If you are thinking about selling your home to a house buying company, then you need to make sure that you choose one that is not only reputable, but will also give you a fair price. Here at Ready Steady Sell, we are established in the property market, and have been dealing in property for many years.
We aren’t out to make a ‘quick buck’ we are here for the long term, and here to help you. We don’t make a huge profit on house sales, we don’t ask for a huge proportion of your equity, and we offer you options that can even get you up to 100% of your asking price.
We have created the below ‘quick house sale’ guide for your reading, and so you can get a firm understanding of how the industry works and the practices other companies are doing.
WARNING: If you are considering a quick sale to a cash buying firm you need to read this report before you agree anything.
Do you need to sell your house fast? Have you shopped around the internet for a quick sale company, only to find that most will make offers of around 60 – 70 per cent below market value, or worse, will offer you in the region of 100 per cent only for you to find they are trying to trick you into signing up to a contract with them, or make you pay a fee.
At Ready Steady Sell our ethos is different to the many so-called cash buying companies and free house valuation services that are advertising on the internet. We believe in being up front and honest with our customers in the first instance. We will give you a fair offer for your home after a valuation, and we will not change that offer at any point.
Not everyone that opts for a quick property sale from a cash buying company to purchase their home quick is in financial difficulty; sometimes you need to sell fast for other reasons such as going through divorce or being stuck in a chain. Whatever you reason for sale, we have option to help you and get you the best possible price obtainable on the market for your home.
The recent turn of events in the UK housing market has left us in a situation whereby property prices are sky high, and continuing to grow. This is obviously great news for the economy, but traditional ‘quick sale’ companies are now suffering as they are unable to source vendors who are willing to accept offers as low as 60 – 70 per cent below market value.
The current housing market is so strong that vendors do not need to sell for such discounts, and are able to obtain quick enough sales on the open market without the need for accepting unjustified discounts to market price.
At Ready Steady Sell, we have adapted with the market and drastically changed the way we do business. The market is currently booming, and therefore our offers are reflecting that. We are paying more than any other company, in straight forward cash, for a 7 – 10 day quick sale of ANY property in ANY condition.
Our offers are completely unique to your home, but for a realistic example, you could expect to achieve up to 90 per cent of the market value in cash. All you need to do is enter your postcode in the form opposite, after a few simple questions our system will calculate an offer for your property. All of our offers are free and without any commitment at any point. It’s fast, simple and Whatsmore … it’s free.
Other cash buying company will expect you to make huge sacrifices for a cash sale, but we believe in offering you a fair price.
If you are looking to sell your property quickly, you ideally want to sell to a genuine cash buyer, and not deal with anyone who is going to mislead you or trick you into believing they are cash buyers when in actual fact they are not. Some companies on the internet are claiming to be cash buyers but in actual fact are estate agents, or worse, practicing illegal practices in order to persuade you to part with equity in your home.
The OFT (Office Of Fair Trading) has recently investigated the industry, and found a number of companies that are practicing underhanded tactics. At Ready Steady Sell you can feel safe in knowing that we are a registered company with the OFT, and also the Property Ombudsmen. That means we are approved by these official companies to deal with property sales. Any company that is not approved could be practicing some (if not all) of the below bad practices.
Claiming to be a cash buyer – A number of companies have been reported to the OFT for claiming to have the cash available to purchase properties, when in actual fact they are simply and estate agent. These lying home sale companies are convincing customers to sign into lengthy contracts (often of 6 months +) to only advertise the customers property on the open market at a discounted price. They are not doing anything what your current estate agent could not do, and therefore purely down to the fact they have mislead you, it is advisable to treat these types of estate agents with caution.
Dealing with investors – Some companies deal with investors when it comes to ‘quick sales’. These companies again often lie and say they have cash available to purchase property when in actual fact they don’t. The investors that they are passing your ‘deal’ to will make you an offer at below market value, and then they will need to go through the mortgage process, just like any other buyer. In fact, the mortgage process for an investor is even more stringent than that of a residential purchase. That means the chance of the investor changing their mind or failing the mortgage application is very high. You also need to remember, these companies are claiming to be ‘quick’. A mortgage can take anywhere up to 50 days to go through, which in our opinion is far from quick.
JV’s Or No Money Down – This scam is a bit more serious than the previous two, as it doesn’t just involve you being misled, it actually can involve mortgage fraud. The company will ask you to lie to surveyors and mislead solicitors. Unless you are prepared to take a huge risk of criminal conviction any company that is practicing any ‘scheme’ of this sort should be questioned with real caution. Always seek independent advice on any property sale that you are considering.
