The Pros and Cons of Making a Quick Sale on Your Home or Property
Conveyancing, in the UK, is becoming a more and more complicated procedure – especially since the HIPs were introduced in June 2007. Obtaining all the information to go into these Home Information Packs is costly and time-consuming. They are legally necessary but, at the same time, extremely costly to the house seller. Include the price charged by the estate agent, the surveyor and the solicitor and the equity from the sale of your house is going to be eaten into before you even begin to see the cash from your house sale. While those companies offer a purchase price below the market value, a quick sale is guaranteed and usually completes within three working days.
When it comes to private sales, HIPs are not a requirement. The property purchasing company covers all the overheads so that what you are left with once the sale completes, is 100% of your cash. Most professional property purchasers will consider any properties, regardless of whether they are residential or commercial. They will also consider the property in any condition. Even landlords of rental properties can benefit – even if they have sitting tenants. The property purchasing company just takes over the current tenancy agreements. Not all professional property purchasing companies belong to the reputable quarter, however.
The best way to ensure that you don’t get taken in by unscrupulous dealers is to check for any bad press that might be accruing. You need to be very vigilant to ensure you are not going to be subjected to hidden costs. Companies with nothing to hide are very clear about the fact that they purchase quick buy properties at below the market value. If you come across a company that fails to mention this fact, then ‘buyer beware’. The reputable companies have been pressing for legislation to regulate this industry and are committed to seeing that customers are protected from the more unscrupulous companies. The best way to ascertain whether the company you are investigating is above board is to ask them how they feel about the industry becoming regulated.
While many consumers are in dire need and must make a quick sale, carefully avoid those companies that insist that you pay fees up-front for any reason and who categorically avoid affirming they offer below the market value. These companies are making their money from inflating valuation fees and subsequently not following through with purchasing your property. Companies such as these have gained quite a bad press in recent years from purchasing property and allowing those house owners to rent their properties back initially – and then, after a few months, giving them notice to leave so they can sell the house on the open market. With a good company this simply will not happen.