Quick House Sale Warning

Quick House Sale Warning.

The Office for Fair Trading has issued a warning to people that are looking to deal with faster house purchase operations where you sell your property, usually at a discount to investors who can buy your home quickly.

Quick House Sale companies are attractive as they can buy your home within 7 days, with the speed comes a premium. We have dealt with a number of clients where they considered this as an option only to be offered a cut-price valuation just as the house sale was going through.

Our view
As with equity release, this market along with sell to rent schemes need to be regulated.

Of course, any Quick House Sale company is in business to make money, after all they are stumping up the cash quickly and sometimes at a risk of not being able to sell or let the purchased property for some time.

Likewise, though we recognise that selling your home is a huge financial decision and as ever, those that are desperate to sell, are likely to be vulnerable or on financial difficulty and therefore vulnerable to sharp practice.

The OFT has even set up a team and issuedcontact details if you feel you are falling foul of sharp practice. Thefinancial regulator alongside the legal professional has a duty to protect consumers and we suggest the law and regulation needs to be implemented soon.