Cash buying companies, also known as property buying companies, purchase homes directly from homeowners, eliminating the need for a traditional estate agent. These companies typically offer a below market value (BMV) price for the property, in exchange for a fast, guaranteed sale. The BMV is calculated based on factors such as property location, condition, and market trends.
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However, not all cash buying companies are created equal. Some companies may engage in tactics that ultimately result in the homeowner receiving a significantly lower offer than initially agreed upon.
When considering selling your home, you may come across home buying companies that offer a quick and easy sale process. While many of these companies are legitimate, there are some scams to be aware of make sure to get a written offer from the company before agreeing to anything.
You, the homeowner, feeling invested in the sale and under pressure to complete, may feel compelled to accept a lower offer than you would have initially. This takes advantage of homeowners, leaving you with less money than they deserve for their property.
A legitimate reason for a genuine home buying company to reduce their offer price is if a property survey reveals an issue that significantly impacts the resale value of the property. In such cases, a revised offer reflects the cost of addressing these issues. Any other circumstances should raise red flags, as they may indicate a company trying to exploit the homeowner’s situation.
Another scam is the upfront fee, where the company asks for a fee before they have even seen your property. Legitimate home buying companies do not charge upfront fees, so be wary of any company that asks for money upfront.
You should also be cautious of companies that pressure you into signing a contract quickly or use high-pressure sales tactics. A reputable home buying company will give you time to consider your options and make an informed decision or expect you to sign a contract longer than 28 days, sometimes as long as 16 weeks.
Unethical Practices in the Industry
At Home House Buyers we are proud to stand out from the crowd by adhering to a strict code of conduct, ensuring transparency and fairness in our dealings. We are committed to providing homeowners with accurate valuations, from a RICS qualified surveyor. If for any reason we are unable to buy your house, we will release you from the contract and cover all the fees up to the point we end our agreement.
The Home House Buyers process is straightforward:
Initial Valuation: Home House Buyers provide a free, no-obligation valuation of your property based on its location, condition, and the current market.
Offer: If the homeowner is satisfied with the valuation, Home House Buyers make a formal, written offer.
Survey and Inspection: A thorough property survey and inspection are conducted to identify any issues that may impact the resale value of the property.
Offer Confirmation: If the survey reveals no significant issues, Home House Buyers confirm the initial offer, ensuring there are no last-minute surprises.
By adhering to these steps, Home House Buyers create a transparent and trustworthy process for homeowners looking to sell their properties quickly and without unnecessary stress.
10 Things we guarantee we will never do to our clients
- Charge upfront fees before making an offer or completing the sale.
- Pressure you to sign a contract or make a decision quickly.
- Refuse to show you proof of funds before agreeing to purchasing your property.
- Use high-pressure sales tactics or make unrealistic promises.
- Offer significantly less than the market value of your property without a clear explanation.
- Withhold important information about the sale process or their company.
- Fail to provide a written offer or contract.
- Refuse to answer your questions or address your concerns.
- Require you to make repairs or improvements to your property before completing the sale.
- Refuse to allow you to seek independent legal advice.
How Home House Buyers Can Help
Home House Buyers provide a speedy, three-step process that couldn’t be easier to navigate. You start by giving them a call to discuss the details of your property. Then, they’ll provide you with an initial offer within 24 hours.
Once you’ve accepted their final offer, they’ll instruct you to sign a contract of sale. They’ll then assign a solicitor who’ll begin handling the sale of your property, including arranging the necessary survey and EPC.
They usually aim to have all the logistics handled within 7-14 days, though they can delay completion if you need more time. Once you’re ready to move, hand them the keys, and they’ll instruct the solicitor to transfer you the funds.
What Protection Will Homeowners Receive?
First, many quick sale firms like Home House Buyers offer a cooling-off period. In the case of Home House Buyers, this period is 14 days. If you pull out of the contract during this period, you won’t pay a thing. Likewise, if the buyer pulls out for any reason, you also won’t be charged anything.
Crucially, it’s always worth checking the agency’s accreditations. Home House Buyers are accredited by The Property Ombudsman and The National Association of Property Buyers (NAPB).
Membership of the NAPB is voluntary, and all members must have signed up for The Property Ombudsman Code of Practice. This means that consumers can expect a fair and transparent service from start to finish. Then, if any problems should arise, they can access The Property Ombudsman’s free, impartial, and independent dispute resolution service.
The NAPB and TPO work closely, raising standards in the industry and ensuring that consumers have the best experience when selling their homes.
What Sort of Questions Do Home House Buyers Often Get Asked?
Now that we’ve touched on what a 30-day house sale specialist is and why you should choose such a service, let’s dive into some questions. We’ve picked questions that Home House Buyers regularly find themselves fielding to hopefully give you a little more insight.
What Kind of Properties Do Home House Buyers Buy?
Home House Buyers will buy any property, regardless of location, size, age, or condition. They’ll buy a large stately home, a modern, newly built flat, a house overrun with dampness, or a building in a dilapidated state. They’ll buy detached houses, bungalows, townhouses, and even commercial properties.
Are There Any Conditions Attached?
No – all offers made by Home House Buyers are 100% free of charge and obligation. If you’re not entirely convinced, you’re free to walk away.
Can You Value My Property Without Visiting?
A full property valuation can be done without ever stepping foot inside, though the Home House Buyers team do prefer to come and see the home first. But if a visit is impossible, just let the team know, and they’ll make the necessary concessions.
Do I Need a Solicitor?
A solicitor is required, but the good news is that Home House Buyers provides you with one from the outset, all fully paid for. They appoint fully independent solicitors who, by law, must act solely on your behalf.
You can appoint your own solicitor if you prefer, and HHB will pay £500 towards their costs which should be sufficient to cover all transactions.
Can You Stop a Repossession?
One reason you’d need to sell your property quickly is if it’s about to be repossessed. The good news is that most quick sale firms like Home House Buyers can stop repossession. HHB have done so in the past.
That’s because once you’ve signed a contract of sale, there’s an agreement to buy the property outright, meaning the reason for repossession no longer applies.
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Can You Help Me with the Next Stage of My Move?
Indeed, they can – if you need help with the next stage of your move, just let Home House Buyers know. They can assist in finding somewhere suitable to live, helping with negotiations and helping you organise your removals.
And that just about covers everything you need to know about 30-day house sale specialists. So, for a quick sale in as little as seven days with a completion date to suit you, call Home House Buyers today on 0800 612 1366.