If you’re looking to sell your property and need the sale to go through swiftly, you might have come across a number of quick house sale companies. Whilst these types of companies might sound ideal, there are several things you should know before deciding whether to use one.
In this blog post, we’ll cover everything you need to know about quick house sale companies before you make the decision whether to use one or not.
What are quick house sale companies?
As explained by the name, ‘quick house sale’ companies are companies that claim to be able to sell your home faster than through any other means. However, despite the name, they’re not always able to be sell your property quickly and have varying success rates.
It’s difficult to put all quick house sale companies under the same umbrella, as these types of firms are often run differently. Some companies are run by developers that are looking to buy properties directly – so dealing with these types of firms can sometimes result in a very quick-fire sale. However, there have been several occasions where so called ‘quick house sale’ companies haven’t been able to live up to their titles.
It’s often the case that quick house sale companies will only be able to get you a quick sale if the price is right for them. If you’re happy with receiving a fee that is much lower than the market value of your home, then a quick house sale company may be the route for you to go down.
Am I protected if I sell through a quick house sale company?
The short answer to this question is not always. The issue is, quick house sale companies can be set up by anyone with an internet connection and most of them are completely unregulated. If you do choose to use an unregulated quick house sale firm, then you will likely not be protected during the process.
Not all quick house sale companies are shady, but it’s important that you do your research when choosing the firm to go with if you want to go down this route. Many legitimate quick house sale companies will be registered with The Property Ombudsman (TPOS), which gives sellers a bit more support and protection if things go wrong. This isn’t to say all companies that are registered with TPOS will be problem free, but it gives them a bit more credence when compared to other firms.
Should I use a quick house sale company?
The main question you are likely asking yourself is whether you should actually use a quick house sale company, but the answer will likely depend on you as an individual and your situation.
If you are desperate to move out of your house as soon as possible, and you are prepared to receive a fee under the market value of your property, then you may decide that using a quick house sale company is the best route to go down. Whether you decide to use one or not, the most important thing is that you do your research and are comfortable with the decision you come to.
One of the main complaints from previous homeowners that have used quick house sale companies is the discrepancy between the offer amount first mentioned at the start of the sale, and the amount actually received when it comes to the point of sale. Price cuts in the region of 30% are not unheard of and are often made just before a deal is about to go through.
Of course, the upside of using the companies is that it can be an effective way to sell your house quickly, but it may not always be worth the risk, especially in terms of finances and other potential pitfalls.
Before you decide to go down this route, it’s important you research as much as possible whether it’s the right decision for you and whether you can take the risk of selling your property below market value. You may end up discovering that it might just be best to use a traditional and trusted estate agent, even if it means taking a little longer with the sales process.