Tempted to sell your house for quick cash? Get the facts
By Vin Parmar on 24 Aug 2017 in Selling
There are many reasons why you may consider using a quick sale company to sell your home, such as to avoid repossession, relocation, age, health or a relationship breakdown.
However, fee structures aren’t always made transparent, false valuations may occur and some customers are tied to a contract.
We all often think about a fast property sale being a good option if we need fast cash, but do we ever think about if we are getting scammed or not? It’s a huge financial commitment selling your home and therefore it’s very important you take the correct steps and deal with reputable organisations.
Quick house sale companies are there to sell your home fast but at a discounted rate. You will lose out financially, so it’s important you understand the process and you’re happy with the terms. Beware of dishonest and unethical quick house sale companies – they could lose you money. One homeowner had been agreed a price of £120,000 for his property but just before the deal was to be signed; the price was dropped to £80,000.
What questions should you ask the quick sale company?
Here are some questions you could ask the company or person you’re dealing with, to establish if they’re legitimate and to check if this option is right for you:
- Can the quick sale company show you how long they’ve been operating for?
- Who is valuing the property and how?
- Will I be kept up to date at each step of the process, and how will you do this? Will this be in writing or a verbal offer? (Always make sure everything is in writing so you have a record).
- Where does the cash come from? Who is buying your property? (Ask for proof, a genuine cash buyer will be able to provide this).
- What guarantees can the company give you for how quickly the sale can happen?
- Could the offer price change, and if so, at what stage could this happen?
- Is the offer price subject to anything, such as a contract or survey?
- What fees or charges apply (for example solicitor or survey fees)?
- What fees apply if you don’t complete the sale?
If you find the quick sale company cannot provide you with the information you need, you’re unsure of the process, or you believe they may not be legitimate, you should seek specialist advice.
You can also visit the Money Advice Service website for a useful checklist for going ahead with a quick house sale.
Know your facts. Understand the process. Get specialist advice if needed. Ensure this process is right for your needs.