Cash House Buyers: What You Need To Know
With quick house sale companies becoming increasingly popular as a way to sell a property quickly, the way we sell our homes has completely revolutionised. The market has moved away from traditional high street estate agents and shop window advertisements, to now selling your property online through a regulated property buyer like Good Move.
What is a quick house sale company?
Companies that buy houses quickly are commonly referred to as Quick House Sale Companies. They are usually based online and will buy your home or property in cash for around 80% of the market value with no solicitor fees or estate agent charges to pay. The time it takes to sell your property to a quick house sale company can range from just a few days to 4 weeks dependant on the efficiency of the property buyer as well as the complexity of the transaction. As such, online property buyers offer homeowners the ability to get cash for their property whilst selling it faster than they could on the open market.
Reasons to sell your home quickly
There are multiple reasons why you may need to achieve a quick sale. These could include:
- Retiring and looking to downsize
- Finding your dream home
- Moving closer to school catchment areas
- Facing financial difficulty and/or wish to stop repossession
- Inheriting a house
- Divorce or separation
- Looking to emigrate
Whatever the reason, Good Move will buy your property quickly and securely without judgement. You can be assured that Good Move’s qualified chartered surveyors will provide accurate valuations for your property.
Accredited homebuyers in the UK
The Quick House Sale Industry isn’t regulated, although the Competition and Markets Authority (CMA) overlooks the sector. The Office of Fair Trading (OFT), which closed in 2014, played a key role in trying to regulate the sector, and went quite far to establish the National Association of Property Buyers (NAPB). When you’ve made the decision to sell via an online property buying company, it’s important to check that they are members of the NAPB. All members of the NAPB are also mandatorily members of The Property Ombudsman (TPO) and must adhere to a strict Code of Conduct for Property Buying Companies.
NAPB Membership as a stamp of quality
With the introduction of the National Association of Property Buyers, homeowners needn’t worry about the legitimacy of quick house sales as all members must abide by a comprehensive code of conduct. Some companies who are members of the NAPB and are therefore trustworthy are:
- Good Move: Good Move became regulated with a vision to change the Quick House Sale Industry for the better. Not only are we a proud member of the NAPB, we went one step further and became regulated by the Royal Institution of Chartered Surveyors. We are proud to be the only company in this niche sector which is run by qualified chartered surveyors.
- House Buy Fast: House Buy Fast is accredited by The Property Ombudsman and was established back in 2008. It was initially created to assist sellers to connect with investors and has now evolved into a large popular property buying company.
- Property Rescue: Established in 2005, Property Rescue is a professional house buyer regulated by the Financial Conduct Authority for undertaking sale and rent back schemes.
- House Buyer Bureau: Home Buyer Bureau is a house buyer established back in 2001 which has been acquiring properties for around 20 years. It buys all properties regardless of condition and is a member of the NAPB and The Property Ombudsman.
- Homes Bought Fast: One of the founding members of the NAPB, Homes Bought Fast was established in 2007 and is monitored by The Property Ombudsman, adhering to the Code of Practice for Property Buying Companies.
- SecureAsale: Like the rest of the NAPB members, SecureAsale abides the Code of Practice for Property Buying Companies. Established back in 2008, it continues to expand in the Quick House Sale market.
- National Property Trade: National Property Trade, established in 2010, is a regulated professional property buying company that adheres to The Property Ombudsman.
- We Buy Any Home: We Buy Any Home is one of the founding members of the NAPB and worked with The Property Ombudsman to establish a comprehensive Code of Practice for Property Buying Companies.
- Speed Property Buyers: Speed Property Buyers is a member of the NAPB and Property Ombudsman. It is currently growing in popularity within the Quick House Sale industry.
- Excel Property Group: Excel Property Group has been an active property buyer since 2013 and continues to expand in the industry. It is a member of the NAPB and The Property Ombudsman.
- Potrell Property Buyers: Potrell Property Buyers was established in 2010 and has its property services monitored by the NAPB and The Property Ombudsman.
- Quick Move Now: One of the original house buyers in the Quick House Sale Industry, Quick Move Now was established back in 2001 and is monitored by The Property Ombudsman.
