Turning your property into cash in the snap of a finger
That does sound good, doesn’t it? If you carry the burden of a property you don’t want -be it for any reason, divorce, illness, inheritance or whatever- or if you really need money quick -such as when a loan or mortgage’s deadline approaches- some guy in a suit coming around and saying that you will have your house sold in under a month sounds like a choir from heaven. And just as many things that sound that way at the first time, there could be some red, horned fellows beneath those feathered wings.
Quick property sales always sign for an amount of money that is below the market price of your house. However, you make the difference by saving yourself a long chain of events, ensuring your sale and quickening it from months to weeks or even days, because they will buy your house fast. If you balance all of these aspects, selling your house fast could sound like a really great option.
Sharks in the pool
What all people who want to sell their house fast have in common is that they are in some kind of financial or schedule struggle. They are under pressure and therefore they are not willing to sell their properties through the regular estate agent system, even if it means to make a difference of tens of thousands of pounds. Buyers willing to take advantage on vulnerable people and make more money, will try to catch these desperate sellers and manage to scam them or mislead them into selling for a price much lower than the actual value of their property.
This does not mean that every company that purchases properties this way is trying to scam you. In fact, a quite recent investigation revealed that most quick home sales firms are very reliable and always proceed in ethical ways. However, there are some things that you must take on account if you want to engage in a deal with these companies. If you don’t, you are quite likely to find yourself trapped in an unconvenient situation that will cause you to loose a lot of money and even, perhaps, ruin your plans of moving or renegotiating a mortgage. It is worth it to make an extra effort to ensure that you are dealing with a trustworthy, well know cash home buyer that will provide an honest and transparent service.
Look out for unreliable companies and suspicious offerings
There are some things that a quick house sale company does that set up a red light. You have to be really careful and thoughtful when you deal with these firms, especially if you don’t have references. Most complaints that arise about the way these companies scam their clients or in some way provide a disappointing service, point towards the same old tricks, over and over again.
In one word, read the small print. Request information and make questions. Some of the traps in which a seller is caught during these processes are hidden fees, changing offerings and binding contracts. Before you agree or sign anything, make sure that you are dealing with the buyer itself and not a broker. This is an usual mistake -misled on purpose- that could have you engaged in something that you did not see coming. Other typical scam is to compromise the seller by signing a contract or delaying the purchase, and then unexpectedly dropping the price. Buyers speculate to have the seller desperate or, at least, tired enough to accept the lesser numbers. In some cases, contracts have exclusivity clauses that forbid you from selling your property to somebody else, and charging you a punitory fee if you do.
These problems are well documented in the press, and have been repeating themselves for quite a long time now. The good thing is that they are not the most usual situation for a quick seller, and most transactions go out in good terms.
Making an investment with a solicitor
It is always worth it to hire independent advisory that can steer you toward the reputable companies. It could not sound that good at the beginning because of the fee that such solicitor charges, but such fee is diminutive in comparison with the tens of thousands of pounds that you could be saving by avoiding scams. Quick home sale firms can be really tricky, and you should find a solicitor that knows how to handle these companies. This way, you will be protected from the risk of misleading deals.
Your solicitor will not only tell you which companies are trustworthy. They will also guide you throughout the process, assess the appraisal and valuation of your property, and counsel you about what is the best deal that you can get. It could also serve as a mediator if conflict arises.