The Pitfalls Of The We Buy Any House Industry
If you are looking to sell your property fast for whatever reason or just want the assurances you have a buyer for your property you may have typed ‘we buy any house’ or something similar into Google.
If this is the case you will have come across hundreds of companies promoting they buy properties. This gives the impression the industry is a very competitive one, it is from the outset but once you have read this article you will realise there are only a handful who are what they say they are.
There may be a number of reasons why this industry seems appealing to you. The first thing you have to establish is you are not going to achieve the price you have it listed on the market for. Therefore if you come across a company promoting they do offer the market price don’t even waste your time with them.
The reason you have chosen to go down this route is because you want that concrete buyer and don’t want the service of an estate agent or property broker. Therefore when you approach the companies for a cash offer please follow the two tips below and you will soon be able to identify the serious ones and more importantly the ones who have the cash funds to purchase the property.
- Bank statement or other forms of documentation proving cash funds are available
If you have approached a company for a cash offer and they offer a proposal whereby the figure is of interest to you ask them for a bank statement proving they have the funds before you make a decision. If they are not prepared to provide a bank statement a letter from a reputable solicitor who is approved by the law society should suffice. I am confident that if you asked one hundred of the companies you have seen promoting their services less than 5% would be able to provide these documents. Don’t even entertain the ones who can’t. If you were selling your property through an estate agent and they found you a buyer who stated to be a cash buyer the agent would ask for the proof so why should this be any different?
- Don’t sign any paperwork with the company
Again if you were selling through an estate agent you and the proposed buyers would not sign any documentation so why should selling to a company be any different? The reason why some companies insist you sign paperwork is to lock you in to them to sell the property for a figure agreed. However, all they will do is market the property at a higher price than that to hopefully find someone to pay the inflated figure. On completion they will then take the difference between the price you agreed to sell for and the price the buyer agrees to pay for the property. This completely defeats the object as there is no guarantee they will find the buyer which basically makes them an expensive estate agent. You may as well use a company like FastMove who will sell your property for £600 on a no sale no fee basis, irrespective of value.
The reason companies can get away with offering a service they cannot fulfil is down to the internet not been regulated. Therefore anyone can promote whatever service they want on the internet without having to prove they can deliver it. However I am confident if you follow the two simple steps above and a company you have approached are able to meet these there is a good chance you have selected the right buyer. Granted there is also that risk the buyer will pull out or drop the price the last minute. However, this could happen if you sold your property with a local estate agent.