How to avoid scams from 'we buy any home' firms in 2022

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As a reputable and dependable 'we buy any house' service, we at Springbok Properties remain steadfast in our commitment to helping our customers sell their house fast.

As such, the mention of scams within the industry is something we shun completely by not only offering a legitimate service but also sharing valuable information with you on how to avoid scams by house buying company.

Our experts have carefully put together this guide highlighting tips to help you identify potential 'we buy any house' firms that may be out to scam you in your quest to sell your house fast.

In this guide you will discover:
  1. The valuable reasons why 'we buy any house' firms are a great way to get your home sold quickly
  2. How 'we buy any house' companies work
  3. How 'we buy any house' scams frequent the industry (and how to stay safe)
  4. Selling your house to a 'we buy any house' firm - what to watch for
  5. Frequently asked questions about 'we buy any home' services

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Reasons 'we buy any house' companies are useful in attaining a fast house sale

Reasons 'we buy any house' companies are useful in attaining a fast house sale

At Springbok Properties, we maintain the highest professional standards by leveraging our industry expertise. We buy any house in under 30 days or fewer, no matter its condition. You can trust us to deliver a quick and hassle-free house sale.

You don't need to worry about an estate agent or paying solicitor fees. You can trust us to take care of it for you.

Here are 12 reasons why our 'we buy any house' service is the answer to your fast house sale needs:
  1. Your property needs work, but you don't have the funds, patience, and time to manage it
  2. You're not ready for the hassle that comes with selling in the open market (such as uncertainties that are associated with being in a chain, time wasters, and solicitor delays)
  3. You're not willing to pay legal fees
  4. You don't fancy the thought of working with estate agents or paying their fees
  5. You're going through a divorce or separation
  6. You've inherited property and want to sell it fast
  7. Your current transaction has fallen through, yet you're already in talks with another seller for the purchase of another property
  8. Your property would not easily sell in the open market
  9. You're facing imminent repossession from your mortgage company
  10. You're a landlord and want to sell to another in the trade
  11. You'd like to sell your property to a leading quick house sale company offering the best service
  12. You simply want a fresh start in a different location

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'We buy any house' reviews: Are they really legit?

Selling your house is not only time consuming, but it's also frustrating. And that is enough reason to turn to a 'we buy any house' company. The thought of completing a sale in just 7 days 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 quick house sale company so that you don't fall into the hands of scammers.

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 is full of 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 quick house sale companies in the UK with most of them offering to buy your property for cash along with the promise of completing the sale process fast. These companies will usually make an offer of no more than 85% of the actual value of your home. Some companies may even go lower.

Can you trust 'we buy any house' companies
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. Although most companies in this industry are genuine, the dealings are such that no company will buy your house for its full value.

The reason for this is simple...

Buyers will need to put in work before selling the property. But all is not lost. As a consumer, you can draw confidence from the fact that quick house sale companies that are serious about offering trusted service will subscribe to the National Association of Property Buyers (NAPB). This means registering with the Property Ombudsman (TPOS) too. 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 been putting together a list to help you spot the scammers because you must do due diligence when choosing a 'we buy any house' company.

How do quick house sale companies work?

Although they lack proper regulation, genuine 'we buy any house' companies will buy your house with this 5-step process:

  1. You first contact them, to which they respond with a cash offer
  2. If you accept the offer, they'll take care of all transactions at no cost to you
  3. A legit quick house sale company will cover the legal fees
  4. If you agree on the proposed completion date, they'll work towards completing the sale
  5. The sale will go through as scheduled and you'll receive money in your bank account

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How 'we buy any house' scams work

How 'we buy any house' scams work

Fraudulent 'we buy any house' companies will often employ various techniques to get the best of you and rip you off. In this section, we look at:

Here, we'll explain to you the following:

  • Types of 'we buy any house' scams
  • 10 tips to avoid 'we buy any house' scams
  • 9 rules to protect yourself from scams
  • What to expect when selling to 'we buy any house' companies
Types of 'we buy any house' scams

Fake quick house sale companies will often disguise their motive so it's difficult to tell if they are genuine. That's why we're revealing five of the common scams you must look out for:

  1. Gazumping

    This is the most common trick illegitimate companies will use to get you to sell your house to them. Questionable companies will often give you an unrealistic offer and even promise to complete the transaction in just a couple of days pending a valuation. However, they'll renegotiate once the valuation is complete with an unrealistic drop in the offer, usually at the 11th hour, when the only option you have is to accept the new offer. A legitimate company will establish the price.

