Selling your house or flat to a company that promises a quick purchase can be an enticing prospect because they’ll usually offer you a generous price combined with the ability to make a speedy sale. That can be a great benefit for homeowners who are looking to sell in a hurry, or want to get the best possible price for their house or flat, or have both needs.
Even though there are many reputable quick home sale companies such as LDN Properties, there are unfortunately a few bad actors who could cheat you out of the full value for your property, or who might charge you unnecessary fees.
For that reason, it’s important to know exactly what to look for when dealing with property buying companies, including some simple queries that will help you to spot whether a business is legitimate – and you should never work with a company that doesn’t seem trustworthy.
Thankfully, it’s sometimes possible to figure out which property buying companies you can trust to make a fair, fast, and appropriate offer on your house or flat. Some of the questions and answers could help guide you as you assess whether to sell your home to a particular company.
Honest property buying businesses are often members of either The Property Ombudsman or the National Association of Property Buyers. These are both official organizations with a list of registered members that must follow industry-standard rules and guidelines, so if your company belongs to them, that is a positive sign.
Sometimes you can simply use your natural instinct to tell when a company is not legitimate because if you have a number of questions about the potential sale of your home and the company is giving you incomplete and evasive answers that is typically a signal that you shouldn’t be selling to them.
If so, you should be wary. These deals involve selling your home to a property buying company but staying in the house or flat and renting it as a tenant for that company. This can be attractive for people who need to sell quickly for financial reasons but don’t want to move, but beware that there’s no guarantee the company won’t attempt to force you out of the home after six months. Still, not all companies that offer these deals are unscrupulous, and indeed the Financial Conduct Authority regulates the sale and rent back market.
Lockout contracts are those agreements that give the property buying company sole rights to purchasing your home, meaning you can’t approach anyone else (including estate agents or auctioneers) about selling your house or flat. The reason that these are suspicious when it comes to quick property buying companies is that they shouldn’t be necessary for making a fast sale.
Be very concerned if a company is promising to make a speedy purchase of your home but wanting you to sign a lockout agreement that would cover several months and impose large fees for violating the contract.
Untrustworthy property companies might offer you a large cash sum for purchasing your home, only to give you less on the sale day while also charging you large fees. Be extremely cautious about working with such a company, and be sure to ask ahead of any sale about their policy on fees. Again, if they are reluctant to tell you this information in detail then you should not do business with them.
Use the questions and answers above to help inform your review of property buying companies, but rest assured there are several reputable businesses who have been making fast and fair purchases for many years. LDN Properties, for example, has been buying houses and flats across London for 15+ years by making committed offers without any fees.
Do your research in advance, and once you’ve found a trustworthy company you have the potential to secure a speedy sale of your home at an acceptable price.
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