Selling a house is a frustrating and tedious task.
It is not surprising that sellers are willing to sell ‘we purchase any home’ businesses. Many promising completions can be seen within seven days.
Many fraudsters and scams exist among legitimate house-buying companies. You need to know what to do if you decide you want to sell.
We will show you how it works, and provide seven great tips for avoiding the “we buy any property” scam.
What does it take to make a company called “We Buy Any House” successful?
There are many ‘We Buy Any House’ Companies in the UK.
Many people will offer to buy your property for cash and speedy sales.
These companies offer cash that is usually no more than 85% of the actual value of your home. Sometimes, it can be even lower.
Is it legal to buy houses from “we buy” companies?
There are many legitimate “we purchase any home” businesses in the UK.
Along with the legitimate operators, there will be many scammers and fraudsters.
This is the procedure that any legitimate “we buy homes” company should use.
- Once you contact them, they’ll offer cash to buy your house.
- If you accept the offer, the company will take care of all the transaction administration.
- The company should pay for your legal fees
- Both parties will agree on the completion date. It should not take longer than one month.
- The date of completion will be the day that the sale takes place.
Scams surrounding ‘We Buy Any House’
Scammers claiming to “We Buy Any House” use many tricks to trick homeowners.
These are the types scams you should be aware.
1. Lead generation scams
Data is big business. Many companies that claim to “we buy any house” don’t actually exist.
These companies use landing pages or websites to encourage you to sign up for more information, and then to sell your data.
2. False valuations
Many fake “We Buy Any House” companies will use their own valuers in order to deliberately lower the property’s worth so they can get less.
To accurately value your home, companies that offer a “we buy any house” service will use a Royal Institute of Chartered Surveyors valuation.
3. Hidden fees
Scammers who claim that they “buy any house” will make their money by charging hidden fees for the sale of your property.
These fees are not always disclosed until completion. It is often too late to make changes.
Companies that are legitimate will not charge you any fees or pay for your legal expenses.
4. Last-minute price reductions
It is however a common trick to trick ‘we buy any house’ companies.
Scammers will offer to lower the price of your home if you complete your contract. They know that you will not be able resist the sudden change.
Before the purchase process can begin, companies that offer to buy any property will submit a written offer.
5. Lock-ins and Optional Agreements
Many scam “We Buy Any Home” companies will attempt to lock you into an agreement that makes selling your property impossible if you change mind.
Others clauses allow the company or third parties to sell your home, or to use assisted sales or lease options. These procedures don’t guarantee a sale, and can result in additional fees.
How to avoid the “We Buy Houses” scam
You can take many steps to avoid falling for the “we buy any house” scams.
You should leave a company if it isn’t working.
- Ask for any money upfront
- Requires payment
- You may be asked to sign an option agreement or lock-in agreement
- You can claim to buy your property for 95%-100% below its market value
You should also:
1. Learn more about the company
Companies House is a great place to check if the company that you are interested in purchasing your property has a track history of trading.
Your company registration number should be prominently displayed on your website.
2. Accreditation is important for professionals
Members of the National Association of Property Buyers as well as the Property Ombudsman should be able to legally buy any house. These accreditations should be prominently displayed at their websites.
Memberships to other regulatory bodies are also available.
- The National Association of Estate Agents
- Royal Institute of Chartered Surveyors
- The Approved Code of Trading Standards
3. Get the latest, independent reviews
While most legitimate “we buy any house” companies will post testimonials of customers on their websites in order to show support, it’s a good idea also to search online for independent reviews.
You can check for reviews on sites like Trust Pilot and Google to make sure they are current.
If the reviews are not up to date or if there isn’t enough of them, this should be a warning sign.
Multiple reviews can be used to indicate false content in a very short time period.
4. Is it too good to be true?
Trust your gut instinct and avoid scams like “we buy any house”
A common misconception is that anything that sounds too good to be true is probably true.
You should seriously consider whether a company is legitimate if they offer you a full market price for your house or promise to close the deal within a very short time.
5. Ask for proof of funds and information about any fees
Nearly all companies that “we buy any house” will offer cash to purchase the property.
However, it is crucial to make sure they have the financial resources necessary to do this.
Ask for proof that they can afford to buy your house immediately after you accept their offer.
Ask about the fees they might charge. Most businesses that are legitimate won’t charge any fees and will pay your legal expenses.
6. Ask for solicitor details right away
To ensure that you are dealing with a legit company, ask for the contact information of the solicitor.
If the company refuses to accept your request or is unable to provide information about your conveyance, you should not.
7. Local agents can help you sell your house
Selling your home through an estate agent is the best way to avoid falling for a “we buy all houses” scam.
You won’t be conned, and your property will sell for a higher price than its actual market value.
Ask your agent to sell your house at an auction. This is an easier way to sell your house.
A proactive and engaged estate agent can help you quickly sell your house so you can move on to the next level of the property ladder with confidence.
Name of Business:-Station Property Group Ltd
Address:-Grand Station. Sun St. Wolverhampton WV10 01BF
