‘We Buy Any House’ Firms Investigated By The OFT The OFT has recently launched an investigation into the quick sale industry, sparking alarms that a number of the companies involved in this niche are practicing bad practices that involve misleading homeowners in the sale of their properties.
Homeowners have reported that quick sale companies are making the following mistakes when advertising as ‘cash buyers’, and the OFT will bring this to light:‐ 1. The Cash Doesn’t Exist A lot of quick sale companies claim on their websites to be able to purchase your house for cash, when in actual fact, they don’t have the cash to spend! They falsely advertise to be able to buy your house for cash in 7 days, when in actual fact they are using mortgages which take up to 2 month for a sale to go through. 2. The Offer Isn’t Valid A number of cash buying companies have been known to make a ‘firm offer’ to vendors, have the offer accepted then on the day of completion ‘adjust’ this offer. In other words the buyer had no intention of paying the initial offer amount in the first place. This is totally unacceptable and needs to be stamped out by the OFT. 3. It’s not a ‘straight forward’ cash sale Some companies have been reported as offering a cash offer, then changing the type of sale at the last minute to a ‘jv’ product. This means they only give you 50% of the cash now, and the other 50% (when the market picks up). Most of these companies are out to scam people from the outset. They are generally limited companies, meaning they have limited liability. So they can ‘go bust’ and keep the other 50% they collected, and simply open up as a new company. 4. 100% market value guaranteed Any cash buying company that promises you 100% of the market value of your home for cash is generally not telling the truth. Think of it this way, if you sell your car, and you take it to a garage for part exchange, the garage owner will never offer you
market value for your car. He will offer you a below market price, as he needs to sell it on and make a profit. It is the same with property, and anyone that promises 100% for cash is likely listing your house on the open market and not going to give you cash for your property. HighestPricePaid are one of the industries most trusted house buying companies, and they have clearly stated on their website the true ways to sell your house for cash or sell your house in an attempt to achieve up to 100% of the market value. You can read more about it here http://www.highestpricepaid.co.uk/sell_house_fast.php For further information on selling your house for cash, or even selling on the open market using a quick online estate agency, HighestPricePaid have been operating in this sector for over 7 years, and have the industry experience to offer you a guaranteed quick sale.