Many people decide to sell their homes for one reason or another and may need to close the deal quickly. If you don’t want to wait months for the traditional process, then you can try using a quick house sale company. Companies such as webuyanyhome claim to be able to buy properties and provide cash in as little as a week. They are becoming increasingly popular and have sprung up as the housing market slows. But be careful, the quick house sale industry is unregulated so you need to carry out your research to avoid being misled.
You should also beware of false property valuations as this is a common problem in the industry. You should ask the company who is doing the property valuation and how they are coming up with the estimate.
Some quick house sale firms will actually purchase your property themselves, while others will find a third-party buyer to do so. Either way you should get everything in writing, especially the fees involved. You can check whether a company is legitimate by doing a search on Companies House and you should also make sure that all fees are clearly outlined in the contract. As a guide, fees should be no more than 1% of the final selling price, including all searches and solicitors’ costs.
If you are going to use a quick sale company, ensure that they are registered with the National Association of Property Buyers (NAPB). This will mean that they have signed up to The Property Ombudsman’s Code of Practice and must treat you fairly. It will also mean that you can contact them if there is any issue with the transaction.
Beware of companies that don’t sign up to either organisation as they could be doing a bait-and-switch. They might be offering you a high price for your property and then later on reduce it. The Property Ombudsman’s Code states that if the offer is reduced late on, it should be explained in writing.
Some people turn to quick house sale companies because they have a pressing need to sell their home such as a debt crisis, a new job or relocating for work. They can be a good option in some circumstances but it is important to know what you’re getting into before you sign on the dotted line.
You should always consider the tax implications of a quick sale before proceeding. You may have to pay capital gains taxes, for example if you sold your home shortly after buying it. You should also be aware that if you sell your home before you’ve paid off your mortgage, you could face repossession. It is also worth noting that a quick sale can affect your credit rating and you should seek legal advice before making any decisions. However, a quick sale might be a good solution in a divorce case where the main asset is the family home. This can be done in a matter of weeks rather than months and will help both parties move on quickly.