Selling a house in a 5 day quick sale to a professional cash buyer
CAN IT REALLY BE DONE?
YES to a cash property buyer – MOST OF THE TIME
365 Property Buyer are highly trained, experienced, professional property buyers, they really do buy any property in any condition anywhere FAST.
But can and will they really buy any house in just 5 days?
Sales can and are exchanged and completed on a regular basis on a 5 day quick sale and in some cases they are even completed within 24-48 hours. These properties have typically failed to sell by auction and come pre-supplied with a legal pack and contract. So how can these property buying companies like 365 Property Buyer buy property so quick?
It comes down to a power team of property lawyers, valuers and surveyors on hand who can assess, advise and value the property in 24 hours, this is why we always recommend specialist property lawyers Wilsons. Let’s look at our 5-day quick sale process:
Day One: Seller enquiry made, this can be a direct enquiry to our sales team or via our automated web site where an indicative offer is made based on the details and value the seller supplies. Desktop valuation carried out. Indicative offer is reviewed and a formal offer to purchase is confirmed. Offer accepted. Solicitors details exchanged.
Day Two: Solicitors instructed – this is the first critical stage. To be in with a chance of securing a 5-day sale its important you use the panel solicitors Wilsons. The seller must provide all documents required without delay.
Day Three: Survey if required is carried out – not for a mortgage but to ensure the property is as advised by the seller – the condition and state is not important. Solicitors gather relevant details such as freehold, leasehold, land registry title plans, mortgage information and such the like. Searches will not be applied for as they take too long.
Day Four: Sellers solicitors report to 365 Property Buyer underwriting team who arrange for transfer of deposits and prepare papers for exchange of contracts. Formal buy price is agreed once all information has been reviewed.
Day Five: Contracts are exchanged and completed.
As a quick property buyer we do take huge risks in offering sellers quick turnaround sales using our own cash funds. It is impossible to gather every last detail on the property in such short timescales, we often have to pay for indemnity insurance to cover things like lack of searches, missing documents for conservatories, new windows, electrical or gas works, there could be missing tenancy agreements, boundary irregularities, breaches of leasehold title. A whole host of other things crop up that require specialist professional attention to resolve once we have completed – obviously our priority is getting the sale through in 5 days for our selling client so we buy the house warts and all.
The 365 Property Buyer sales team are on hand to solve any problems or delays in selling quickly and will be very upfront and honest advising that not every property can be bought in 5 days – even though we regularly buy property in less than 5 days – especially where the property is mortgage free, typically an inheritance or probate sale where the beneficiaries simply want to access their inheritance as cash and not bricks and mortar.
Delays are encountered mainly where the seller is using their own solicitors, very rarely are they geared up to act quickly enough, sellers mortgage lenders were another cause of delays waiting for them to provide a redemption statement – this confirms how much cash is needed to pay off the mortgage and is required before completion can take place. Another delay can be unregistered properties, this is where the house has not been sold for such a long time that land registry does not hold any electronic copies of the title, normally the title will need to be registered before a sale can complete.
The best property to deal with and give an almost guaranteed 5-day sale turnaround will be freehold, registered at land registry, mortgage free and held in a single name with vacant possession. For most sellers a 5 day sale is just too fast, especially if they still live in the house, most sellers like a more casual sale typically around 14 days or so.
One of the big advantages in selling to 365 Property Buyer is the fact they offer their sellers a “take what you want and leave the rest behind” policy effectively meaning the seller can pack what they want and just go, no fuss, no hassle, no need to clear and clean the house or arrange for skips or house clearance firms, fast cash in 5 days, most of the time !