You might be considering employing a quick sale company if you need to sell your house quickly. You may also have seen advertisements for these quick sale companies promoting their services. But avoid falling for the trap. Not all quick sales companies are trustworthy. Since you want to sell your house as soon as possible, you could easily fall into their trap. So, be sure to check the we buy any house reviews of the company before you proceed.
So, what should you look out for then in order to prevent being conned? Let’s find out, but first, let’s quickly review what these quick sales companies are, exactly:
What Are Quick Sale Companies?
Companies that provide quick sales of real estate properties make you an immediate cash offer to buy your home or swiftly locate you a third-party buyer, usually at a discount from the property’s total market worth. Sounds excellent if you have time on your side, but the authorities have been on the lookout for them because some of them have been deceiving consumers and stealing their money. However, there are some legitimate quick sales companies as well; not all of them commit fraud or scams on customers. Because of this, it’s crucial to confirm the legitimacy of any company you work with before partnering.
So, What Are The Downsides Of Working With Quick Sale Companies?
There are a number of downsides that needs to be considered when partnering with a quick sale company to sell your house fast. Some of them include:
- Some quick sale companies agree to purchase a home but later lower the price just before closing the deal.
- The customer is not always made aware of fee arrangements. Deceitful quick sale companies may demand hidden costs and postpone the sale until you pay them.
- Some quick sale companies inflate property values
- Certain agreements bind clients, making it impossible for them to sell to anyone else who might make a higher offer.
- Some quick sale companies even penalize customers who ask to leave the contract with hefty fines.
Should You Consider Working With A Quick Sale Company?
Do not take this action before weighing all of your other options, which might enable you to even retain your property if you don’t want to sell it or perhaps even enable you to sell it for more money. Negotiations with your mortgage lender are one of your additional alternatives. Always speak with your lender first if you are considering selling because you are finding it difficult to make your mortgage payments. The lender should support you as much as they can and take into account any possibilities that would be beneficial given your situation. Additionally, lenders may agree to halt or postpone repossession actions.
Similarly, you can also seek guidance from a mortgage broker regarding your alternatives. Review your mortgage options, and consider refinancing if a better offer becomes available.
Moreover, you can also consider selling your property in the open market, whether with a traditional high street property broker or one of the growing number of online property dealers with far cheaper costs. This could also result in a better offer.
Last but not least, you can also sell your property privately. It could be either your friend, family, or a colleague who is in search of a house. This is a much safer alternative than going with rogue quick sale companies.
However, if you have decided to work with a quick sale company, here are some important tips that you should consider while dealing with them:
What To Consider While Dealing With A Quick Sale Company?
Make your own assessment – To determine whether any offer offered by a quick sale company is reasonable, be sure to obtain valuations from some other neighborhood estate agents.
Compare prices – Not every quick sale company is the same. So, be mindful to consider what other property dealers have to offer. Discover some alternatives, like selling through online real estate auctions.
Verify the credibility of the company – Determine whether they will genuinely purchase your property or if they will merely convey your information to a different company. Verify their registration with the appropriate local government authority. You will then be aware of your legal options if something goes wrong.
Negotiate – It’s usually sensible to bargain over the conditions and the cost.
Get everything down on paper – Never rely on verbal promises.
Give it some time – Avoid being pushed or hurried into making a choice.
Consult a lawyer – Hire a lawyer for independent legal counsel.
Study the contract thoroughly – Are you aware of the complications of what you are being asked to sign? Get your legal counsel first to review it.
Avoid long-term contracts – A long-term contract with the quick sale company should not be signed. An estate agency contract typically lasts 8 to 12 weeks. A quick sale company agreement ought to be less extensive than that. Go with a quick sale company that has no restrictions at all.
Speak the truth – Giving false information or omitting crucial details could delay the process and perhaps result in a decrease in the price you are offered.
Request a copy of the survey – Ask why if the quick sale company you are using lowers the offer pricing. Ask to examine the survey report if you suspect a poor survey is to blame.
Don’t make a commitment too quickly – Wait until all surveys and legal checks are completed, and you get a documented final offer before signing anything.
So, how can you identify a rogue quick sale company? Use the advice provided above to help you distinguish between businesses that are legitimate and those that are merely robbing people of their money.