Always remember that you need to fully research any potential company that you are thinking about using thoroughly. Check them out on internet review sites, ask about them on forums and also seek independent financial advice where possible. There are also several steps you can take to protect yourself against the scam companies which we have highlighted below.
There are genuine cash property buyers out there, you just need to be very careful who you decide to use to sell your property. We have listed below some questions you can ask when deciding if a company is a genuine cash buyer or is looking to scam you.
This is fine and normal, and is something that we practice here at BestPricePaid.co.uk. The reason for this is purely to get an idea of what your house may sell for when we relist it on the open market. Remember, if the cash buyer themselves wants to see the property, they are likely just stalling you in order to sign you up to an estate agency agreement.
A quick cash sale is just that, ‘quick’. What you are usually getting with a genuine cash buying company is the ability to complete on a sale in as little as 7 days. That means, no dealing with costly estate agents, no buyers looking around your property, no for-sale boards, and nobody knowing you have sold until the day you move out.
A private house sale like this has its advantages for most people, but for others that want to look at the financial side to selling your house for cash, there are also benefits.
For example, estate agents are on average in the UK taking 3 months to find buyers for properties. Then on top of that, because the buyer they find may be in a chain, you need to add on another 2 months for this to go through. Then add on another month for solicitors and completions to take place, and it quickly becomes half a year before a property sells. This is realistically how long it takes to sell a property on the open market, and if you have ever sold a house before, you will know just how frustrating this can be.
You have buyers pulling out at the last minute, you get buyers failing funding and not being able to buy because they can’t get a mortgage, and to top it off, you have to deal with all of the timewasters who don’t really have an interest in buying in the first place.
With a cash property sale, you can literally be complete in 7 days. Sometimes it can take up to 12 if the solicitors are particularly busy, but this is a far cry from 6 months! 6 months is a long time, if you think about what you would be paying out in 6 months, the costs actually add up.
You will have 6 months of mortgage payments, 6 months of council tax, 6 months of regular house hold bills and to top it off, epc’s, solicitors legal costs and estate agent fees. All of these costs can be avoided with a quick cash sale. You can have the money in your bank in 7-12 days’ time without all of the fuss and aggravation that comes with a traditional estate agent sale.
The downside to selling your property for cash is that you will be expected to discount your home in order to make it more attractively priced to the cash buying company. The amount of discount that you normally need to give is around 20% of the market value. But having said that, every property is different and everyone’s situation is different, so the best thing to do is get a free valuation for a property buying company to find out how much they will pay you.
For an instant online cash offer for your property, or to find out about our other services, just enter your details in our free valuation tool.
Other Ways of Selling Your House Quickly
There are other supposed ways of selling your house quickly that scam house buying companies try to mask as cash buyers, and one of those is known as a delayed sale or joint venture opportunity.
What happens with this kind of sale is you generally receive around 50% of the market value of your property up front, and the company claims they will pay you the rest in 10 years’ time or more, when the market ‘picks up’.
It’s surprising how many people actually believe these types of companies’ lies, especially when the seller is in a desperate situation and needs a quick cash sale of their property. These companies pray of the desperate situation the seller is in, so if you are in this situation, make sure you seen independent financial advice before you agree to anything.
Another sale option that is disguised as a cash sale is a lease option. Lease options have been around for a long time and are particularly popular in Australia and the USA. Unfortunately in this country they have a track record of being mis-sold and vendors being misled. What happens with a lease option is, the vendor doesn’t actually sell the property to the buyer, and they just agree that the buyer will take over mortgage payments from the seller.
This is usually so they can put a tenant in the property, and make an income from the rent. In theory, lease options are not a bad idea, especially if you are in negative equity and can’t sell, or even if you are struggling with your mortgage payments.
The down side to the ‘seller’ is that they haven’t actually sold their property! The ‘buyer’ (if you can call them that), has merely taken over the mortgage payments for an agreed period and has the option to buy your property. They can if they wish, walk away from the sale at any point.
The FSA recently shut down activity in the ‘sale and rent back’ market, as it was full of loopholes and scams where vendors were losing out on the money in their property. Now, the FSA are looking into lease options, so it is one to be very careful of. If you are at all concerned, we highly recommend that you get independent financial advice.
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We aim to provide you with access to the best possible solution to selling your home quickly. This often means we must pass your details to a third party to assist with your home sale. You are free to opt out of any marketing we do or our partners do at any time.
Disclaimer: We do not provide any financial advice. Ready Steady Sell works with regulated property brokers whom have the ability to purchase your property for cash. Our service is free and you are under no obligation to accept the quotes you receive from our partner companies. You may be contacted by regulated firms that can help you sell your house quickly.