May 18, 2024

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Good Living

Fact Check: Do They Really?

You may have seen signs in your neighbourhood or online: We Buy Any House. You look around the home you own, the one that needs a new roof and extensive plumbing upgrades. You gaze at the inherited property that came with more maintenance costs than memories. And you wonder: do they really buy any house? What about this house? 

Smart questions. When contemplating any significant change, it is important to learn as much as you can about your options. When it comes to selling your house quickly, is a We Buy Any House company the right option for you – and, again, will they buy your house?

What is a We Buy Any House Company? 

This is typically a group of investors that purchase homes in a given area. Their goal may be to renovate and ‘flip’ the home or to keep it in their portfolio as an investment property. Depending on the specific company, there may be a small pool of investors or there may be larger firms that operate in multiple counties/cities or even throughout the UK. 

How does it work? Again this will depend a bit on the specific company, but typically, you simply visit their website and fill out a quick form. They may ask for limited information about the property (e.g. age, square footage) or they may just ask for your postcode.

From there, you will receive an ‘offer in principle.’ This is an initial offer, pending the results of valuation. If you agree to go ahead with the process, they will send professional valuators to the property. With this information in hand, the company will extend a formal offer, which is contingent on a RICS survey and contract. 

At no time are you obligated to continue the process, and the expenses associated with the valuation and reports are typically covered by the We Buy Any House company. 

If the formal offer is acceptable to you, the company instructs a RICS Homebuyer Report and solicitors. Pending an adequate report from the RICS surveyor and a Report on Title from the solicitors, the process moves forward to sale. All of this can take place within two to three weeks, resulting in a cash deposit in your account. Compare this with the three, four, five, six month – or longer – frustration that is a conventional sale. 

Will They Buy My House? 

You may be thinking, ‘Yes, it’ll take two to three weeks if all goes well.’ But what if your house has some structural issues? Water damage? What if it is in need of extensive repairs or plumbing/electrical upgrades? In other words, will they actually buy any house, no matter what the condition?

Here’s how it generally works: you receive your initial offer, as mentioned. The company will ‘investigate’ further, so to speak, and instruct experts to evaluate the property. They may well uncover issues that have a detrimental impact on value, such as those we mentioned.

In rare cases, the company will rescind their offer. The reality, however, is that the vast majority of properties are saleable. They have value, albeit perhaps at a lower price point than would be true if the house were in good condition. In these scenarios, the company will amend their formal offer to accurately reflect the circumstances. 

Remember, you are entitled to review any and all reports and documents related to your property’s valuation, RICS report, and Report of Title.

Once you receive a final formal offer, you are free to choose whether or not to accept. It is completely within your control. This fact alone can be comforting and alleviate much of the stress of selling a home.

In short: will a We Buy Any House company buy your house? The most likely answer is ‘Yes.’ And they can do it on a significantly accelerated timeline, ensuring you have funds in your account quickly and securely. 

Is This the Right Move for You?

If you wish to sell your home and receive the cash you need to relocate, buy a new house, travel or otherwise fund your goals, then a company that buys any house may be the right avenue for you to explore. As always, do your homework and insist that any investor answer all of your questions to your satisfaction. Remember: you are in control here.