Can I trust quick home buying companies?
If you’re looking for a speedy sale for your home, you may be wondering whether using a home buying company is the right choice for you. Yet, while these companies may seem to be the answer to a rapid transaction, in many cases they’re not all that you’d hope for. Don’t worry though – our team at Lyss Homes is on hand to give you our expert insights.
What Are Quick Home Buying Companies?
As you can guess from the name, these companies offer to buy your home quickly and efficiently without needing to list it on the open market. While some of these companies are run by property developers who buy homes directly, others have their own database of prospective buyers waiting for properties like yours.
Are These Companies Legitimate?
While many of these companies are legitimate and operate transparently, others, sadly, are not. Another issue that you should bear in mind is that the sale price you’ll likely be offered will be below your home’s market value, and in some cases, significantly below.
Will I Have Legal Protection If I Use One Of These Companies?
Unfortunately, there is no regulation in place for quick home buying companies so there is no protection for sellers. Almost anybody with a connection to the internet can establish their own quick home buying company, and that is clearly rather worrying. If you’re considering taking this selling route, you should check that the company you’ve chosen is registered with TPOS (The Property Ombudsman) so that you have some course of redress if things go wrong.
What Questions Should I Ask A Quick Home Buying Company?
If you want to get a fast sale and aren’t worried about accepting a significantly lower price, there are some key questions to ask your chosen home buying company:
- How do you value properties and will the valuation be carried out by an independent expert?
- Who are you accredited by?
- How long will it take for my sale to go through?
- What is your fee structure?
- How often will you change your initial offer, and why might you make a change?
- Can I change my mind about selling if I don’t agree with your offer? Will I be penalised for doing so?
- Are there any conditions attached to my offer?
- Will you be buying my property yourself or are you acting as a third-party intermediary?
- If you’re acting for another party, how do you vet your clients and are there any guarantees regarding timeframe and payment?
- How will you be funding the purchase? If you’re offering cash can you prove you have the funds?
Although using a quick home buying company may be the right course of action for some sellers, for others it’s a bad idea. Here at Lyss Homes we want you to have all the information and advice you need to make a well-informed selling decision. Don’t hesitate to call us now on 02080505452 and find out how we can help you sell your property for its market value.
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