Cash house buyer scams! Not all Cash House Buyers are what they seem!

Cash house buyer scams

Quick Move Now is the UK’s original and largest cash house buying company in the UK. Because we have been in the quick house buying industry since the beginning, we have seen lots of companies claiming to be ‘genuine’ cash house buyers come and go.

But beware of cash house buying companies scams!

Not all cash house buying companies are what they seem! Here is our ultimate guide of what to look out for when dealing with anyone claiming to be a house buying company.

At present there are around 80 UK organisations, all claiming to be companies that buy houses quickly. These companies will often make statements like, “We can offer you 100% of market value” and “Genuine Cash Offer” or “We can buy your house in 7 days”.

These declarations are generally lies to entice you in! In actually fact, there are only three house buying companies in the whole of the UK who directly purchase houses for cash, of which Quick Move Now are one!

So who are these rogue house buying companies?

In essence these companies act as lead generators. They will use your details to sell onto investors or brokers who do have the capital to buy your house. Because of this, when dealing with these companies you will never get any certainty on price or completion dates!

Since our inception in 1998, we have been trying desperately to regulate the quick house sale industry to try and combat cowboy traders! Back in 2013, Quick Move Now’s Business Manager, Danny Luke worked closely with the OFT in its investigation of the quick sale industry and in our position as the industry leader, we provided many examples of best practice.

Despite calls from the public, from the property industry and from the quick sale industry itself, the OFT decided not to regulate the industry and not to hold any companies to account for previous bad practices. At the time the Director at the OFT said

It is our intention that other businesses within the sector take note of our investigation and the advice we have provided and review their own practices.

Independent circle.pngBack in 2012, the Independent released an article telling sellers to beware and unfortunately with no regulations in place this five year old article is still very relevant!

Avoid being scammed by companies claiming to be cash home buyers?

Check their bank balance to make sure you are dealing with genuine cash buying company!

Genuine house sale companies will have a balance sheet to prove they buy houses. You should expect a genuine cash buying company to have an annual turnover in excess of £4 million and a current balance of at least £1 million to put them in a position to make instant purchases. You can use sites like Companies House or Duedil to research their financial credentials before making a decision!

Quick Move Now are totally transparent as a home buying business, and to save you having to pay Companies House, you can find our annual accounts here >>

Genuine house buying companies will never ask you to pay any fees!

Avoid any company claiming to be a home buyer that tries to charge you a fee at any stage of the buying process. A genuine cash buying company will be purchasing your property at a discounted rate, in return for a fast, reliable and hassle free house sale. They should also absorb any legal costs associated with the house sale like the survey, EPC and solicitor’s fees!

We speak to many people on a daily basis that have been asked to pay a fee in order to receive a cash offer. This is completely unethical and we would never advise paying and fees or signing any contracts if dealing with a cash home buyer!

Never sign a contract or option agreement!

Option agreements are contracts to sell your home to a company for a set price. These contracts are for the agents benefit; by signing the contract you will be legally tied to that particular company for a set amount of months, however the company is not legally obliged to buy your house!

Option agreements are usually a clear sign that cash funds aren’t available. Companies who use option agreements are normally doing so to buy themselves more time to find the money to buy your house.

Read Customer Testimonials!

Companies who buy houses for cash should have plenty of real customer testimonials available. However, there’s a risk that some companies may create fictitious reviews as a front. Ask questions and do your research!

If a company has 20 reviews in a month but their balance sheet states a turnover of under £4 million this clearly shows they are not buying directly!

Quick Move Now have bought over 5,000 houses since inception, read what some of our customers have to say >>

Here at Quick Move Now we pride ourselves on being totally transparent. Our company details are freely available online, where we provide detailed evidence of our history, track record and details on our company accounts. We understand that selling your home fast can be a stressful and unfamiliar process so we want to set your mind at rest that you are dealing with the right home buyer.

Remember, it is your house, your sale and your future! Look into all the options, ask lots of questions and make sure you opt for the service which is most beneficial for you!

If you’re interested in receiving a free, no obligation cash offer for your house, talk to Quick Move Now today or alternatively fill out our online estimate form below.

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