If you have recently considered selling your property due to financial reasons beyond your control, such as losing your job or a bereavement – you will probably be finding that the property market is a lot slower than the media is making out. In fact, the average property sale is still taking around 6 months to complete, which is far too long if you are in desperate need of a quick sale.
Some companies on the internet claim to have the answer by offering home owners the opportunity to sell their homes quickly for a fast cash offer, and a guaranteed sale in 7 -10 days. However, these companies have recently came under scrutiny, and it has been claimed that a number of them are practising unlawful methods of attaining the equity from vendors in desperate situations.
Not all of the cash buying companies are ‘rip off’s’ and in actual fact a number of these types of companies offer a genuine service that a number of vendors swear by. It is the minority that spoil the reputation of the decent companies. For your added protection, if you do plan on using a quick sale company, we have listed below some of the tell tale signs that the company you are dealing with are not what they claim!
1. Are they really cash buyers? A number of companies on the internet pretend to be cash buyers when in actual fact they are just estate agents. A number of these companies have been exposed – however a number are still at large. One way of verifying if a company is a genuine cash buyer is to ask them to prove they have funds readily available to purchase your home.
2. Will they drop the price? Reports are also indicating that a number of cash buying firms are making high offers to vendors only to drop the offer right at the last minute. This is completely unacceptable, therefore you need to get a guarantee of the offer you will be receiving. This will protect you from any company trying to do this at the last minute.
3. Do they charge fees? Any company trying to ask you for an upfront fee of any type is one you should generally avoid. If they are going to be buying your property at a substantial discount, in exchange for a quick sale – they should foot the bill for valuations and solicitors.
Remember – ask as many questions as you like in the first instance – it’s your right to do so! Don’t just go along with the first company you see as it could turn out to be a costly mistake in the end.