Selling your home is never any easy process. It’s especially difficult when your circumstance means that you need to sell within a matter of months. With the Government stating that selling your home can take two to three months if you aren’t part of a chain, house buying companies may seem like your only option. However, many customers still have negative connotations towards house buying companies. Although currently, the majority of house buying companies are vetted by organisations such as ‘The Property Ombudsman’ so they are regulated.
There are questions that you can ask yourself to understand whether a house buyer website is a scam or legitimate.
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Is the process legitimate?
House buying companies should state throughout their website, how they work and that they are accredited by certain organisations. To check whether the business you are about to use is legitimate, check whether they are members of The Property Ombudsman, search via https://www.tpos.co.uk/find-a-member or look at the NAPB website https://www.napb.co.uk/members/. Throughout their website, they should state that as a company they are a member of both these organisations.
What should be the process of a house buying company?
- Once you have made an enquiry with the company, they will be in touch about the service and you should be able to receive an offer.
- If you decide you are happy with the initial offer they grant, a trustworthy house buyer will sort the rest of the selling process for you (usually free of charge). This includes the admin that comes with the sale of the property.
- From the previous step, the company should cover any of your legal fees such as solicitors and surveyors.
- The company will stay in touch with you via phone or email telecommunications to agree a completion date. This shouldn’t be a longer drawn out time period unless you specified a different time scale beforehand.
- The sale will finally go through and the funds will be in your bank account ready for you to enjoy!
Is the company up to date?
If company you go to use is legitimate, there will be some indication online of whether they are trading properly. The key to understanding whether the house buyer you have chosen is legitimate or not, is by researching. If the company is legitimate, then you will be able to find up to date reviews across different websites. For example, Reviews.co.uk or TrustPilot.com. Other ways of understanding if they are up to date is by checking a company’s social media presence and news/blog section. If they regularly up date, it is an indication of a more trusting company.
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Can house buyers actually sell your property fast?
On average, most claim to be able to purchase a property in less than seven days. Some even state they can complete this transaction in less than twenty-four hours! However, you must bear in mind that some of these companies use third-parties to help buy your home, and may not be able to complete a transaction in such a short period. If they do use a third-party, then it is more than likely that the company are part of the cash scams.