In today’s property market it seems hard to believe that people can buy property fast without resorting to cash, but it really is possible, here is how they do it.
The first action taken by fast property buyers is to build a team, this comprises a specialist mortgage broker, solicitor, and a valuation surveyor. With these 3 key team members it is relatively straightforward to make an offer to purchase and complete within 4 to 6 weeks.
The first step is valuation, this is normally done remotely, the valuer will obtain details from land registry and local estate agents. So even without viewing your property, providing it is typical for the area, they can obtain a fairly accurate valuation figure.
The next step is financing. Once the professional property buyer has the valuation and has agreed the purchase price they obtain a “DIP” (decision in principle) from the lender. This usually takes up to one week, timing depends on how quickly a surveyor (on behalf of the lender) can get to view the property.
Once the DIP is in place its onto the solicitors. By now around 7 to 8 days have elapsed. It usually takes solicitors 14 to 21 days to complete the searches, clarify details of the sale, etc. Once this is done contracts are exchanged and the purchase completed, often both on the same day.
It really is a fast purchase process. Timescales can be reduced with cash purchases, but this sometimes means that the buyer has to take shortcuts, consequently cash purchases have a higher risk to the buyer and thus a lower selling price for the vendor.
