'We buy any house' reviews: Are they really legit?
Selling your house is not only time consuming, it can also be frustrating.
And that is enough reason to turn to property buyers like a 'we buy any house' company. The thought of completing a sale in just 7 days for a guaranteed purchase price is often irresistible.
Unfortunately, this industry struggles to shake off a bad image from companies that are fraudsters.
For this reason alone, it's important to know what to look out for in a legitimate fast house sale company so that you don't fall into the hands of scammers claiming to purchase properties.
Here, we'll explain to you the following:
- The truth about the quick house sale industry
- Can you trust 'we buy any house' companies?
- How do quick house sale companies work?
The truth about the 'we buy any house' industry
The 'we buy any house' industry unfortunately has scammers and fake cash buyers.
That's why we're taking the step to guide you, so you know how to identify trustworthy buyers and avoid scammers.
There are hundreds of fast house sale property buyers in the UK, with most of them offering to buy your property for cash along with the promise of completing the sale process fast and giving you the best price.
These companies will usually make an offer of no more than 85% of the actual market value of your home. Some companies may even go lower.
Can you trust 'we buy any house' companies?
The 'we buy any house' industry is legitimate, even though a government body does not regulate it, thus exposing consumers.
TPOS
As a consumer, you can draw confidence from the fact that quick sale companies that are serious about offering trusted service will register with the Property Ombudsman (TPOS). As such, they must comply with their code of practice.
Moreover, you'll have a platform for seeking redress in case there's a dispute.
Unfortunately, the industry has scammers too.
We have put together a list to help you spot the scammers because you must do due diligence when choosing a 'we buy any house' company for a speedy sale.
How do quick house sale companies AND CASH HOUSE BUYERS work?
Although they lack proper regulation, genuine 'we buy any house' companies will buy your house with this 5-step process:
- You first contact them, to which they respond with a cash offer
- If you accept the offer price, they'll take care of all transactions at no cost to you
- A legit fast house sale company will cover the legal fees
- If you agree on the proposed completion date, they'll work towards completing the sale
- The property sale will go through as scheduled and you'll receive money in your bank account
Bank account
As mentioned above, when selling to a cash buying company, the final step — receiving the money into your bank — should be straightforward and transparent. A legitimate company will clearly outline the payment timeline and method before you agree to anything.
Be cautious of any buyer who insists on unusual payment methods or delays the transfer after completion.
Your solicitor should handle the transaction and confirm the funds have cleared before you hand over the keys.
Don't be afraid to walk away
If a company tries to pressure you into providing personal bank details too early in the process, or suggests sending payment in instalments without explanation, it’s best to walk away and find another company.