The only way to guarantee a sale within the quick sale market is to have total control. The difficulty is identifying the trustworthy companies as the industry has a very negative reputation.
There are over 25 companies in the UK that claim to buy properties quickly for cash; however very few actually buy properties, with the remaining ones being online estate agents pretending to be cash buyers.
They will tempt the seller offering a price at market value or slightly under with an aim to tie you into an option agreement for a period of 6 or 12 months at a fixed price. They will then market your property and attempt to find you a buyer rather than buying the property themselves. You will be tied into drawn-out processes and they may drop the offer price further down the line.
Once you accept their offer:
- They will encourage you to use one of their solicitors claiming it will be a quicker process with all the fees paid.
- They will most likely ask you to electronically sign a document.
- Most people feel obliged to sign the document as they feel it’s part of the selling process. They always fail to get it checked by an independent solicitor.
- Once signed, the company can legally register a charge against your property at the land registry. This is legal as you signed the agreement and waived the right to independent legal advice.
- By signing it, you cannot sell your own property to anyone else without their consent. That consent itself can cost you thousands of pounds to obtain, that’s why they place the charge at the land registry
- They rely on you signing the agreement without seeking advice from a solicitor and not understanding the implications of the agreement itself.
- The reason they want you to use their recommended solicitor is so they can hide the fact they are not buying your property and the severity of the agreement you are signing.
- If you use your own solicitor, they would point the dangers and costs of signing such an agreement.
You have the right to sell your property to whomsoever you wish to. You can move forward with confidence in protecting your asset by following these two simple rules:
- Always use your own independent solicitor for the sale. If you do not have one, then just search online for “conveyancing solicitors” and you will find a list of local solicitors whom you can contact directly.
- Do not sign anything that the buyer sends directly to you, only sign documents that have been sent to you by your choice of solicitor.
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