When Annie and Hugh Simmonds finally found their dream property in Devon, after two and a half years of house hunting, they were delighted. But when, at the last minute, their buyer pulled out of the purchase unexpectedly, they feared their dream move may have fallen apart.
Feeling that they couldn’t afford the risks of trying to sell their property on the open market again and worrying that they were on the verge of losing their dream home, they called in independent cash home buying company Quick Move Now.
Mrs Simmonds explains: “When we were looking to see what else we could get if we lost our dream home we were buying, we would have had to pay double what we lost on the market value by selling to a cash buyer, and it wouldn’t have been what we really wanted, it would have been second best. The thought of losing the property was really quite upsetting – it had taken us two and a half years to find something here in Devon and the thought of losing it…you just couldn’t put a price on it.
“The stress was taken away. It was just one person, there was no chain, we didn’t have to worry about when we were going to be completing, and then, when we had to shift it back because our new house wasn’t quite ready, that was no problem. They were excellent.”
What is a professional cash homebuyer?
A professional cash homebuying company will buy your property directly from you, giving you a guaranteed, quick, chain-free sale. The company will pay you less than market value, but in exchange they can buy your property in as little as seven days and you have the security of knowing that the sale will not fall through.
Why do people use cash homebuying companies?
People use cash homebuying companies for a variety of reasons. Perhaps they’ve inherited a property that they want to sell quickly, they’re downsizing and don’t want the uncertainty of trying to secure a buyer on the open market, they’re going through a relationship breakdown, or they’ve simply found the house they want to move to and don’t want to risk losing it by getting caught up in a property chain.
How can you tell if a company is a genuine cash homebuyer?
Out of around 80 companies currently claiming to be cash homebuyers, only three companies actually have the funds available to buy your property directly. A genuine cash homebuyer will have a balance sheet that proves their ability to purchase your property. You would expect a genuine, professional cash homebuying company to have an annual turnover of more than £4million and a current balance of more than £1million. You should research any company you’re considering using carefully – try looking for customer reviews and use websites such as Companies House and Duedil to check the company’s financial credentials.
Remember, a genuine cash homebuyer should not be charging you any fees – they make their money by applying a discount to the market value of your property, and you should not need to sign any contracts until the sale has been agreed and you’re at the point of exchanging contracts as you would with any house sale. Any company that tried to tie you in to using their services is usually not a genuine cash homebuyer!
Quick Move Now’s managing director, Danny Luke, commented: “Mr and Mrs Simmonds were in a very difficult situation; they thought they were moving to their dream property – a property that they’d searched for for a very long time – and suddenly, at the last minute, it looked like it was all falling apart. When we first spoke to Mr and Mrs Simmonds they were clearly very distressed by the idea of losing their dream home, and we were keen to do everything we could to help them secure the property and eliminate the risk of the purchase falling through.
We were able to offer Mr and Mrs Simmonds a guaranteed cash purchase of their former property, on a date that suited them, which meant they had no fears or worries about the sale falling through again, and were secure in the knowledge that their onward move could go ahead.