Unfortunately, it is an unfortunate reality of business that sometimes you must sell your property to an institutional investor. House buying companies purchase houses from private owners and resell them, as well as undertaking other property related tasks. There are various reasons why a home may need to be sold this way: buyers want the advantage of purchasing at lower costs than they could through auction purchases.
When Selling to a House Buying Company
Selling your property to an international buyer can often be due to multiple reasons. Sometimes the buyer resides in another country and is unable to attend the auction, or wants to purchase multiple properties with someone close by or wants to purchase with another family member or partner. Under such circumstances, it becomes difficult for the buyer to visit your property. Selling a house can be time-consuming. Click here https://www.thecashoffercompany.com/ to find out how The Cash Offer Company can save you time.
Financial Need of Buyers
In some instances, buyers may not possess enough wealth to purchase your property. They could be young and therefore facing personal debt obligations, or they may have too many responsibilities at home (a sick relative, a new baby in the family) and lack funds for purchasing your property.
The Buyers Need the Keys
This is an increasingly common reason for selling a property to a house buying company. The buyer may have found another property and need to move quickly, without having the time for attending auctions, negotiations with you or waiting for your solicitor/conveyancer to arrange ownership transfer. When someone needs keys urgently, they’re likely going to turn to a buying company as they typically arrange possession within seven days after winning an auction by paying off any mortgage (if there is one).
The Buyers Desire Speedy Transactions
Many house buying companies will purchase a property through either an expedited mortgage transaction, or using proceeds from an existing property. This saves them time and guarantees the buyer does not miss out on any interest payments that would have been missed had they had to wait for completion of your sale, which could take weeks or even months.
Selling to a house buying company that does not possess the legal right to live in the country
This is an uncommon occurrence, but it does happen. Foreigners wishing to purchase your property may not be able to secure permission from the Home Office if they plan on living there full time due to immigration regulations or because you are selling an agricultural property.