Need to sell your house fast? You might be tempted to use a ‘quick sale’. We offer to buy your house very quickly at a discounted price. However, there are concerns that homeowners could be misled and lose out financially. Read on to make sure you know what you’re doing.
Quick house sale can provide a useful benefits for homeowners who need to unlock cash in a hurry. Some companies are able to buy your house within days and pay all fees .
For example to:
1 Avoid repossession, clear debts or sort out financial issues.
2 Dispose of inherited property.
3 Move for age or health related reasons.
4 Sell as a result of divorce or relationship breakdown.
5 Relocate due to a change of job or to emigrate.
6 Try a different route if unable to sell through a traditional estate agent – get around issues that have made a property hard to sell, for example with a short lease or if a property has a high risk of flooding.
Checklist for going ahead with a quick house sale
If you decide you want to sell your property through a quick house sale company make sure you:
Do your own valuation: make sure you get a valuation from three different estate agents so you can decide whether any offer made by a quick sale company is fair.
Shop around: not all quick sale companies are the same. Make sure you look at what different ones can offer.
Consider using a quick sale company which is a member of the National Association of Property Buyers.
Check the company’s credentials: If the provider is a broker (someone who introduces you to a prospective buyer), check that they are registered with The Property Ombudsman. If the provider says they have signed up to a code of practice, or they are regulated by an official body, check for yourself.
Don’t be shy: it’s always worth negotiating the terms and/or the price.
Get everything in writing: don’t accept verbal assurances.
Take your time: don’t rush or be pressured into a decision.
Get your own independent legal adviser: the company you’re using can’t force you to use the legal representative they recommend. See below for where to find a solicitor.
Read the agreement carefully: don’t sign an agreement unless you fully understand what you’re agreeing to. Get your legal adviser to explain anything you’re not clear about ideas for owning a new home.
Avoid long tie-ins: don’t sign any agreement that ties you to the quick sale company for a long time. A typical estate agency contract lasts 8-12 weeks. A quick sale contract should be shorter than that and there are companies that don’t insist on any kind of contract before sale.
Be honest: giving incorrect information or leaving important things out might cause hold-ups further down the line and even mean a reduction in the price you’re offered.
Ask to see the survey: if the company you’re using reduces the offer price, ask why. If the survey’s findings are to blame, ask to see them. A fair-dealing business will not hide them from you.
Don’t commit too early in the process: don’t sign on the dotted line until all the surveys and legal checks are done and you have a final offer in writing.If the reason you’re selling your home is to pay for your long-term care, make sure you’ve looked into all the alternatives and have spoken to an independent financial adviser who specialises in funding long-term care.