Quick House Sale Firm Investigation

Quick House Sale Firm Investigation

The Office of Fair Trading has suggested in a release that it is to investigate the trading practices of a number of firms that claim to sell your home quickly.

The OFT suggests that the firms, as yet unnamed, may be using unfair practices resulting in people losing thousands of pounds.

Properties have been sold at below market value prices with vendors losing up to 50% of the sale price, meaning losses of many thousands of pounds.

The OFT suggests that firms involved may have manipulated vendors with sharp practices such as time pressures to sell with 7, 10 or 14 days.  In addition, the purchaser then coming back at the last minute with vastly reduced offering prices when the vendor, desperate to sell, is committed.

Comment
"If it looks too good to be true, it probably is".  Why could you not sell your home before?  When looking to sell, people have different reasons as if you are desperate to do so due to illness, moving overseas or debt, it is understandable that you would be tempted.

There will be many reputable "quick house sale" firms but, sadly there will of course be those that use unacceptable selling practices.  No doubt the OFT will sort of the good and the bad.