My thoughts on “We buy any house” companies — AD

This is a collaborative  feature

 

I recently wrote a blog post about selling your home and things you should look out for, and interestingly I ended up researching into ‘We Buy Houses For Cash’ companies that are advertising online to buy property fast.

The media has never really gave these types of quick sale firms any good press; and prior to an investigation into the industry in 2013 there is undoubtably a good reason why. My opinion on the nature of the ‘quick sale for cash’ industry is no different to any type of pawn brokerage service; they are offering you a quick service, you are accepting that you will not get full market value for whatever you are selling. Whether this is ‘we buy any car’, ‘we buy any mobile phone’ or ‘we buy your gold’ – the principle is the same.

What I completely disagree with is customers (often in serious financial difficulty) being ripped off and scammed. That being said, with a bit of help on the subject from Ready Steady Sell’s 16x we buy any home facts; whom I recently discovered are one of the leading companies pioneering for better vetting of quick sale companies using their 21 point checklist – I have highlighted below some of the checks you can do yourself if you are thinking about using a we buy any home company:-

  1. Are they regulated. You need to make sure any company you are thinking about dealing with are regulated by the NAPB and the Property Ombudsmen.
  2. Are they genuine cash buyers. You are within your right to ask any company you are thinking of using to provide you with proof of funds.
  3. Who will be carrying out the valuation. If the quick sale company you are thinking of using is using their ‘own valuers’ walk away.
  4. Do they charge any fees. A legitimate ‘we buy houses for cash’ company should pay all fees and cover your solicitor costs.
  5. Do they have trading history. You need to make sure a company you are thinking of using has some credible experience.

The NAPB (National Association of Property Buyers) was set up straight after the 2013 investigation into the industry, so you can always check if a company is registered with them before you decide to proceed with a house sale.

A quick house sale isn’t for everyone, however if you do find yourself in the situation where you really need to sell your home quick, a ‘We Buy Any House’ company could be the solution you are looking for.  Before dealing with any company offering cash, your first port of call should be to seek professional advice. You may be able to get help with mortgage payments (if this is the problem you are facing), by visiting Shelter, a charity set up to combat housing issues in the UK. 

Remember, always do your homework on any company you are thinking about using, get as much professional help as you can, and stay safe!

image courtesy of Shutterstock

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