On average, it takes nearly 6 months to sell a house in the UK. Remember this is just the average, meaning a good percentage of properties will take even longer to sell!
So, it’s understandable then that a lot of home sellers are starting to look for faster, alternative ways to sell their home.
But can you sell a house in just 7 days?
It is possible to sell a house in just 7 days. The only way to sell your house in 7 days is to sell to a well-funded, reputable cash house-buying company. Not all house-buying companies will be able to complete in 7 days though and there are external factors that can delay proceedings.
In this article we look at how house-buying companies are able to buy your home so quickly and what can hold them up. Plus, we answer the key question: can all house-buying companies purchase your house in 7 days?
It’s vital that you pick a reputable, well-funded cash house-buying company if you’re wanting to achieve a quick sale. That’s why our article also reveals how to choose the best house-buying company for you – we’ve got you covered!
If you want to cut right to the chase and find out if a cash house-buying company is right for you, I've designed a short quiz.
If a Cash House Buyer is the right option, I'll introduce you to the company I know and trust on your quiz results page.
Hit the button below to get started:
1. Can you sell a house in 7 days?
Whilst it is technically possible to sell a house in just 7 days, it can be hard to achieve in practice. The only way to sell your house in 7 days is to sell to a well-funded, reputable cash house-buying company.
Selling to a house-buying company is still the fastest way to sell a house. However, there are lots of things outside of your control that will need to fall into place to complete in such a short timeframe.
On average, most cash house-buying companies complete in around 14 days (or a longer timeframe to suit you).
Whether it is 7 days or 14 days, selling to a reputable house-buying company will still be the fastest, easiest, and most certain sale you can achieve.
1.1 Do you actually need to sell your house in 7 days?
Although it can feel like you need to sell your house in 7 days, you probably have more time than you think.
Many of our readers come to us thinking they need to sell at this lightning pace for various reasons. That’s often not the case.
Whether it’s repairing a broken chain or avoiding a repossession, reputable house-buying companies will more likely than not have dealt with something similar in the past. They can often step in and buy you more time.
Once the “Memorandum of Sale” has been produced, this will often be circulated to all parties involved. The house-buying company can also speak directly with parties to keep everyone in the know about the progress.
Because house-buying companies are quick-moving, chain-free buyers, other parties involved will have the peace of mind and confidence that the sale is guaranteed (even if it takes slightly longer to complete than 7 days).
So, what are some of the things that can hold up a fast house sale to a cash house-buying company?
2. What can hold up your fast house sale?
People choose to sell to a house-buying company because they want to sell their house quickly. But even if you go this route, there are things you should be aware of that could still delay your sale...
The number one thing that can hold up your fast house sale is picking the wrong house-buying company. There are so many dodgy, unreliable companies out there that will make false promises they never intend to keep.
Several frustrated readers have reached out to me looking for a solution after signing up with untrustworthy house-buying companies. They were promised the world and a fast 7-day completion but were still waiting to complete months down the line!
If you’re looking to save a lot of homework, headaches, and guesswork, I can help. You can get a free, no-obligation consultation and cash offer from the home-buying company I know and trust within 48 hours. Hit the button below to get started…
There are a number of other things that can hold up your fast house sale. A lot of them are either out of your control, or out of the control of the house-buying company.
- Management pack for leasehold properties. It can take up to two weeks to get the management pack from the management company. The house-buying company will need this to complete.
- Form filling. You will still need to complete the various property forms and answer enquiries when selling to a house-buying company. If you are slow at completing and returning the paperwork, this will hold things up. Make sure to answer enquiries promptly and get everything signed asap.
- Survey. The surveyor will need to gain access to the property to carry out the survey, so make sure someone is around to let them in. The survey report can also cause delays if it takes longer than usual to produce.
- Solicitors. I would highly recommend using the house-buying company’s recommended solicitor. They will be used to the quick turnarounds and the existing working relationship will ensure your case is prioritised.
- Third parties. If there are secured loans or restrictions on the property, this can cause delays as the third parties will have to cooperate with the sale.
- Logistics. You will need to be able to move out of the property in 7 days, which means having the removal van booked and a new place to stay lined up (if necessary).
It can help to be aware of these external factors but, either way, you are still going to achieve the fastest, easiest, and most certain sale possible (as long as you’ve picked the right company).
Even with these delays, well-funded, reputable house-buying companies can still buy your house in as little as 14 days! So, how exactly can they buy your house so quickly when it takes estate agents 13x longer (on average)…?!
3. How can house-buying companies buy your house so quickly?
House-buying companies have been able to shorten the average time it takes to sell a house from 6 months to just 7-14 days! But how is this possible?
