Lots of companies say they buy houses for cash. Far fewer actually do. Some are middlemen who pass your details on, and some drop the price on the day of exchange when you have no time left to go elsewhere.
A genuine cash buyer makes selling simple. A fake one can cost you months. Here are the checks I would want any seller to make, including on me.
What is a genuine cash buyer?
A genuine cash buyer has the money available to complete the purchase without a mortgage, and buys the property in their own name or company. They do not need a lender’s valuation, and they are not waiting on another sale.
That matters because mortgages, valuations and chains are the three biggest reasons sales collapse. Remove them and you remove most of the risk. If you are weighing up both routes, read cash buyer vs open market.
Why so many “we buy any house” firms are not buyers
A lot of the companies you see advertising online are lead generators. They collect your details, then sell them to investors or other firms. That is not illegal, but it means the person making you an offer may not be the person who ends up buying, if anyone does.
The result is a long chain of people each wanting a cut. The price drops, the timescale stretches and you are left chasing people you have never met. A real buyer removes all of that, because the person you speak to is the person who completes.
7 checks to make before you agree a sale
1. Ask for proof of funds
A real buyer can show proof of funds through their solicitor, such as a bank statement or a letter. They should be happy to do this before you agree the sale.
2. Find out who actually buys the house
Ask directly: “Will your name or your company’s name be on the title?” If the answer is vague, or they say they will “find an investor”, they are a middleman, not a buyer.
3. Check reviews from real sellers
Look at Google reviews and see whether they mention completed sales, not just quick calls. Be wary of reviews that all appeared at once or never mention a property.
4. Watch out for big offers by phone
A common tactic is a high offer over the phone, followed by a large reduction after a survey, weeks later. A trustworthy buyer explains how they reached the figure and sticks to it unless something new and serious is found, such as major structural movement nobody knew about.
Ask them to put the offer in writing with the assumptions behind it. If the house turns out exactly as described, the price should not move.
5. Check for membership and redress
Some property buying companies are members of the National Association of Property Buyers, whose members sign up to The Property Ombudsman code. You can read about the NAPB and its standards. Membership is voluntary, so its absence is not proof of a problem, but it is a good question to ask.
6. Use your own solicitor
You should always be free to choose your own solicitor. Some companies push you towards their “panel” firm. Your solicitor should work for you, not them.
7. Agree the timescale in writing
A serious buyer can usually complete within a few weeks once the legal work is ready. Ask for the target dates in writing, and ask what happens if they miss them.
Red flags that you are not dealing with a genuine cash buyer
- They ask you to pay upfront fees for valuations or legal work
- They will not tell you who will own the property
- They pressure you to sign an exclusivity agreement quickly
- The price drops right before exchange with little explanation
- They cannot show proof of funds
How I work as a genuine cash buyer
When you deal with me, you deal with me. I view the property, I explain how I reached my offer, and I buy it myself. There are no estate agent fees, and you choose the completion date.
I never ask sellers for money, and the purchase funds go through the solicitors, as they should. You can read more about me on my about page or see the full process in how a quick house sale actually works.
Questions to ask on the first phone call
- Who will be named as the buyer on the contract?
- Can your solicitor confirm proof of funds before we agree?
- How did you work out the figure, and what could change it?
- Which solicitor will act for you, and can I choose my own?
- What dates are you aiming for, for exchange and completion?
Write the answers down. If they change later, you will know.
Is selling for cash right for you?
If you need certainty and speed, a genuine cash buyer is often the best route. That might be because of probate, a relocation, a property in poor condition or a chain that keeps breaking. If you can wait and the house is in good order, the open market may achieve a higher price.
Either way, knowing how to spot a genuine cash buyer protects you from the worst outcome, which is waiting months for a sale that never happens.
FAQs about choosing a genuine cash buyer
How much less does a genuine cash buyer pay?
It depends on the condition, the location and the work needed. A good buyer will show you their workings, so you can judge it for yourself.
Should a cash buyer charge me fees?
No. You pay your own solicitor, but the buyer should not charge you anything else.
Can a cash buyer still pull out?
Anyone can pull out before exchange of contracts. A buyer with funds ready is far less likely to, because there is no mortgage or chain to fail.
Do you buy anywhere?
I buy across the Wirral, Liverpool, Chester and Cheshire.
If you want to speak to a genuine cash buyer who will give you a straight answer, send me your property details here.