Working with HBF The Property Ombudsman have issued some advice to ensure home owners are well informed and clear on all aspects of quick house sales.
In a quick house sale, a business (provider) offers to buy the property or find a third party buyer very quickly. In return, the seller needs to ensure they are happy with the price offered and the way the property is sold.
These top tips should help you when deciding what is best for your property and circumstances.
If you decide to go ahead, they will help you to spot the things that could go wrong, and understand how to prevent problems.
1. Consider all your
There may be more options than you
think. They might help you to keep
your home if you don't want to sell or
to sell at a better price.
2. Take time to find out
about the process
What are the pros and cons?
does it compare to alternatives such
as using a normal estate agent or
negotiating with your lender?
quick house sale provider suit your
3. Look for the services
that work best for you
Not all providers are the same, so
look at what different ones can offer.
Don't accept their claims at face
For example, if the provider
says 'completion in days' or 'we pay
close to full market value', ask how
often they do this.
4. Check out providers'
If providers say they have signed up
to a code of practice, redress scheme,
or are regulated by an official body,
check this for yourself.
Also check to
see what protection the code of
practice, redress scheme, or
regulation offers you.
5. At each stage, make sure you have the information
you need to make informed choices
If you don't understand something, ask the
provider for answers and don't proceed
unless you are happy with them.
- Who is buying the property?
- How will they pay?
- Is there proof that they have funds
- When will the sale happen?
- Who is valuing the property and how?
- What is the offer price? Will this
change? If so, why?
- If the survey is given as a reason for
a reduced offer, ask to see it.
- What fees and charges will you
have to pay? Will you have to pay
them even if you don't go ahead with
We would advise choosing providers
who offer you the information listed
above without having to be asked for
6. Donít accept verbal
information or promises
Always get the provider to put them
7. Don't be pressured
into a decision you are not
For example, the provider should not
require you to use a particular solicitor.
8. Before you sign any
agreement, read it
carefully and obtain
independent legal advice
if you are at all unsure
Do you understand what you're being
asked to sign and its implications?
Don't sign an agreement unless you
know what you are agreeing to. Also,
never be shy about negotiating on
9. Watch out for long
Be wary about signing any agreement
that ties you to the provider for a
longer time than you are happy with.
If you want a speedy sale, question
why a quick house sale provider would
need an agreement for more than four
10. Be honest and
accurate when answering
Giving incorrect information or leaving
important things out is likely to be
uncovered later and may cause
hold-ups and even reductions in the offer price.
11. Don't commit to the
sale until surveys and
legal checks have been
carried out, you have a
final offer in writing and
you have independent
Be cautious of making major financial
commitments, or other decisions you
might regret if the sale did not go
through as expected.
Let us answer your questions and explain our fast property sales options. Based on your postcode and our conversation, we'll estimate a property value and present our options tailored to the open market price for properties in your area. If you are happy to proceed to the next stage, we will visit your property to confirm our offer and 7 - 28 days later, you could be enjoying the money from your fast house sale safely deposited in your bank!