There are 6 main changes "buy my house" companies have made to the house sale process. The fundamental changes allow them to “short circuit” the standard process and buy in timeframes that are unmatched by the rest of the market.
- They buy from you directly. This means you get to bypass viewings, unqualified buyers, chains, offer negotiations and dealing with estate agents.
- They offer quickly. They will carry out an in-depth valuation and can make you an offer within 24-48 hours.
- They have their financing ready. House-buying companies don’t have to wait on mortgage lenders like ordinary buyers do. They’ll either buy with cash or with a large commercial financing facility.
- They use the best solicitors. Fast completions are crucial to their business, so they'll have long-standing relationships with fast, proactive solicitors who are able to provide this level of service.
- They have an experienced team. This allows them to make decisions quickly and work around complicated legal issues. They'll also be more comfortable taking out insurance policies to sidestep a lot of the problems that delay normal house sales.
- They’re service focussed. Because their acquisitions are higher value than normal estate agent sales, they'll invest more time in the service they deliver for you. This means more communication. This not only keeps you feeling up-to-date and in control, but it also means any issues are flagged up and resolved quickly.
So, are all house-buying companies able to buy your house in 7 days?
4. Would all cash house-buying companies be able to buy your house in 7 days?
Not all cash house-buying companies will be able to buy your house in 7 days. Some house-buying companies use mortgages or bridging loans to finance their purchases. Others act as the “middleman” and find buyers for your home, who will ultimately fund the purchase.
The best thing you can do is to ask for proof of funds when they make their offer.
If they can’t present it, that’s a serious red flag. It means they might need to apply for finance (which might not be guaranteed), or they might need to find a buyer for your home. Either way, there’s no way they’ll be able to complete in 7 days.
Speed also equates to risk for house-buying companies. To get a sale done quickly, you must be able to short-circuit a lot of the processes carried out in a traditional house sale. Only the big, reputable companies who are self-funded and have the experience will be able to take on the risk.
Unfortunately, there are hundreds of cash house-buying companies out there and only a handful of them are legitimate.
So, how do you see through the false promises and choose the right house-buying company?
5. Choosing the right house-buying company
I get calls on a weekly basis from home sellers who’ve picked the wrong house-buying company and fallen victim to one or more of the unethical tactics these companies use on their customers.
Choosing the right house-buying company can be extremely tricky. With so many companies out there, it can be hard to pick the genuine companies out from all the rest.
We’ve done the hard work for you and can refer you directly to the highest-paying and most reputable companies. Take this free quiz to get started.
If you’re doing your own research, here’s my advice on how to pick the right house-buying company:
- Make sure the offer is guarantee-backed. The house-buying company I recommend will give you a guarantee when they make their offer. This gives you peace of mind that the house-buying company won’t drop their offer last minute.
- Never sign anything. There’s no genuine reason you need to sign a contract with someone in order for them to buy your house. You should run a mile if the house-buying company presents you with an “option agreement” or “purchase agreement” to sign.
- Get proof of funds. Ask for proof of funds when they make their offer. If a company is supposed to be buying your house in 7-14 days, they should be able to provide this.
- Demand the survey is done at the start of the process. A dirty tactic that many house-buying companies use is delaying the survey. Not only will this cause delays, but it could also be a sign that the company want to use survey results as an excuse to drop their offer.
- Demand exchange of contracts asap. This is the point where the sale becomes legally binding. Exchange will give you complete certainty that there’ll be no surprise price drops, as the price is fixed at this point.
- Get a recommendation. I’ve worked in and around the house-buying company industry since 2014, and I know most of the major players. There’s one house-buying company I recommend that are head and shoulders above the rest. They have a faultless track-record with our readers and I can connect you with them too.
Read on to find out how you can get a free consultation and cash offer within 48 hours from the house-buying company I know and trust…
5.1 Who is the best house-buying company: my recommendation.
There are over 200 cash house-buyers operating in the UK. The amount of choice is overwhelming and because the industry is so poorly regulated, it’s difficult to find a genuine company who isn’t full of empty promises.
I’ve worked in and around the “Cash House Buyer” industry for nearly 10 years, and I know nearly all the major players.
Based on my experience, there’s one company head and shoulders above the rest who I trust and have worked with for over 8 years. They deliver on their promises and provide an excellent level of service.
If you're thinking about a fast sale, the first thing you need to do is find out whether or not this is really the right option for you...
I designed a short quiz to help you do just that.
If a Cash House Buyer is the right option, I'll introduce you to the company I know and trust on your quiz results page.
Hit the button below to get started.
By Matthew Cooper, Co-Founder of Home Selling Expert