When you decide it’s time to sell your property, you may be in a bit of a rush to do so. In these instances, it can be quite tempting to turn to a ‘buy house fast’ company. Given your situation, the convenience of a fast sale is often an attractive proposition. The problem with this, however, is that there are too many unreputable companies who are waiting for you to contact them. This is why it is important to spot the signs that you could be in close range of a ‘buy house fast’ scam.
They are Not Genuine Cash House Buyers
The first thing you should do is confirm whether the company you have come across is a genuine cash buyer. You will be surprised to learn that many so-called ‘buy house fast’ firms are not what they appear.
Unrealistic high offers
Sometimes, the company or individual who claims to want to buy your house quickly will make an offer that is too high and unrealistic. This is a way to get your attention and make you want to jump on board. Once you have reached their ideal state of vulnerability, which is normally near completion, they will attempt to reduce how much they are willing to pay.
‘Lockout agreements’ are popular with fast house sale companies. Also known as ‘exclusivity agreements’, these ensure the company that you will only work with them and no one else. If you are tricked into signing such a contract, the only way out will involve paying thousands of pounds. If a company ever asks you to sign such an agreement, walk away and don’t look back.
It is important to keep an eye out for the hidden fees that scammers tend to include in their contracts. This is so the companies can make extra money from the sale of your property and can often be presented in the form of up-front fees, survey fees or anything else that isn’t made clear from the start.
The unregulated sale and rent back scam
Since 30th June 2010, any business or individual that wants to offer a sale and rent back service must be regulated by the FCA. This means that you should only ever make a deal with a Sale and Rent Back firm that is FCA authorised if you aim to sell and then rent back your property.
Some quick house sale companies will promise unrealistic timescales for sale completion. Many even claim they can do so in less than a week! If you do need to sell your house quickly, you must ensure that the company you are dealing with is, in fact, a cash buyer. Without access to immediate cash, no buyer can complete the sale in such a short period of time.
The best way to avoid a scam
Of course, the best way to prevent any risks of falling victim to a ‘buy house fast’ scam is to simply avoid them altogether. You can sell your property with ease as long as you work with the right estate agents. This is where Joule’s Estate Agents comes in. For selling your property in the Heatons, Greate Manchester, get in touch.