any House” company, Property Saviour will buy any house in any location, regardless of condition or value. All you need to do is provide us with the details of your property and we will send you an offer. Once you accept our offer, you can expect to sell your house within 7 to 28 days.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.