Caution advised around ‘quick house sale’ companies

Residential property homeowners looking to sell their homes quickly through dedicated sale companies have been advised to exercise caution by the Office of Fair Trading (OFT). These so called “quick house sale” businesses offer to buy the homes of people looking to sell quickly and promise to turn around the sale within a very short period of time, some in as little as seven days. In exchange for the quick turn around, homeowners are offered a sale price which is well below the market rate. The OFT is therefore warning that homeowners will receive much less than their property is worth and in many cases companies reduce the price further right at the last minute. The OFT has said that it is concerned that those who will be most likely to accept offers from companies like this are those who are vulnerable and urgently need to take hold of the cash equity they have in their home. This might include those selling their home following a relationship breakdown or elderly people who may need to pay for care. The BBC reported last year on a number of instances where consumers had been offered an even lower figure than agreed right at the end the process,and on one occasion, this occured the day before the removal vans were due to arrive. However, the companies profiled said that the number of complaints amounted to less than 1% of their customers. The contents of this article are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this article.  Setfords Solicitors are a national full service law firm, with residential property solicitors in Canterbury and across the country.