Using a Quick Property Sale Company – the Lure and the Pitfalls
Monday, June 29th, 2009 Subscribe To Our Feed
With a stalled housing market and continuing mortgage shortages many more people are looking to Sell House Fast companies to bring about a Quick Property Sale which will allow them to move on with life. But with an overabundance of such Sell Home Fast companies showing up on every web search how does a vendor choose. Here are some tips to help you through the Sell House Fast jungle.
1. Beware Sell Home Fast companies who charge a valuation fee, especially if it’s a sizeable fee. A company making profits out of valuations might not really be interested in purchasing your home and could make a very low offer.
2. Always look around. Some Quick Property Sale companies offer as little as 60% of the value of your home, others often offer up to 80%. Only you can decide what is good enough but it pays to call a number of outfits, because your home is most likely your most valuable asset so you have to get the best deal you can.
3. Always hire your own solicitor in the selling of your home, he will act exclusively in your interests and there can be no conflict of interest.
4. Obtain a firm commitment to purchase in writing from your selected Quick Property Sale company. This will minimise your chances of having the offer price reduced right at the last moment.
5. Check how the Sell House Fast company intends to finance your purchase. Will they be counting on a bank loan? If so what guarantees are there that the bank finance will be available within your required timescale? This is particularly important in the present banking climate.
6. Ask how they will value your home. It’s all well and good getting an offer of 90% of value but if the company then places an unfairly low valuation on your home then the reality might be much less.
You should only think about using a Sell House Fast company if the speed of the transaction is more important to you than selling at the highest price. Bear in mind these companies are in businessto make a profit and their core source of profit comes from purchasing your home for significantly less than it is worth. They also have not insignificant costs to cover, such as marketing costs, legal fees, financing costs, valuation and operational costs including office expenses and staff salaries. All of these are covered by the discount you are giving them, and this is the core reason why it is impossible for any Quick Property Sale organisation to sensibly offer more than about 80% of what you would get for the home if you sold it in the normal way.
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