If you’re in a rush to sell, whether that’s to relocate for work, sell on some inherited property or to make a clean break after a messy separation, a quick house sale company is the fastest way to sell up and move on.

• Reduce the cost of selling: There is no need for an estate agent, and many companies will cover your legal costs – if you use their recommended solicitors.
• Avoid repossession: Selling your house fast may raise more funds to clear debts than if the bank or mortgage lender repossesses and sells the home for you.
• You need money: Selling to a quick house sale company is the quickest way to turn your home into cash.
• A guaranteed sale: A quarter of all house sales in the UK fall through before completion. A sale to a quick house sale company is guaranteed.
• No viewings: For many homeowners, viewings can be inconvenient, intrusive and upsetting. 
• Sell an inherited property: Managing the sale of a deceased loved one’s home can be emotionally draining. Fast forward the process by selling to a cash buyer.
• No need to spend time and money on home improvements: A house buying company will buy your property regardless of its condition.
• Move on from a divorce or separation fast: Avoid having to share your home with an ex while you wait months for it to sell with an estate agent.
• Downsize without the hassle: If you need to move for age or health-related reasons, perhaps even the death of a partner, a fast cash sale removes the stress.
• Relocate fast: Starting a new job in a different location is stressful enough, why add a lengthy house sale to the mix? 

The quick house sale market is unregulated, which means there are a fair share of unscrupulous companies that will try to win your business unethically. If you fall prey to one of these companies, there is no protection available, so it’s best to conduct thorough research yourself before choosing a buyer. 

The Competition and Markets Authority (CMA) — formerly the Office of Fair Trading — has identified six business practices that should serve as red flags to potential customers. If a company engages in any of these practices, you’d be wise to sidestep them and find a more reputable and reliable service provider.

Dodgy sales tactics to avoid 

Last-minute price reductions

Many people who need a quick cash sale are in a vulnerable position, and unscrupulous companies know they will be forced to accept a lower price for their property, enabling the company to make more money from the transaction. 

Hidden fees

Some companies will add an unexpected fee following an encouraging initial valuation and the company may even refuse to proceed with the sale unless the customer agrees to pay.

False claims of being a cash buyer

Some “quick sale companies” are really brokers or lead-generation companies trying to obtain your details to pass on to a third party. You can ask your solicitor to obtain written or published clarification of the company’s status, or you can check for yourself on Companies House.

Misleading claims

Some companies will provide an artificially low valuation, making the discount they are offering appear much better than it really is. The customer believes they are getting a great deal when, in fact, the company is taking a much larger discount than is fair.

Encouraging customers to enter into agreements that prevent them from selling to other buyers

A company that insists on locking you into such a contract is best avoided, so check the small print of any documents before you sign them. Some unethical quick-sale companies will include severe penalties for anyone who breaches this type of contract after signing it. 

Promising a quick sale then drawing out the process for months

If a company is not a genuine cash buyer, they will need to secure finance to purchase your property or engage the services of a third party. Both of which will take time and delay the sale of your home.

As the industry is unregulated, the onus is on you as the consumer to make sure the company you use is ethical and reliable. Look out for the following signs of a genuine quick house sale company:

• NAPB membership: The National Association of Property Buyers is a not-for-profit organisation that promotes best practice in the quick house sale sector. 
• Registration with TPOS: The NAPB requires all members to register with The Property Ombudsman. If there is a dispute, the consumer can access redress via the TPOS.
• Beware the CMA red flags: If a company engages in any of the “red flag” practices listed by the Competition and Markets Authority (above), find another company.
• Positive customer reviews: Look for reviews on an independent site such as Trustpilot. A healthy number of reviews that are overwhelmingly positive is a good sign.
• Contact details: The company should provide various means of contact, including a telephone number, email and postal address.
• Experience: Find out how long the company has been in business, and look for information about the team for an indication of the experience they offer.
• A transparent process: Is the company clear and open about its buying process and how it arrives at an offer price?
  • Preferred time scale?
  • Is the company buying your property directly or will it engage a third party?
  • Do you have to sign a contract that gives the company exclusive selling rights?
  • Can the company prove that it has the funds to buy your property?
  • Are there any fees or charges to pay, e.g. solicitor’s fees?

Before choosing which company to sell your house to, make sure that you have access to all the information necessary for making an informed decision. If this is not readily available on the website or in other literature, ask for it.

Try asking the following questions. If answers are not forthcoming or seem evasive or minimal, this could be a sign of a dodgy company that will not offer the reliable service you need.

• How long has the company been established for?
• How many houses has the company bought in the past year?
• Is the company a member of the NAPB and The Property Ombudsman?
• Where can you find some customer case studies and reviews?
• How does their process work?
• How does the company value a property?
• Could the offer price change after you have accepted it?

There may be many reasons why a homeowner needs a quick house sale. Only you can decide if using a quick house sale is the right decision for your personal circumstances. 

Review the pros and cons, and be sure to do your research before choosing a company to sell to. You should also consider the alternative methods of sale available. Which option is right for you will depend on a number of factors including how fast you need to sell and how much cash you need to raise from the sale — which is the most important?

A “traditional” on market sale

Choose an estate agent and have them market and sell your home. This is not the best option for anyone seeking a fast sale, as it can take months (or even years) to find a buyer and then another five months (or more) for the sales process to complete. You’ll also need to accommodate multiple viewings and visits from your agent. 

If achieving the highest price for your home is the top priority, this may be the best option for you.

Selling at auction

A traditional auction requires the buyer to complete within 28 days of the winning bid. For a modern auction, which is carried out online, the buyer has 56 days to complete the purchase. This can provide a relatively fast route to selling, but there may be substantial upfront costs without any guarantee of achieving a sale. The sale price is also likely to be below market value — typically around 75-85 per cent.

Part-exchange (PX)

If you have your eye on a new-build property for your next home, ask the developer if it offers a part-exchange scheme. This would allow you to sell your existing home and buy the new property in one swift transaction. This can provide a fast, hassle-free and streamlined buying and selling process. The main limitations are that PX is only available for new-build properties and the house you’re selling typically has to be within a certain radius of the development.