Understanding Quick House Sale Firms
Although quick house sale firms are approached with a lot of caution, they are very handy when you want to sell your property fast. This is because there has been concern about homeowners being misled and lose out financially by companies that promise to buy the house only to reduce the price at the last minute. In some cases, some of these companies will not offer clear fee structures or even make false valuations.
For starters, quick house firms offer to buy your house of even identify a third party buyer within a short term for cash payment. However, the price is usually discounted usually 75% while the company pockets the rest hence, not the same as the actual market value.
Generally, these companies will sell your property within a matter of days. As such, a quick house sale is ideal if you are looking to raise cash quickly or push through a hurried sale to clear debts, avoid repossession or get around issues that are making it difficult to sell property such as areas that have a high risk of flooding.
There are numerous things you need to do before deciding to sell your property through quick house sale companies. Here are the some of the important things you need to consider:
- Carry out an independent valuation – You will do well to do your own valuation so that you have an idea of the amount of money you can expect from the sale. Besides, you can compare your valuation to the survey done by the company and be able to question how they arrived at the price they are offering.
- Compare different quick house sale companies – You may also want to compare different quick house sale companies so that you have an understanding of what they are offering. A few we recommend are Ready Steady Sell, Property Buyer and House Buy Fast for a quick process and guaranteed offer.
- Check that the company is registered – The other important thing you need to do is find out about the company’s credentials. For instance their membership to professional bodies such as the Ombudsman services and The Property Ombudsman. Should the company claim to have signed up to a code of practice or an official body regulates them, then you need to check and confirm.
- Negotiate – If you do not like the terms under which the quick house sale company is making an offer, do not shy away from negotiating the terms or even the price. Remember, you may be doing this to solve an issue fast so you need to ensure you go for the best possible offer.
- Have everything in writing – It is important to avoid verbal acceptances, instead ensure that everything you agree on with the quick sale company is in writing. This is a great way of safeguarding your interests. Besides, it can be a point of reference in case of disputes.
- Get an independent legal adviser – Avoid making a rushed decision. Instead, you will do well to engage an independent legal adviser that will help you understand the contract terms that you are agreeing to as well as clarify anything that may not be clear.
- Beware of long tie-ins – You need to keep in mind that the reason you are opting for a quick house sale is to be able to dispose of the property within a short time for cash. As such, you do not want to sign up for an agreement that ties you to the company for a long period because you might as well sold the property through an estate agent.
- Be honest – While the temptation to give false information may be strong, you need to ensure you provide accurate information. In addition, be sure not to leave out important information that affects the status of the house and the price significantly.
- Avoid committing to early – Although you may be desperate to sell your property quickly, you need to avoid the temptation to sign the agreement until every stage has be cleared conclusively.
Quick house companies offer the much needed relief when you want to sell your property within a short time. However, you need to take time to take a number of factors into account before committing to the sale agreement.