Unregulated Quick House Sale Companies – The Pitfalls
If homeowners decide against using a regulated Quick House Sale company, some of the potential pitfalls are:
- A long drawn-out sale that goes on for months, not weeks
- No transparency in terms of surveys or valuations
- No code of practice, meaning the house buying company can treat its customers as they please without any repercussions
- If a sale goes wrong, there is no recourse action you can follow up on
- An unregulated firm may reduce the price it offers for a property without reason, or push homeowners into paying their own legal fees and valuations
- An agreed price is never guaranteed to go through as an unregulated firm may not have the required funds, instead relying on unstable investor funds.
What can I expect from Regulated Property Buyers?
Regulation ensures professionalism, ethics and adherence to a strict code of conduct. If a house buying company isn’t regulated it often does as it pleases and gives the Fast House Sale Sector a bad name. The benefits of choosing a regulated and accredited quick house sale company like Good Move are:
- Transparency: NAPB member Good Move explains the property buying process in great detail, providing comprehensive and concise information to ensure full transparency throughout the sale.
- Code of Conduct: A regulated company will be a member of The Property Ombudsman and National Association of Property Buyers. A code of conduct will always be adhered to, meaning the house is in safe hands with professionals. If anything were to go wrong, you have access to a redress scheme through The Property Ombudsman.
- Fees: Good Move pays all seller fees, meaning that solicitor fees are paid for with any other associated costs to ensure a fast sale.
- Speed of Sale: Good Move prides itself on being able to buy houses quickly in as little as 48 hours if required. On average, a quick house sale is achieved within 2-3 weeks.
- Professionalism: When you deal with a chartered surveying firm, a fast house sale will be organised coherently from start to finish. Good Move will provide you with your own dedicated chartered surveyor throughout the sale and will always be on hand to answer any query.
Questions to ask your Quick House Sale Company
Selling your house isn’t an easy decision for homeowners, especially if it needs to be done quickly. It’s important to ask the right questions when considering which house buyer to instruct. If you ask the below questions and are happy with the answers, your quick house sale is in safe hands:
- Are you regulated by the Royal Institution of Chartered Surveyors (RICS) and the National Association of Property Buyers (NAPB)?
- Do you purchase the properties yourself or do you act as a broker to investors? If the company says they act as a broker, you should avoid them at all costs as they are reliant on potentially unstable investors to sell a house quickly.
- Are you cash buyers or are you reliant on a mortgage? Unfortunately, a large number of property buying companies may claim “we buy any house”, but if they need a mortgage to buy your home you are best ignoring them. Mortgages can take up to 12 weeks to go through and are becoming increasingly difficult to get through mortgage lenders.
- Do you have Professional Indemnity Insurance? Any large property buying company should carry professional indemnity insurance to give homeowners confidence that if anything were to go wrong, insurance is always available.
- Are you a member of The Property Ombudsman (TPO)? If the property company is a member of the National Association of Property Buyers, they will also be a member of the Property Ombudsman.
- Do you have a complaints handling procedure? Homeowners generally like to know that a complaints handling procedure is in place to manage any problems and resolve them accordingly.
- Can your solicitor provide recent evidence of house sales? It is fundamental to know whether a house buying company has any recent experience in quick house sales. It’s recommended to speak to the solicitors of the company and asking for any evidence of TR1 forms and completion statements from recent purchases. If the company refuses, it’s quite obvious they aren’t cash buyers and are likely acting as a broker trying to facilitate a sale with an investor.
With Good Move being both well regulated and accredited, you can be assured of accurate valuations, professional service and a quick hassle-free house sale. Beware of property buying companies that aren’t regulated and make sure that the company you use is a member of the NAPB, TPO and RICS.
If you want to sell your property quickly and safely, contact one our experienced surveyors here at Good Move, who will be happy to help.
Good Move are regulated property buyers who offer a unique quick move method which your traditional Estate Agency practice just can’t offer on the open market. No viewings, no sales boards, no house chains, just sell your house for cash.
We are regulated by...
Good Move are proud to be the most regulated property buyer operating in the ‘Quick House Sale’ industry.