Selling your property for Liverpool Property for cash can be an attractive option, especially if you're looking to sell a property quickly and are keen to avoid the hassle of the traditional estate agent route, which can be stressful and expensive.
At Properties Bought 4 Cash, we speak to dozens of Liverpool based homeowners every month, many of whom have questions about the process and what to expect. We thought it would be a good idea to write a blog post to try and answer some of the most common questions about selling your Liverpool property for cash, debunking myths and clearing up misconceptions.
If you have any other questions or would like to speak with a member of the team, click here for our contact details.
What Does It Mean to Sell a Property for Cash?
Selling a property for cash means that the buyer (us) has the full amount of money available to purchase your home without needing to secure a mortgage or other financing. This can significantly speed up the transaction process, as there are fewer hurdles to clear compared to traditional sales.
How Quickly Can I Sell My Property for Cash?
One of the main advantages of a cash sale is the speed at which we can move. The process can often be completed in as little as 30 days, sometimes even faster! This is because you avoid the lengthy process of waiting for mortgage approvals, bank surveys and valuations, as well as dealing with estate agents and lawyers.
Will I Get Market Value for My Property?
Cash buyers often offer slightly less than the market value of your property. This is because they provide the benefit of a quick, hassle-free sale and take on the risk of buying the property in its current condition, even if a property is in a very poor state of repair.
However, it's very important to note that the difference in price is often offset by the financial savings in time and the avoidance of additional costs like estate agent fees, repairs, and extended mortgage payments.
Estate agents fees can vary from 1-3%. When you consider a 2% fee on the sale of a £250,000 property is £5,000 and conveyancing fees are often in excess £1,250. Coupled with 4 to 6 months worth of mortgage payments while the sale goes through, the quick sale cash buying route is very attractive.
Do I Need to Make Repairs Before Selling?
One of the benefits of selling to cash buyers like us is that we purchase properties in all different states of repair, so whether your property is in mint condition, needs a new roof, electrics or flooring, or it's in a fire or water damaged state, we will still buy it from you so you don't need to spend time or money on repairs or renovations.
The cash offer you receive will be reflective of the state of repair at the time of your enquiry. The buyer will assess the value of your property in its current state and make an offer accordingly.
Why Should We Choose Properties Bought 4 Cash?
Choosing the right property buying company is crucial to ensure a smooth transaction. We pride ourselves on offering the people of Liverpool and Merseyside a reputable, friendly, efficient and professional service.
Transparency: A good cash buyer will clearly explain their process and offer.
Experience: Choose buyers with experience in the Liverpool property market. We're based in Liverpool (and we live here!), and have been involved in the property market for 30 years. We know the market inside out.
No Hidden Fees: Ensure there are no hidden costs or fees involved in the transaction.
What Are the Steps Involved in a Cash Sale?
The process typically involves the following steps:
Initial Contact: Contact us today and provide us with some basic details about you and the property you're hoping to sell.
Property Assessment: We will arrange to visit the property so we can carry out a fair market valuation.
Offer: We will make you no-obligation cash offer based on the assessment.
Acceptance: If you accept the offer, we will handle the paperwork and legal requirements.
Completion: The sale is completed, and you receive the payment. This entire process can often be completed within 30 days.
Are There Any Costs Involved in Selling for Cash?
We will cover all of the associated costs, including legal fees and any other expenses related to the sale like valuations. This is another reason why selling for cash can be an attractive option, as it reduces out-of-pocket costs for you, the seller.
What Happens if I Have an Existing Mortgage?
If you have an existing mortgage on your Liverpool property, the proceeds from the sale will first go to paying off the remaining mortgage balance. Any remaining funds will be yours to keep.
The solicitors handling the transaction will handle the repayment process to ensure everything is settled correctly.
Do you buy Tenanted Properties for Cash?
Yes we do.
If you are interested in selling a single investment property, or an entire portfolio of property, we can help you and would be pleased to discuss this with you.
What Are the Tax Implications of a Cash Sale?
Selling a property for cash has the same tax implications as a traditional sale. You may be subject to capital gains tax if the property is not your primary residence. It's advisable to consult with a tax professional to understand your specific tax obligations.
In Summary
Selling your Liverpool property for cash can offer a quick, straightforward, and stress-free solution, especially if you need to sell quickly or want to avoid the traditional estate agency route.
By understanding the process and knowing what to expect, you can make an informed decision that best suits your needs. If you're considering a cash sale, contact the team at Properties Bought 4 Cash now and our friendly team will talk you through the process and arrange for a valuation of your property.
For more information or to get a quick cash offer for your Liverpool property, click on the link below to visit our contact page.