You only need to do a quick internet search of fast house sale and you will be inundated with results from companies all suggesting being the best and most reliable at buying your home fast for cash! If you are finding yourself in a desperate need to sell a house fast for cash it can be very easy to believe the company that is advertising the most attractive offers and services. However, it is advisable even though you might find yourself in a hurry to sell, to ensure you research the ‘we buy any house’ company in which you are thinking of going with. Informing yourself with quick house sale companies processes and basics will save you time, stress, and financial disappointment further along the line.
What do I need to know about quick house sale companies?
It is firstly important here to say exactly what quick house sale companies are and what they are not. Quick house sale companies usually exist in the virtual domain hence the inundation of results when looking for them online. They are not traditional high street estate agents who will charge a fee to facilitate the selling of your home which often can be a lengthy process. They are companies who offer to buy your house fast for cash, some even within 7 days! The companies can buy your home fast directly or by finding a third party to buy your home. Your home is purchased by the companies usually at a reduced market value rate. Desperate homeowners looking to sell their homes quick for cash are often willing to accept the company’s offer of 10-25% below market value.
How do quick sale companies work?
After contacting a quick house sale company, you will be contacted by one of their employees to find out as much information as possible. The company will do their market research and after valuing your home will likely make you an offer usually below market value (BMV). If all is agreed your home can be purchased by the quick house sale company very quickly as little as 7 days! Below is a common process of selling to a quick house sale company.
- indicative offer is given online
- details are confirmed, and solid offer given over the phone (pending valuation).
- RICS valuer or 3 local agents are sent out to conduct free and no obligation valuation.
- Firm and final offer is presented to the customer if accepted solicitors are instructed and sale is completed within 7 -14 days.
It sounds almost too good to be true for homeowners desperate to sell their homes quickly. Well in most cases it usually is. The fast house sale industry is like any area of the business world which is made up of reliable trustworthy companies and companies who are looking to scam you! Scammers in the fast house sale industry buy you out of your home by using your desperate situation by entrapping you into the process of selling your home to them by offering too good to be true offers! Be extra wary of those companies offering 100% full market value on your home. These companies must make a profit from your home so it is likely they will offer below market value for your home.
The Pros and the cons of quick house sell companies
There are like mentioned above good companies and bad companies in the quick house sale industry. For some homeowners selling fast is the only option they may be faced with, achieving cash fast for their homes can be done through reliable trustworthy quick home sell companies. If you are a homeowner looking to sell house fast for cash it is important to take note of the following pros and cons that you might face when entering into the fast house sale process.
Pros
- A quick sale can be achieved.
- Cash can be accessed quickly.
- Financial issues can be resolved quickly helping to avoid repossessions, and debts.
- If traditional methods are not working, selling your home quickly can be a possible solution.
Cons
- Typically, quick house sale companies will offer between 75-90% of the current market value.
- Reduction of agreed purchase price last minute by the quick sale company! This can be very frustrating for homeowners!
- Unclear explanation of fee structures leaving the home-seller paying more fees than expected.
- False valuations made by some companies to increase their potential profits.
- Deals can be missed out on by some companies enforcing a “sole agency” policy which prohibits sellers from accepting offers from other companies.
Consideration points when selling your house with a quick sale company
Is selling to a quick sale company the right option for you! Do your research, look at the pros and cons and look at all your possible options.
Do your own valuation, do not rely solely on the valuation of your property by a quick sale company.
- Look at the reviews (not just the ones on the company website, as quite often these can be bought!). Undervaluing by these companies has meant sellers losing up to 50% by selling to untrustworthy quick sale companies!
- Shy bairns get nowt as the old saying goes so do not be afraid to Negotiate!
- Offers such as free service with no legal cost claimed by quick house sale companies are often factored into the below market value offer so are not free when you think about it!
- Look about do not just settle for the first company that grabs your attention, there are plenty to choose from so ensure you pick the right one for your circumstance.
- Just because a company may be a member of the national association of property buyers (NAPB) does not mean they are regulated! Be cautious and it is advisable to go with a company who allows reviews via third party platforms such as trust pilot.
- Most companies have their own in-house legal advisor however it would be better to source your own.
Ensure to read the contract and all small print and do not be afraid to ask questions. Above all you should not feel pressured by these companies if it does not feel right go with your gut instinct. It is your property and your choice
