Home buying companies: the pros and cons

In the last few years, home buying companies have become more popular. More and more homeowners are attracted by the prospect of a quick sale rather than waiting for the drawn-out selling process to take place.

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However, it is important to think carefully and make some very thorough checks before you commit to one compaby. Not all home buying companies are the same and some are not as reputable as others.

Can you trust house buying companies?

You may have seen home buying companies described as quick house sale companies because they can complete a house sale within a week in some cases. They purchase for cash, which speeds up the process. The downside is that you will not get as much money for your property as you would have through the normal sale method.

They are generally legitimate property companies who will take houses that need work off your hands. The more work your property requires, the less you will get for it. They will usually buy a house in any condition.

However, the market for rapid selling of houses is not very well regulated and there is not as much protection for sellers as when selling through traditional methods. This means that you need to be fussy about which home buying company you choose.

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How to avoid being scammed

The more information you have at your fingertips, the less likely you are to get scammed. Start by knowing how much your house is really worth. Get at least three estate agents to come and look at your house and give you a valuation.

Either ask to see the survey that the home buying company has done or get your own completed. By getting a home buyers survey such as that described in https://www.samconveyancing.co.uk/Homebuyers-Survey completed for your home, you will have an independent opinion on any structural issues and how these will affect the price.

According to the National Association of Property Buyers (NAPB), if you buy from a company that is a member of the NAPB, you have protection as they are signed up to the Property Ombudsman’s Code of Practice. You can check the list of members on their website.

It is also important that you always use an independent legal advisor to help you through the process and offer valuable advice.

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