What Is A Property Purchasing Company?
In the simplest sense, a property purchasing company is a company that agrees to buy a house or flat from a property vendor. If the property purchasing company is a cash buying company, then they will pay 100% cash and have no requirement for a mortgage. Serene Homes is an example of this type of company. If there is no requirement for a mortgage, then the typical timeframe to complete the purchase of a property is significantly less. Serene Homes can complete on the purchase of a property in as little as 7 days.
Choosing the right property company is important as it is essential to understand whether that company has funding in place or needs to seek external funding, as this will dramatically affect the timeframe to completion of the property purchase.
How Does A Property Purchasing Company Work?
If the company is a cash buying company, like Serene Homes, then the first step in the process is to make contact with the company by submitting some initial contact details and details of your property. Once a member of the Serene Homes team calls you, a friendly discussion will be had to see if the service is right for you. An initial cash offer will be made for your property and if you are happy to accept then the second stage is undertaken.
The second step involves receiving a free valuation for your property. A surveyor will visit your property to establish the true value now it has been seen. The meeting will usually only take 15 to 20 minutes depending on the size of your property. Once the survey is complete and sent back to the cash-buying company, Serene Homes in this example, then a member of the team will call you to make a final offer reflective of the survey. If you are unhappy with the offer, then you are free to reject this having had a free valuation of your property. You are never tied in or subjected to any fees. If, however, you are happy to accept then we move forward to the third and final stage.
The last step is to instruct solicitors to undertake the required legal work so that an exchange of contracts can be reached and then completion undertaken. It is important to understand the cost of the legal work and whether the property purchasing company cover these fees. In the case of Serene Homes, all fees are covered including legal fees. From the point of agreeing the final price following the free survey, a property purchase can be completed in a matter of days.
For more information on understanding how cash purchasing property companies work, see our House Cash Buyers Only: Is It Safe? page.
More information can be found at our What To Look For In A Property Buying Company page.
Does The Location Of A Property Make A Difference?
Under normal circumstances, the location of a property is a key factor when trying to sell a property. The price and demand will be affected by such aspects as proximity to schools and transport links, as well as whether the property is in a major city like London, and if in a city such as London, the quality of the area in terms of low crime and high employment is a key factor. Often, the location of a property matters more than the type and condition.
If you are concerned that there may be less demand for your property, then you do have an alternative option where location is less of an issue. Serene Homes buys properties in any location across England and Wales. The process that has already been outlined is the same – make contact with Serene Homes, receive a free valuation, and once a price is agreed, move forward to completion of the sale with no fees involved.
If you prefer to use the traditional estate agent route, then this of course remains an option. What is important to weigh up is what matters to you most – do you want to achieve market value for your property or do you want a fast, guaranteed sale for your property with no risk of the sale falling through. If so, Serene Homes can provide this service.
What is also interesting is that the amount of money that you receive from the sale, once the cost of time delays and bills is taken into account through an on-market sale, may actually end up being very similar:
For more information on the impact of location on selling your property, see our Does Location Affect The Ability To Sell A House page.
What If the Property Is In Poor Condition?
Along with location, the condition of a property is normally an important aspect in selling a property. If you opt for the traditional estate agent route, then it is important to make your property as presentable as possible due to the estate agent undertaking viewings. The more homely and tidy a property is generally, the better chance it has of selling.
If your property is in poor condition then as with the issue of location, a cash property purchasing company such as Serene Homes offers an alternative. Serene Homes buys properties in any location and in any condition across England and Wales. So, if your property has fallen into disrepair then do not worry – you will still receive a free valuation for your property and the service provided by Serene Homes still comes with the same guarantee. Once the final price is agreed upon after the free property valuation, then Serene Homes guarantees that completion will take place promptly, or at the speed at which you require. More information on receiving a free valuation for your property can be found on our Property Valuation page.
Sell Your Home in 7 Days with Serene Homes
Contact a friendly member of Serene Homes today to learn more about how a property purchasing company works and how you can receive a free, no obligation valuation of your property. Serene Homes offers a hassle-free, simple 3 step process to selling your house with no fees involved.