After researching cash buying companies, I discovered many were based in Leeds. While Property Saviour immediately appealed to us, we couldn't afford to waste time waiting - council tax, insurance and maintenance costs were mounting up daily.
Rather than risk being let down again, we decided to approach three companies simultaneously, hoping at least one would actually complete the purchase.
This wasn't conventional practice, but after being messed about by so-called "cash buyers" before, we weren't taking any chances.
I insisted on proof that all three were genuine cash buyers with funds readily available.
Our solicitor was initially hesitant about issuing contracts to multiple buyers, claiming "that's not how things are done." However, they came around when we threatened to instruct a different firm.
Despite providing assurances about being cash buyers, the first company immediately pushed for an exclusivity agreement - which I refused to sign. They became quite persistent, eventually offering 85% of the property's value, but only if we used their recommended solicitor. This felt like a red flag.
The 2nd company sent two estate agents for valuations. We proceeded with legals, but after one week, unexpected delays crept in. Communication became sporadic, and when they finally re-engaged, they'd dropped their offer significantly, claiming the house had damp issues that weren't there before! How did their two agents not pick this up earlier?
Property Saviour viewed the property and immediately issued a Memorandum of Sale through their solicitors. They provided proof of funds like others - an actual bank statement from that day - and simply asked when we wanted to complete.
There were no searches or surveys. The price they offered was exactly what we received - around 70% of market value. While others had promised far more, their sales were never going to materialise.
For me the fact that I could use my own solicitor without signing an exclusivity agreement and price promise were important. But as they say, trust but verify!
The reality is that any one of these companies could have purchased our property, they ALL proved to be CASH BUYERS but it came down to who would actually complete.
Afterwards, I found out that the first two companies were borrowing money to purchase distressed properties while showing cash funds! This can be checked on Companies House.
In hindsight, I'm delighted that we ran all three companies in parallel. It proved which company was genuinely committed to completing the sale rather than wasting our time.
It seems that many are timewasters, wearing down the seller with delay tactics and dropping their offer at the last minute so I would urge anyone to do their due diligence.
I hope it helps?