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Cash House buyers: Pros and Cons

Drawn-out property chains can prove an unnecessary headache when selling or buying property. People are increasingly looking for speed and simplicity in all aspects of life. Selling a home is no different. That’s why most sellers prefer to be paired with cash buyers. Because of the high demand for cash house buyers, an entire industry has emerged of cash house buying companies.

But just how much faster can these direct buyers really finalise transactions compared to traditional sales involved in a chain? We break down the average conveyancing timelines for each path, weighing up the pros and cons to determine which route best aligns with your selling priorities.

What is the conveyancing process?

Before comparing the timelines, it’s important to understand what conveyancing actually entails:

Conveyancing is the legal transfer of property ownership from seller to buyer

It involves several steps:

  • Drafting the contract
  • Conducting searches on the property’s records
  • Getting a mortgage in place (for most buyers)
  • Exchanging contracts
  • Completing and transferring ownership

The Typical Conveyancing Timeline

For a traditional property sale involving a chain of buyers and sellers, this conveyancing process generally takes:

For Buyers:

  • Eight-12 weeks from initial mortgage application to exchange of contracts
  • A further two to four weeks from exchange to final completion

For Sellers:

  • Around 10-16 weeks from listing to final sale completion
  • Delays can occur due to issues like buyers struggling with finance

So for a chain scenario, three to four months is a relatively standard conveyancing period from listing to completing the sale.

The cash buyer advantage

When selling to a dedicated property buying company, there is no financing chain to worry about. 

This means:

  • No mortgage application delays
  • Ability to drive a faster conveyancing process

Typical cash buyer conveyancing timelines look like:

  • Two to four weeks to complete all conveyancing after receiving contract
  • Some specialised cash buyers, such as Property Rescue, can exchange contracts in as little as 48 hours.

Typically, a chain-free, cash buyer purchase, sellers can potentially complete conveyancing more than two to three times faster than a traditional sale.

The pros and cons of a cash buyer

Like many selling decisions, there are pros and cons to weigh up when considering the cash buyer route for a quicker conveyancing process:

The pros of selling to a cash buyer

  • Unbeatable speed: Securing a cash buyer allows you to bypass the usual mortgage lender delays and move at a lightning pace to completion. Perfect for relocations, downsizing or releasing equity quickly.
  • No chain hassles: Without a chain of buyers and sellers to wrangle, you avoid the infuriating uncertainty of a sale collapsing due to someone’s financing falling through.
  • Competitive cash offers: Reputable cash buyers still need to present fair market value offers to acquire properties. Their business model accounts for making competitive bids.
  • All-inclusive service: Many cash house purchase companies will even cover all conveyancing, survey and legal fees for a true hassle-free experience. Property Rescue is a cash buyer who will do this.

The potential cons

  • Discounted pricing: Even the most above-board cash buyers are still investors seeking a margin. Sellers may need to accept about 20% below market value.
  • Repairs: Most cash buyers will deduct repair and renovation costs from their offer price.

A property-buying company represented by bodies like the Property Ombudsman means they are governed by a code of practice. If you do want to find a good property buying company, be sure to check that they have affiliations with governing bodies, and to ensure that they have great customer reviews.

Ultimately, the cash buyer route’s primary selling point is its swiftness versus traditional property chains. For sellers prioritising a headache-free sale, it can prove an appealing solution.

When is selling to a cash buyer ideal?

While sacrificing a portion of a property’s market value is never desirable, there are particular seller circumstances where the speed and simplicity of the cash buyer route can prove invaluable.

For anyone facing relocation due to new employment or personal situations, wrapping up a sale within weeks rather than months eliminates carrying two residences’ worth of costs. Cash buyers allow sellers to compress moving timelines considerably. The same applies to divorces, where quickly liquidating a mutual home asset takes immense financial strain off both parties.

Probate estates also frequently benefit from the ability to quickly sell off a deceased’s home to both settle outstanding affairs and have funds available for distribution to beneficiaries. The complex legalities of probate only get more tangled when dragged out over months.

Aged homeowners looking to downsize or transition into assisted living find the cash buyer route particularly enticing as well. Avoiding repair costs alongside drawn-out listings provides peace of mind they can quickly access their home equity for new living accommodations.

Even selling a relatively standard property can make sense via the cash route if the need for a swift transaction outweighs absolute top price. From job transitions to family emergencies, sometimes closing quickly is simply the wiser financial move than riding out the standard four to six month process.

Summary: Speed up your sale with Property Rescue

If you’re after a quick sale, there really isn’t a comparison—selling through a cash-buying company speeds up the process and means a quicker sale. At Property Rescue, we can buy your home in as little as 48 hours. Get a free, no-obligation quote to see how much your home is worth. If you’re happy with the offer, we’ll get the ball rolling and even take care of the legal fees. No chains or complicated processes. Just quick cash for your home. 


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