  2. Lead generation scam

    It'll surprise you to know that many companies, while purporting to buy your house, are just interested in making money from the sale of your data. They use their sites to generate leads by getting you to sign up for more details on their site only for them to sell your data to third parties.

  3. False Valuations

    This is the most common trick illegitimate companies will use to get you to sell your house to them. Questionable companies will often give you an unrealistic offer and even promise to complete the transaction in just a couple of days pending a valuation. However, they'll renegotiate once the valuation is complete with an unrealistic drop in the offer, usually at the 11th hour, when the only option you have is to accept the new offer. A legitimate company will establish the price.

  4. Hidden fees
    Hidden fees

    Bogus 'we buy any house' companies will want to make money through hidden fees relating to the sale of your property. They will not tell you about these fees and only mention on the completion day when you can't realistically back off from the sale. Genuine companies will cover the legal costs and won't charge you any fees.

  5. Lock-ins and 'option' agreements

    Fraudulent quick house sale companies will tactically lock you into an agreement such that you can't sell your property to another party if you change your mind. As for the 'option' trick, they will give you a contract with clauses that gives them the liberty to sell your property through a third party. The 'option' clause may also give room for assisted sales or the option to lease, which doesn't guarantee a sale. If anything, it may only result in additional fees.

    In the worst-case scenario, 'we buy any house' companies will not have the cash to buy your home, even though they'll claim otherwise. Genuine companies will have cash at hand to buy your home fast so that you can solve any issue you're facing. So, next time a quick sale company promises the world, think twice before signing the contract.

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9 rules to protect yourself from scams

9 rules to protect yourself from scams

If you're like most people, the question will often be, 'how do I prevent myself from falling for a scam?'We've made it easy for you. Stay away from a lender who:

Fake quick house sale companies will often disguise their motive so it's difficult to tell if they are genuine. That's why we're revealing five of the common scams you must look out for:

  1. Requests any upfront payment
  2. Asks for a fee for withdrawing or cancellation in their paperwork
  3. Promises a sale price that is close to 100% of the market value of your property
  4. Offers you an option agreement or lock in contract
  5. Alleges the industry is under government regulation
  6. Doesn't have a visible company registration number displayed on their website
  7. Is keen on putting a restriction against the title of your property with the land registry
  8. Can't give proof of availability of funds
  9. Claims to sell your house to investors for +90% of the market value

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Selling your house to a 'we buy any house' company

Selling your house to a 'we buy any house' company

It's possible to sell your home fast without getting ripped off. We share industry insider knowledge to help you protect yourself and navigate this industry safely by highlighting:

  • How to spot 'we buy any house' scammers vs. trustworthy companies
  • 10 tips on 'we buy any house' firms to avoid the scams in 2021
  • What to expect when selling to 'we buy any house' companies
How to spot 'we buy any house' scammers vs. trustworthy companies

You need to identify shady and scam practices quickly. Remember, it just takes one encounter with a scammer to take you down.

10 tips on 'we buy any house' firms to avoid the scams in 2021
  1. Look out for professional accreditations

    A genuine 'we buy any house' company will also be members of the National Association of Property Buyers (NAPB) as well as the Property Ombudsman (TPO). They will readily display this information on their website. Other important membership that credible quick sale companies will subscribe to are:

    • The Royal Institute of Chartered Surveyors (RICS)
    • The National Association of Estate Agents
    • The approved code of Trading Standards
  2. Do a little research
    Do a little research on the company

    Don't just commit to selling your house to the first company you find. Instead, spend time looking up some information about them. More specifically, you should be keen on the companies trading history. They should also display their registration number on their website.

  3. Check for recent independent reviews

    It's common for any company to have customer testimonials from past clients on their site. Sometimes these are curated so that they may not be an accurate representation of what clients say. Check out for recent independent reviews of the company on sites like Google, TrustPilot and Reviews.co.uk. These will give you an accurate picture of what you can expect if you choose to sell your house to them. If you find a company with little to no reviews or reviews that are not up to date, then this may just a red flag. Having too many reviews within a brief period may also point to falsified content.

