Fast home buying companies? Let’s play the whole tape through!

Just recently, my inbox has been getting quite a few “Sell your home quickly” emails, with claims of no fees, instant offers or sale in 7 days!!!

This perked my curiosity and I decided to click on one of the links which took me to a form that asked for the post code and address of the property, my email address and mobile. After completing the form which took roughly 30 seconds, a message popped up saying “We’ll be in touch within the next 24 hours”. When I read this I couldn’t help thinking to myself, there goes one day, only six to go and I couldn’t help thinking what exactly was meant by “sell your home quickly”.

The truth is, it is extremely difficult to sell your house within 7 days, at least that is if your interpretation of “sell your house in 7 days” means you have exchanged, completed and have the money in the bank, ALL WITHIN 7 DAYS!!!! 

Selling your home fast usually means that you are accepting up to a 50% discount on the market value and are asked to quickly sign a binding contract. Fast home buying companies have a target market that are in need of a fast solution to their problem, usually people that are facing repossession or even worse, eviction from their mortgaged homes as a result of accumulated debt from mortgage arrears. 

Whilst for some, this presents the ideal solution, taking the first offer received is probably not a good idea. We have had some inquiries looking for a better offer and although we have not always been in the position to make a better offer, we always suggest that you get as many “quick sale” offers as you can, to give you more options.

Being mindful of who you are dealing with is also good practice and perhaps not as easy as it may sound, especially if you are stressed with the situation and in need of a quick solution. We have heard of some bad experiences out there that include deductions on the offer being made because of refurbishment needed to the kitchen or bathroom, or a heavy discount being required on the purchase price and probably worst of all, the purchase price being dropped 10 – 15K on the day of exchange which for me, would be devastating if I was desperate to sell.

At the end of the day, fast home buying companies do have their place in the property market as they offer a service that is an option to someone that needs to sell quickly, just how quick they can put the money in your bank account, might be another matter.

By the way, the enquiry form that I completed and was told they would be in touch within 24 hours……. they just called me (as I’m writing this) and for a “quick sale” offered me 50% of the market value for my property. There you go, my curiosity has been satisfied.