Can you trust quick cash buyers?

Can you trust quick cash buyers?

Q. Which of the following are true?

1.Quick cash buyers prey on the vulnerable

2.Quick Sale companies offer a useful service

3.Property Cash buyers will reduce their offer at the last minute

4.The speed and certainty given by quick house buying companies compensates for sacrificing some equity

A. All of them – although it depends on who you use!

It’s no accident that the OFT and FSA have examined the quick sale property sector in the past. Clearly there are some cowboys operating – as of course there are in any industry.

Due to the amount of money involved with property, some clever and devious people have created all sorts of schemes and scams to thrive at the expense of vulnerable homeowners.

However, there are honest and reputable companies who provide a reliable and much needed service to people who can’t, or don’t want to, sell in the traditional way on the open market.

I must declare an interest here – my company, Ltd., has provided such a service for the last 10 years and been involved in over 5,000 purchases during that time.

We operate openly and ethically and many of the people we help now come to us through word of mouth from satisfied customers.

We’re not the only company with these principles – after all it makes sense from a commercial point of view to run a business this way.

However there are individuals and companies who are looking to “make a quick buck” who have a different approach. Tricks they use to make money at a homeowner’s expense include:

  • Charging an upfront fee for a valuation, with a guarantee to make you an offer with the valuation fee offset against this.Sounds good, until the offer you receive turns out to be only half of what your property is worth.
  • Asking you to sign an Option Agreement (meaning you can’t sell the property to anyone else during the period of the agreement, typically 6 or 12 months).Once signed you are at their mercy if they decide to reduce their offer.
  • Reducing the offer at the last minute – usually with some excuse about funds not being available.Done in the knowledge that you won’t have the time or appetite to refuse.

There’s a phrase you may have heard: “Buyer Beware”. Meaning: be careful to check things carefully before you buy. Which of course you do when you buy a house – you have a survey, use a solicitor to check the title, etc.

In the case selling a property to a Quick cash buyer it’s: “Seller Beware”.

If you’re thinking of selling your property this way, it really is vital that you check things as carefully as you can.

Spend as much time on Google as you need to, ask questions on property forums, insist on meeting people face to face, and don’t sign anything without checking it out with your solicitor.

If you do sign anything, make sure there is a reasonable cooling off period.

Understandably, lack of time or financial pressures can cause people to make ill considered or rash decisions that they could live to regret.

Yet so much information is available online about everyone and everything, that, at the very least, spending a couple of hours using a search engine could save you a lot of pain in the future.

by Richard Watters

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Selling A House in 2014 – The Best Time Ever?
The Importance Of Decluttering Your House

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