If you need to sell your house fast, you might have been considering ways you can go about it. In the current ‘sellers’market, you could also be led to believe that you can use a traditional agent and your property will go on the market today and be sold by tomorrow.
In actual fact, in many cases right now that is happening. However, what it does not account for is the lengthy process that follows the point of accepting an offer. There can be so many twists and turns in the sale of a property, from buyers pulling out, mortgages not being approved, properties being down valued (more on this next week), and of course surveyors finding something wrong with a property, that it is rarely plain sailing
Whist having these thoughts, you may also have considered using a quick house sale company. In a nutshell, they offer to buy your house quickly at a discounted price. However, there are, like all industries, rogues out there who can mislead homeowners causing them to lose out financially.
So, WeBuyProperty wanted to offer some honest advice with pros and cons to help you in your decision.
The idea of organisations like WeBuyProperty is to provide a useful service for homeowners who need to unlock cash in a hurry. Some companies are able to buy your house within days and pay all fees (such as for solicitors and searches) for you. They pay cash for your property and usually buy at a discounted rate.Pros
- Avoid repossession, clear debts or sort out financial issues
- Move for age or health related reasons
- Dispose of inherited property
- Sell as a result of relationship breakdown or divorce
- Want to sell quickly due to ill-health
- Relocate due to a change of job or to emigrate
- Good way to sell a challenging property (Short lease, high flood risk, subsidence)
- Some companies agree to buy a house, but then reduce the price at the very last minute. The company should make clear to the owner that the valuation is subject to change based on further investigation
- Fee structures are not always made clear and these should be totally transparent
- Some companies make false property valuations
- Some contracts tie customers in, preventing them from selling to anyone else who might come along with a better offer
What can you do to protect yourself?
Just like traditional estate agents, the quick house sale market is not regulated so consumers aren’t protected when selling a property to one of these companies.
However, the National Association of Property Buyers (NAPB) ensures all members must register with The Property Ombudsman (TPOS) and adhere to its Code of Practice. By using a member of the NAPB or a company registered with TPOS, homeowners can access its independent redress in the event of a dispute.
The NAPB is a not for profit organisation that alongside The Property Ombudsman promotes high standards in the quick property sale sector. All members must follow a strict Code of Conduct to treat sellers fairly.
WeBuyProperty is proud to be a member of NAPB – to check you can visit www.napb.co.uk.
We would also recommend you only ever use a traditional estate agent which is a member of one of the government approved redress schemes, The Property Ombudsman or Property Redress Scheme.
When it comes to selling, whether through a traditional agent or to a quick sale agent, I would always advise vendors to do their own research too. Understand what is happening in your local market right now, have an idea what you home is worth if you were to take it to market, but keep in mind you will be offered less for a quick sale – but you still want it to be fair. You should also be honest about any material information to do with your property, for example, if you know it is in an area with a high risk of flooding. This will help the company give you an accurate valuation from the outset and prevent hold-ups further down the line.
Always use a company which is a member of TPOS and NAPB as above.
If you have any questions, big or small, about selling your home through a quick sale agent like WeBuyProperty, we are happy to answer them. We can also provide a no obligation valuable or just give you some guidance on your current situation if you aren’t quite ready to sell yet.
Phone number: 0207 449 9797