Do you want to sell your house but have no idea where to start? Many people put off selling, “until the housing market improves”, “until I have enough money for home improvements” or simply because the process feels overwhelming.
If you do decide to sell your house and you’re ready to act now — whether to invest in your future, get a bigger house, or move to a new location — you might want to avoid the stress and inconvenience of a long drawn out sale and get it over and done with quickly.
So, can you trust a quick house sale company?
The answer to that question is not straightforward! There is a lot you should know before opting for a quick cash sale to ensure it’s the right choice for you and that you have a positive experience.
How to Choose a Quick House Sale Company
If quick house buying companies seem like an appealing option to you, do some research before committing. A genuine cash buyer might be the perfect solution for you, but be sure to choose a reputable company by checking the following:
Accreditations. Spend some time looking into what accreditations each company has. There are a few different accreditations that will lend trust and value to a cash house buying company — one of the most common is the NAPB or The National Association of Property Buyers, which is a group of property professionals who are dedicated to promoting industry best practices. Another accreditation to look for is the TPOS or The Property of Ombudsman, which will help you if anything goes wrong. If the company is a member of either of these groups, you can access their independent redress system if you have a complaint.
Experience and Reviews. Next, research the company itself. Check how long the company has been established and see if they have any reviews from previous customers. Websites such as Trustpilot screen reviews to make sure they are genuine. How many positive and verified reviews does the company have? How often are they being reviewed and how recently have people worked with them? Reading other customers’ experiences can help you to build a profile of the company and give an indication of how trustworthy they are. If a company has been in operation for many years with a healthy number of positive reviews this might give you the peace of mind to move forward with them.
Finances. Explore the company’s financial situation. One of the biggest things to watch out for is companies that make last-minute changes to the initial offer that you accepted. This is something that everyone is afraid of when using quick house sale companies. If you need to move out of your current home and cannot complete another sale quickly, you may feel pressured to agree to the reduced price. Check to see if the company has the cash to purchase your house at the price quoted and in the agreed time scale. This will save you stress and hassle in the long run. Ask how the company makes its money. If the bulk of their profit comes from selling your data to third party house buyers, this is a big red flag. Companies that operate this way often experience delays and are unable to fulfil their “quick sale” promise. It’s always worth double-checking the company’s GDPR policy to understand how they will use your personal data.
Read the Small Print. When it comes to negotiating contracts, don’t rush or feel pressured into decisions. You have the right to negotiate the terms and the price of your house. Furthermore, get everything in writing, as this will put you in a much stronger position if anything goes wrong. Once you have an agreement, it’s worth reading the small print carefully and seeking advice from a legal professional before you sign it. There are plenty of solicitors who deal with these sorts of agreements and it’s well worth the extra money to have them read over the agreement.
Check there are no long tie-in periods, as these could defeat the point of going to a “quick sale” company. It’s worth knowing that a typical estate agency contract lasts for eight to 12 weeks, so you’ll want to have a shorter contact for a quick sale. One final thing to remember is to ask to see the survey. If at any point the company decides to reduce the offer price, ask why and check the survey to see if there is a valid reason for this price drop. Nothing should be kept from you or hidden in the process.
As with any big, legally binding decisions, it is worth taking your time and doing your diligence to ensure that you have a positive experience and receive the service that you signed up for — a quick, guaranteed and hassle-free house sale.