The truth about quick sale firms – can they really be trusted, or could you end up losing £10,000?

By SWL staff
March 17 2020, 19.00

At some point in the early 2000s, quick sale firms came to the forefront of the property industry.

Now, although there are some companies out there that are reliable and legitimate, the overall scope of the matter is a little bit different.

There have been many deliberations against these companies, as amongst the reliable firms, there are, without doubt, fraudsters and scammers, with some people claiming to have lost as much as twenty-five thousand pounds by entrusting them with the sale of their house.

Today, we’re going to be uncovering the truth about quick sale firms, and whether or not they can be trusted.

What do Quick Sale Companies Do?

Reliable parties in the property industry such as Ready Steady Sell who can offer advice when you need to sell your house fast are more than happy to explain, in depth what these companies actually do. Today, however, we’re more than happy to cover the basics of what quick sale companies offer:

· Quick sale companies should do what they say they do on the tin – give you a quick sale of your property, in a way that estate agents can’t.

· They’ll claim to have your property bought and the money transferred into your bank in as little as seven days’ time. · As well as this, they’ll offer a free valuation and you therefore won’t have to pay any legal or extra fees.

Seems like a pretty good deal, right? Let’s explore that in a little more depth.

What do These Companies Actually Do?

Generally speaking, if something sounds too good to be true, it usually is. You don’t get anything for nothing in the world of property. Remember that.

· Although some companies will be true to their work and may be able to buy your home more quickly than an estate agency, there’s likely to be a price to pay for this.

· It’s a given that in exchange for a quick sale, you’re likely to have to be happy to sacrifice around 10% of the market value in your sale. However, it has been proven that some of these fraudulent companies will reduce the price by as much as 25% – and even more.

· Likewise, it’s also likely that the sale isn’t going to be finished in its entirety in a week or two. They advertise that they can complete the process in seven to ten days – when in reality you’re going to have to wait around 6 weeks – and even longer in some cases. There have even been reports of it being a longer process than selling traditionally. Considering the money you sacrifice; this is extremely unfair.

· Unfortunately, it doesn’t just stop there. Many people who need the quick sale of a property are in a vulnerable position of sorts, and that’s the reason why they look to use these companies. Charlatans within the industry have been known to prey on these people, and have even ripped some off for tens of thousands of pounds.

Can You Really Spot and Avoid a Scammer?

So the question remains – is it really possible to tell the difference between the genuine companies and the fraudsters? Let’s take a look at some of the things that a reliable business may have, that others may not:

· If a company is a member of the National Association of Property Buyers – or the NAPB – then they’re far more likely to be legitimate. This is because they have to follow strict rules and regulations in order to be part of this organisation.

· Are the company using paid advertising or are they an established business that’s been around a while, has good backlinks from authority websites and listing high in the organic listings (meaning they are more trusted by Google).

· If the company are registered with the ICO, then that’s a good sign. It means they’ll have to compliant with GDPR rules.

· If they can provide you with proof of funds, then that’s also a good sign.

· The terms of business and whether or not they charge fees is a dead giveaway of whether or not it’s a reliable company you’re dealing with.

So there you have it. The ins and outs of whether or not quick sale companies are really reliable.

It’s plain to see that there are companies out there that keep to their word – but it comes with risk. So long as you do your research accordingly, and know who it is that you’re doing business with – then it’s likely you’re dealing with a decent organisation.

Ensure that you double check the associations they’re a member of, and their previous sales records. Have a look at all of your options before diving in headfirst. Property is your biggest asset, after all.

Related Articles