How Quickly Can a Cash Buyer Purchase My Home?
For those new to the cash home buying process, it’s understandable to ask: just how fast can sales actually complete? Here are some timeframes to expect:
- The quickest sales can finish in 7-14 days once the offer is accepted. However, this is rare and usually only possible with small, straightforward purchases.
- Most cash sales take 2-4 weeks to exchange contracts and complete the purchase. Lenders can process funds quickly once legal work is moving.
- For quick chain-free sales with no issues arising, 4-6 week turnarounds are common. There are simply procedural steps that take time.
- Complex properties or chains may take up to 8 weeks if surveys flag repairs or extensive legal work is needed. But still faster than traditional sales.
- At the extreme end, problematic properties can take 10-12 weeks if special lenders must be sourced or major works are required before purchase.
The average time is 2-4 weeks for a cash sale from the accepted offer to the keys in hand. Be wary of buyers touting unbelievable 7 day purchase promises – while possible, it’s rare in practice.
In all but the most complex scenarios, cash buyers will purchase your property and complete it within 1-2 months. Much faster turnaround than listing through estate agents. Speed and efficiency is a major perk.
What Costs are Involved When Selling to a Cash Buyer?
One key advantage of cash buyers is avoiding expensive estate agent commissions. But what other costs are involved when selling your home this way?
No Estate Agent Fees
This is the largest savings – you avoid the typical 1-3% of the property value that goes to the agent. On a £300,000 home, that’s £3,000 – £9,000 saved in fees.
This money stays in your pocket rather than going to the agent. Selling privately is the only other way to avoid these fees.
You Still Pay Legal Fees
While cash buyers handle the conveyancing, you still pay legal fees for this process. These are typically £1000 – £2000 depending on property type and location.
You avoid agent fees – not all costs. But legal fees are fixed and modest compared to agent commissions.
Some Buyers Charge Admin Fees
Reputable buyers with no admin fees do exist. But some may charge admin and paperwork processing fees of £500 – £1000. Get this clarified in writing beforehand.
These fees should be justified – watch for inflated charges. A fixed fee or low admin fee may be acceptable if the overall offer is competitive.
Early Mortgage Repayment Charges
If you still have an outstanding mortgage, early repayment charges will apply. This depends on your mortgage terms, not the buyer.
To calculate this, check your mortgage paperwork for repayment terms. This will clarify charges.
Outside of normal legal costs, reputable cash buyers don’t have hidden fees. Just be diligent checking paperwork so no surprises arise later in the process.
Summary Of Cheap House Selling Options
For homeowners who want to find the cheapest way to sell a house quickly, for the lowest overall cost, and with minimum hassle, using a cash house buyer is often the best option. By eliminating expensive estate agent fees and offering a fast, certain sale, cash buyers can provide the most affordable way to sell your house that saves you thousands compared to other methods.
The majority of cash buyers will make offers 5-10% under the maximum market price you may be able to achieve. However, this discount is often less than the estate agent fees you would pay otherwise. And you benefit from a faster, simpler sales process.
If you need to sell due to life circumstances like emigrating abroad, downsizing for retirement, or dealing with an inheritance, cash buyers can make the process practically stress-free. Just be sure to research buyers thoroughly and get multiple quotes before accepting an offer. This ensures you get fair market value.
Selling your home through a cash buyer may not maximise the sale price. But for those focused on speed, cost efficiency, and convenience, it is an advantageous method that can save you time, money, and headaches. Just approach cash buyers as educated, informed sellers. Taking the time to understand the pros, cons, and process of finding the cheapest way to sell a house is key.
