Myth 1
The speed of property sale is too good to be true
Many home movers have become resigned to lengthy transactional time frames as they choose to buy and sell on the open
market. Recent research by Home Sale Pack found the average time taken between accepting an offer and completion in the
UK was 183 days.
Why is this the case? The majority of people who estate agents help need a mortgage and probably only buy a property
every 5 to 10 years. Securing a mortgage can add weeks to a purchase - especially as offers can be withdrawn - while
buyers who are unfamiliar with the conveyancing process may need time to fill out forms and raise queries. Additionally,
the transaction will only go as fast as the middleman - the estate agent. A sluggish agent can really hinder the speed
of a sale.
Cash house buyers deliver speedy offers, exchange dates and completions for a number of valid reasons. Firstly, a layer
of admin is removed. There is no estate agent to chase up or delay issues. When you sell to a cash buyer, the
transaction is between just two people - simple, straightforward.
Secondly, a professional cash buyer like Open Property Group will make an offer with speed. What’s removed are the
protracted marketing, viewings and negotiation stages. Instead, we can make an almost immediate offer with no public
viewings, so conveyancing can start instantly,
Thirdly, a professional cash buyer doesn’t need a mortgage. They don’t need a lender to issue an agreement in principle
or wait for a release of funds. Open Property Group has a cash fund that it makes purchases with, reducing transactional
times.
Lastly, as professional property buyers who purchase hundreds of properties, we are very familiar with the conveyancing
process and act without delay. We use tried and tested legal teams to achieve an average time from offer to exchange of
35 days, with an average of 7 days between exchange and completion.
Myth 2
Cash House Buying companies aren't credible
Many professional cash house buying companies comprise former estate and letting agents, surveyors, property managers
and finance professionals, so the level of experience offered is the same, if not better, than that offered on the High
Street. It’s also worth remembering that estate agents do not need to be licensed or qualified, nor are they currently
regulated, so a credible service isn’t guaranteed even when using a big chain or familiar brand.
Accountability matter to us at Open Property Group. We are a member of The National Association of Property Buyers
(NAPB) - a group of professionals committed to providing the highest possible standards in the property buying sector.
As members, Open Property Group has worked closely with The Property Ombudsman to help form a Code of Practice and to
create a set of guidelines that will raise industry standards.
If you need to sell property fast and want to check if a cash buyer really belongs to the NAPB, as some companies
misleadingly use the logo on their website or paperwork without actually being a member, you can check the current NAPB
membership list online.
Myth 3
There's a lot of pressure to accept an offer
As buying properties is the backbone of our business, we are always delighted to provide sellers with a realistic offer
that meets their sales objectives. Open Property Group’s offers, however, are always given on a ‘no obligation’ basis.
We are happy for sellers to contact us as part of their research phase or even if they’re just feeling curious about
what their home could sell for away from the open market. Sellers are free to accept our offer and proceed with the
sale, mull over our offer and contact us when the time is right, or reject our offer outright.
Open Property Group does like to keep in contact with potential clients and we may contact them after the initial
valuation to provide updated offers that are revised in line with changing market conditions. Again, there is no
obligation to keep in contact with us just because you requested a valuation.
Myth 4
A property has to be in good condition to get an offer
When you sell on the open market via an estate agent, there could be unwelcome pressure to present your property in the
best possible light. Agents may suggest you make alterations, redecorate, declutter and even fix flaws that may crop up
in a survey. Their intentions are well meaning - they want your home to achieve the best price for you (and earn
themselves the highest commission).
Getting a property in good condition will cost money and delay your sale but time and cash isn’t what every seller has.
Cash house buyers such as Open Property Group have a different attitude to a property’s condition. We frequently buy
‘problem properties’ as we’re experienced in undertaking renovation, redecorating and refurbishment work. Our cash
reserves also allow us to buy un-mortgageable and non-standard properties that struggle on the open market.
We never ask our sellers to repair or tidy up. We buy ‘as seen’, even if your home has flooded, has fire damage, is
unmodernised, needs complete redecoration, is dilapidated or needs a property clearance company. We will even make
offers on homes that suffer from subsidence, damp, rot, Japanese Knotweed, asbestos and bamboo.
Myth 5
You only sell to a Cash House Buyer when you're desperate
The notion that only desperate sellers sell to a cash house buyer is an inaccurate and outdated one. With property
transactions taking an average of 6 months, the open market is becoming an untenable option for many sellers. Open
Property Group has helped a variety of clients, each with their own set of specific circumstances. We can help in the
following scenarios:-
1. A landlord needs to sell their property but wants to avoid disrupting the tenant. Instead of starting the eviction
process, they sell the property - with the tenants in place - to Open Property Group. We take over the tenancy for a
seamless transition and reassuring continuity.
2. An estate needs to sell a probate property quickly so it can settle any debt and pay any taxes due. A quick cash sale
avoids the executors/administrators having to pay bills/fees out of their own money.br />
3. A home mover needs to rescue a collapsed chain when they suddenly lose their buyer. Open Property Group will step in
with a guaranteed offer. This ensures the seller doesn't lose their onward property and the chain stays intact.
4. A seller can sell their home with privacy and discretion by using a professional house buyer. There is no need for a
‘for sale’ sign, no need for tell-tale estate agent visits, no need for marketing on Rightmove or in local newspapers,
and no need for viewings.
5. A homeowner who lives overseas can sell their UK property without ever travelling back. Instead of inviting in three
estate agents for valuations, worrying about accommodating viewings and dealing with multiple people, they sell to Open
Property Group and enjoy a quick sale with a single point of contact.
6. An employee is unexpectedly transferred to another part of the country or has found a dream job elsewhere and needs
to relocate quickly. A cash sale to a professional home buyer allows them to accept the job offer with confidence,
knowing they have the funds to buy or rent a new home near to their new workplace.