Coming to the property table as a cash buyer has huge advantages, and Open Property can help you achieve that status in less than a week.
If you didn’t have musician Ed Sheeren down as a property mogul, it’s time to change your thinking. The Gallway Girl singer has amassed a property empire worth an estimated £57 million and even more astonishingly, Ed is reported to have paid for his entire portfolio using cash.
Cash in your bank within 7 days
Being a cash buyer carries many advantages, as we discuss later, but did you know becoming a cash buyer isn’t a property privilege reserved for the rich. Every homeowner can take advantage of money in the bank when they sell their property to us, as Open Property is an authorized direct cash buyer.
Sellers using our cash purchase service will need to factor in paying off any mortgage on their current property when working out how much money they can bank but those who are equity rich - or need to top up savings with fresh cash in order to buy an onwards property - can hugely benefit from a direct sale to us.
Gain control & flexibility
Those who are unsure about their next property move often sell to Open Property to gain control and flexibility over their future. In the current climate, many homeowners are selling their property directly to us to gain quick access to liquids assets. They can settle any debts, bank any profit and rent a property while they wait for the economic and/or property market to work in their favour – often becoming a cash buyer themselves in the future.
Be prepared for extra checks
Estate agents have to adhere to stringent Anti-Money Laundering laws so they need to take the appropriate steps to protect themselves and any property seller they are acting for when someone presents themselves as a cash buyer. As a cash buyer, you will need to provide photographic ID and proof of your cash reserve by way of a bank statement, as a minimum.
The agent will want to know the source of your funds as it will, most likely, run in to hundreds of thousands of pounds but as Open Property is a cash property buyer registered with the National Association of Property Buyers and the Property Ombudsman, we can provide you with a legitimate and valid source of cash funds, with supporting transactional and legal paperwork accepted by estate agents.
Don’t skip crucial steps
Selling to Open Property is often chosen for its speed but don’t be tempted to cut corners when buying another residence with the cash the sale generates. You must instruct a solicitor and get them to carry out all the checks that a mortgage lender would normally undertake, including Local Authority, regulated drainage & water and Land Registry Title Plan searches. Your solicitor should also check there is no formal management company in place.
Also ask the estate agent selling the property how long the current owner has lived there. If it is 6 months or less, ensure you find out why they are moving on so quickly. Don’t forget to commission a survey that’s appropriate for the age and construction of the property you want to buy.
5 advantages to being a cash house buyer
- You don't have to go through the mortgage application process, so your transaction time can be as much as one month quicker
- You can present yourself to sellers as chain free, with no one below you
- You can use your ability to proceed quickly to negotiate a lower purchase price, especially if the vendor is in a hurry to sell
- You can purchase properties with cash that are unmortgageable, for example: a short-lease property, a house that has subsidence or a residence of non-standard construction
- You can buy when it suits you, not when the mortgage market is favourable
You can request a free cash offer today – we just need the property’s address. If you’d like to know more about Open Property and selling your property to us now to become a cash buyer in the future, get in touch. Don’t forget, we’ll pay your legal bill and cover the cost of your EPC, plus there are no agency fees to pay as you’re dealing directly with us.
Watch the video below which explains more about selling your property fast or click here to continue reading this article