  4. Ask for proof of funds
    Ask for proof of funds

    The idea behind quick sale companies is that they buy property for cash. But it is risky to work with an assumption that the company has cash ready to buy your house. Go further and request that they prove their availability of funds soon after they give you an offer. Most serious companies will not have a problem sharing their financial statement.

  5. Clarify on any fees

    Equally important is the issue of fees. Ask the 'we buy any house' company to come clean on any charges they're proposing. Ideally, most legit companies will not charge you any fees. Instead, they will cover all the legal costs; hence the reason for making an offer of 85% of the value of your property.

  6. Is the timeframe or offer too good to believe?
    Is the timeframe or offer too good to believe?

    Sometimes you have to trust your gut instinct in identifying 'we buy any house' scams. When a company gives you an offer that is too good to be true, take a step back and evaluate the possibility of it being a scam. For instance, where a company offers to pay the equivalent of 100% value for your home or they promise to complete the sale in 3 days, start questioning their legitimacy.

  7. Request the solicitor's details

    Sometimes it is the company's solicitor that will help you steer clear from trouble. Therefore, request their details so you can contact them to verify that the company is genuine. If the company refuses to divulge this information or can't provide details of the conveyancer, just walk away before it's too late. Alternatively, have an independent legal advisor to guide you through the entire process.

  8. Sell your house through an estate agent

    This is the best move you can make to avoid being conned by 'we buy any house' companies. However, you must remember the reason you opted for the quick sale company in the first place. While it's true that you won't be scammed and will sell your property for close to its true value, this could take a long time to find a suitable buyer and close a sale. So, ask the agent about the possibility of selling your house at an auction, as this may be the quickest way. Most importantly, make sure you're working with a proactive estate agent with a reputation for selling properties fast.

  9. Ask to see the valuation report

    Certain 'we buy any house' companies will undervalue your property so that in the end you're getting far less than the value of your property. As such, you'll do well to request to see the valuation report just to be certain. You can even have estate agents offering you three different valuations for comparison. Quick house sale companies that undervalue your property will not want you to see the report.

  10. Don't be in a rush to sign the agreement
    Don't be in a rush to sign the agreement.

    The devil is in the detail. Bogus 'we buy any house' companies will want you to sign the agreement quickly so you don't get to read the details. Our advice is don't sign until you have read and understood the agreement and have done all the legal checks. Where possible, ask your solicitor to explain anything you may not be clear about. You must be sure about what you're signing up for.

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'We buy any house' companies frequently asked questions

  1. How quickly can genuine companies buy my house for cash?

    A legitimate and professional house buying company will buy your house within 7- 28 days. Many bogus companies claim to complete the purchase in 24 hours. Such claims should serve as a red flag. If anything, the shady companies posing as legitimate 'we buy any house' companies will drag the sale for months as they try to find a buyer or secure funds.

  2. How much will a 'we buy any home' company offer for my house?

    Genuine house buying companies will pay up to 85% of the value of your property. Any company claiming to offer more is suspect. Don't fall for their tricks.

  3. Are there any other costs to expect when selling to a reputable house buying company?

    Reputable home buying companies will not charge you any fees to buy your property. They will even pay your legal fee. The reasoning here is that they cover these costs before extending to you an offer, which explains why you'll not get a 100% offer. Avoid companies that want you to make any upfront payment.

  4. Is this really a free service?

    The quick house sale process is free because it is mutually beneficial to both parties. At Springbok Properties, we stay true to this and will do what it takes to ensure this service remains free.

  5. Are cash house buying companies regulated?

    No, unfortunately this industry is not regulated so you should be suspicious if you come across someone or a company that claims otherwise. However, this is not a reason to scare you off. If you follow the 10 tips to avoid scams, you can be sure to protect yourself from shady companies.

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A free and no-obligation cash offer for your house

So, why should you sell your house to Springbok Properties?

why should you sell your house to Springbok Properties

At Springbok Properties, we're committed to helping you sell your property fast. We are members of The Property Ombudsman and the Trading Standards Institute and the Federation of Small Businesses. These memberships ensure we deliver the highest level of customer service when you buy a house with us. Moreover, by selling your property to us, you enjoy protection thanks to The Property Ombudsman code of conduct.

 

 

 

 

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