Go straight to offer
House buying companies are geared for speed. After your initial phone call they’ll get straight to work on valuing your property. Each company will have a slightly different process for this, but most will ask you to send them as many details and photos as possible for them to work with.
They will then speak to local estate agents and carry out their own research. They’ll often give you an approximate offer on the phone, and once they have valued your property, they’ll usually make you a formal offer within 24-48hours.
If you accept the offer, your sale is agreed. Simple as that! No months of waiting, no chains, no fall throughs, just a single, solid offer for a quick sale of your home.
For more information on how cash house buyers value your property you can read our article here.
Conveyancing (1-3 weeks)
Of course, even a quick sale has to go through conveyancing, and here is where the so-called 48hour sales start to look a bit dodgy. Cash House Buying companies do have some cards up their sleeve to make conveyancing as fast as possible, but they can’t side-step it completely. Here are a few of the shortcuts they can take to get you round that Monopoly board a bit faster:
- They can speed things up by booking their survey straight away, with a surveyor who has a track record of fast work.
- They don’t rely on conventional lending so they don’t have to go through a standard mortgage application.
- They use solicitors that have worked on these cases many times before so they know how to get things done fast.
- They often indemnify, or insure against, the searches, so they don’t have to wait for them.
It’s worth noting that while the buyer’s operation may be a well-oiled machine, your own solicitors need to move just as fast to make a quick home sale work. Often the company buying your house will recommend a solicitor who they know can get the job done quickly, and this is well worth considering. However, you should never be forced to use their solicitors, as this can be a sign that they have something to hide. If this is the case, then you should walk away and find a different cash buyer.
Further Reading: 7 steps to avoid being scammed by a cash house buyer
Can a Cash House Buyer actually buy a house in 7 days?
Despite there being many companies out there claiming that you can sell your house in 7 days, in actual fact this is very rare and highly unlikely.
For this to happen, you’d have to have your solicitor instructed and ready to start working on the case from day one. The house buyer would also have to seriously cut corners, such as not getting a survey. This is a very risky move, and not one that any legitimate house buying company would make. They would have no idea what they were getting themselves into.
The only way that a sale without survey can work is if the cash buyer significantly reduces their offer to cover the risks involved. This can cut the offer price to as little as 50% of the value, which is a huge price to pay to save yourself just two or three weeks!
The truth about fast cash house sales
As we have shown, the house selling process is a long and complicated one, whichever way you go about it. And while cash house buyers will have systems in place to shorten the process, there are still some steps that they have to take as a responsible buyer, and these cannot be avoided unless the offer price is ridiculously low.
This means that any company that promises you a completion in seven days, for 80%, is highly unlikely to deliver on this promise. And a 48hour completion is even more pie-in-the-sky.
If you’re looking to sell to a genuine cash buying company, you should expect the process to take around 2-3weeks. Remember, this is still significantly faster than the 6-9moths it can take to complete a sale on the open market. Chances are your bank, your former partner or your siblings who are sharing your inheritance, will be happy to wait just a few weeks for you to get the best possible price on your quick sale.
If you want to know which house buyers actually do deliver on their promises, you can find our list of top rated house buyers by clicking on the button below.