Fast Property Sales: A Legitimate Industry

Specialist quick-sale and property buying companies provide an effective solution for sellers for whom speed is a top priority.

Unfortunately, however, this industry has earned a somewhat poor reputation over the years, prompting prospective service users to look elsewhere and miss out on some considerable benefits.

Happily, the rise of legitimate quick-sale companies has turned the field around, making it a superb choice for those who need to sell their house fast. However, specialists in fast property sales still often suffer from the public’s lasting negative perception.

So how much of this poor reputation is down to myth and how much is fact? In this article, the team at Property Solvers – experts in helping homeowners explore all their quick sale options – explore this question further.

The Negative Reputation of Fast Property Sales

There have certainly been infrequent but very real and heavily publicised occasions where unscrupulous property “professionals” have taken advantage of the precarious or delicate situation of their clients by capitalising on their shortage of choices.

From forcing homeowners to accept rock-bottom prices and convincing potential sellers that their property is worth far less than it is to massively discounting prices right before exchange of contracts, there have been some real horror stories.

There have also been a number of “sell and rent back” schemes that, despite being heavily regulated by the Financial Conduct Authority (FCA), have continued to operate illegally.

Do Quick Sale Companies Rip Off Homeowners Today?

Luckily, thanks to crack-downs from regulatory bodies and the rise of responsible home buying companies, it is far less likely for prospective sellers to fall foul of scams in the present day.

However, there is still the occasional possibility of stumbling upon unethical companies operating within this field – so it’s vital that you take the following points into account:

  • Sellers should always be made aware of the other options available to them. If it seems you are being forced into selling despite feeling as though what you are being offered is not good enough, you are within your rights to pull out;
  • The team at Property Solvers ensure that every client is aware of the routes we can take when it comes to their sale, from adjusting the asking price to swapping agents, changing mortgage terms or renting out the property. The decisions are down to you;
  • Look for clarity. If you are receiving mixed messages or feel as though the process is being dragged out, you may be with the wrong company;
  • Your chosen fast-sale company should not ask you to pay legal fees or estate agency fees. This should all be dealt with “in-house” for speed and reliability;
  • There should be no reliance on external finance such as mortgages or loans (bar legitimate third-party finance sources which can guarantee transactional speed).

Never sign any documents or provide personal or financial information to a company without first having a clear understanding of the whole process.

What Should a Good Quick Sale Company Offer?

Along with the factors mentioned above, your chosen organisation should:

  • Be fully regulated;
  • Offer a guaranteed sale;
  • Work hard to get you the best deal;
  • Deal with you directly, keeping you up to date and be completely transparent throughout
  • Always be willing to buy properties in any state – even “back to brick” renovations or homes that otherwise require a great deal of work, including houses affected by serious damp, Japanese knotweed, subsidence or any other physical issue;
  • Never change their stance based on legal issues connected to the property – whether they include restrictive covenants, negative easements or any other third-party consents;
  • Be willing to purchase tenanted properties, even if they are subject to rental voids, arrears or damage;
  • Conduct a sale with full privacy;
  • Intervene quickly if your property is likely to be repossessed, helping you to avoid “fire selling” and considerable negative impacts on your credit rating.

Fast Sale Myths

Many people believe that they will get a far worse return from a fast property sale company than they would if they chose to sell on the open market. 

However, the overheads involved in traditional property sales – including agency fees and legal costs – plus the likelihood that their property will sell for a price that is rather lower than they have asked – will mean that there is rarely a substantial difference.

There are also those who fail to realise that companies promising to sell houses fast are not the only entities conducting sales below market value. There are in fact a wide variety of estate agencies, auctioneers, investors, professional property buyers and developers who sell for the same – or even greater – discounts.

What Do We Need to Do Better?

While the majority of fast property sales companies are now tightly regulated and adhere to a strict set of rules, our compliance to e-commerce, consumer protection and money laundering regulations, as well as advertising codes and laws like the Data Protection Act, must be absolute.

We must always conduct valuations and sales fairly and never make promises we cannot keep - whether this refers to the timescales we provide or any financial estimates we offer.

Specialists in this industry must always work in an open and transparent way, clearly sharing details of the sources of our funds and never “locking” a client into a sale.

Our clients should never feel pressured into taking any particular action. There are almost always other options, and we will make you aware of those in a completely honest manner.

Choosing Property Solvers

Our company is able to buy property for cash in order to considerably speed up the sale – regularly exchanging contracts within 24 hours and completing in 7 days. With this ‘quick cash sale’ option, we can clients achieve in the region of 75% of the market value.

We also have a quick estate agency service for sellers that have more time on their hands to achieve the full market value.  Here, we aim to get our clients firm offers within 28 days (and have a number of case studies that demonstrate how we have delivered in much shorter timescales).  Furthermore, we work on a no-sale-no-fee basis and there are no minimum tie-in contracts.

We’re also signed up to The Property Ombudsman (TPOS) and Trading Standards, plus we strictly adhere to the UK government’s money-laundering prevention regulations. We’re also members of the National Association of Property Buyers (NAPB) and the Information Commissioner’s Office (ICO).

Property Solvers has developed its own dedicated code of practice to which our clients can hold us accountable (Google: Property Solvers Code of Practiceand it will appear).

We’re rated 5-stars on too - so you know our past clients have been totally happy with our services.

Don’t settle for anything less than an excellent, fully regulated service from your home buying company and help us to stamp out poor practice in our field.

Keep up with the top stories from Reader’s Digest by subscribing to our weekly newsletter.