by Mark Johnston
The new breed of house buyer!
Every home owner knows that selling a property can be a stressful experience, after countless dead end viewings, when a buyer finally comes along; the deal could still end up falling through, meaning that the home owner not only loses money but ends up at square one again!
So what if a seller could bypass this stress and sell their home quickly? Well there are many quick sale property firms now popping up on TV ads and the internet.
The National Association of Estate Agents (NAEA) has reported a dramatic increase in the number of quick sale property companies recently.
Mark Hayward, president of the National Association of Estate Agents (NAEA), said “while these firms might sound like a great solution for people looking to sell their property in a hurry, we are finding that it is often families who are in desperate financial circumstances which are targeted through website advertising and a door to door approach”.
Webuyanyhouse.co.uk claims they can offer up to 90% of the house value and purchase the property within 4 to 8 weeks.
Quickbuyers.co.uk claims they can offer up to 75-85% of the value but is more optimistic on when they can complete which is around 15 days.
Then of course there are the more unrealistic claims such as the one from bestpriced.co.uk who state they can buy any house in a mere 24 hours, with cash, fee free and for up to 100% of the value. However on closer inspection of the fine print the cash could take between 14-28 days to clear in the bank.
All these deals sound too good to be true and that because they usually are…in reality the seller will ultimately loose thousands of pounds.
Peter Bolton King, a member of the Royal Institution of Chartered Surveyors (RICS), stated that “while most websites claim that they only knock 10% of the market value of a home in exchange for the cash, most of the time the figure is going to end up to be much higher”.
The thing house sellers should remember is that this is an unregulated industry and therefore with no regulations in place quick sale customers could find themselves following in the footsteps of sale and rent back victims.
All this said some of these firms may be a useful alternative to losing a home altogether because repossession fees are sky high and lenders may still fail to get the best price.
Kate Faulkner, who runs the property advice site designsonproperty.co.uk, states that anyone going down the route of quick sale should look at big companies such as quickmove, ARC property group and PXS properties.
Quickmovenow.co.uk maintains that it is a genuine cash buyer instead of a broker, which is what other firms are.
Donna Houguez, from Quickmove now, says “we are particularly worried by the number of companies that pose as instant cash buyers when a simple check proves they do not have the cash reserves available to enable this”.
Home owners can use ‘Companies House’ to check a company is registered and also to take a look at their accounts to make sure they have the finances available to fund the potential transaction.
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