It is hard to sell a property fast in this economic climate. Estate agents struggle to find buyers for properties that can be mortgaged or proceeded to, and many employees are furloughed and uncertain about their future employment prospects. The banks and building societies are being more cautious about lending to mortgage companies, while banks and estate agents aren't operating at their full potential to sell the property.
Many homeowners are looking for a quick way to sell their houses. You can contact us because we buy any house which makes it easy to sell your home and get cash quickly. The industry has its positive points, such as a guaranteed buyer and a quick sale, but it's also full of scams that exploit sellers in desperate circumstances. "Many quick-sale companies will agree to a high price, before dropping it by thousands at the last moment."
If you find yourself in the position of having to sell your home quickly, the following are some of the most common scams that con artists employ, as well as some tips on how to avoid falling victim to them.
1. There Are No Genuine Cash Funds Available To Purchase
A website with the phrase "We buy any house for cash" written all over it does not necessarily mean that they are a cash buyer. Companies are using the phrase "we buy any house" without having the funds to purchase the property. The cash-buying industry is not regulated. They simply list your house on websites just like regular estate agents. This will not guarantee a cash sale. You can only prove that a cash-buying company is real by asking them for proof of funds. Ideally, this should be in the form of a letter from a solicitor stating they have sufficient cash to purchase your home.
2. Inaccurate & False Valuations
When attempting to ascertain how much the real estate is worth, the only factor that should be considered legitimately is an authentic surveyor appraisal. Cash-buying organizations will occasionally lower the worth of your home based on their estimations to boost the amount of cash they are willing to offer you. A cash-buying corporation should dispatch a surveyor or consult with at least three unaffiliated real estate agents before making an offer.
3. Property Options And Creative Sales
Many companies that claim to be cash buyers do not offer any cash services or even an estate agent sale. They are looking to make as much money as possible from your situation. They may place restrictions on your property to prevent you from selling elsewhere and might mention 'options. These are complex ways of selling your property that don’t work. They may also mention 'options'.
4. Lead Generation Companies
Lead-generation websites are companies that collect information and then sell it. These lead-generation websites may sell your information to multiple companies, so you might get multiple companies contacting you. Check to make sure the website you use is lead-generation. If they are, ensure that they comply with GDPR, have a valid data privacy license, and will only forward you to one company that can assist you.
5. Hidden Fees
Many 'fast sales' companies will not inform you of fees and charge you without your consent. These fees can run into the thousands and you should be cautious about trading with companies that do not charge these fees. Before signing anything, make sure you get a written breakdown of all costs.
6. Last-Minute Price Reducers
Many quick-sale companies will agree to a high price during the initial conversation and then proceed to the day of completion, before dropping the price by thousands of pounds at the last moment. The firm anticipates that homeowners will be more comfortable accepting the new price than the entire process crumbling. This can be avoided by getting a written offer right at the beginning of the process.