24 April 2019
The National Association of Property Buyers (NAPB) was specifically set up to protect homeowners looking to sell their houses for cash to a property buying company; however, some homeowners do like to do further research into a company they are looking to deal with. One website, namely Ready Steady Sell has gone a step further to offer homeowners a way to vet and check ‘we buy any house’ companies with a series of 21 points that homeowners can use to safely know they are dealing directly with a cash buying firm.
Although Ready Steady Sell aren’t direct members of the NAPB or The Property Ombudsman; the 21 point checklist offers homeowners a great way to do their own due diligence on a particular company. We’ve summed up the 21 point checklist below for you:
Point 1: Is the quick house sale company a member of the NAPB?
This is probably the easiest check you can make on a quick house sale firm, our members page includes every company that is a registered member of the NAPB.
Point 2: Is the quick house sale company a member of the TPOS scheme?
You can check here - https://www.tpos.co.uk/consumers/advice-for-consumers/property-buying-agents
Point 3: Is the quick house sale company registered with the ICO?
The ICO database can be accessed to check to see if a company is compliant with GDPR - https://ico.org.uk/esdwebpages/search
Point 4: Is the quick house sale company registered with companies house?
Registering a company with companies house means they are a legitimate company operating in the United Kingdom. You can search for a particular company here.
Point 5: Can they provide proof of funds?
Any genuine house buying company should be able to provide this.
Point 6: Has the company traded for 5+ years?
The check at companies house (see point 4) should disclose this.
Point 7: Do they have somewhere to complain?
The complaints department should ideally be independent of the cash buying company.
Point 8: Do they have Professional Indemnity Insurance?
Every company that deals with the public should have this.
Point 9: Do they guarantee not to lower offers on exchange?
A number of quick house sale companies have been reported to do this.
Point 10: Do they charge fees?
If a ‘we buy any house’ company is asking for a listing fee, it’s probable they are listing a property on the open market not selling for cash.
Point 11: Are they up to date with GDPR?
Your personal details should be protected at all times.
Point 12: Testimonials
Vendors should be able to speak directly to successful case stories.
Point 13: Are they willing to be discussed by NAPB?
Customers can call the NAPB and ask questions about any of its members.
Point 14: Independent Reviews
Customers can check online for independent reviews of a particular quick sale firm.
Point 15: Terms of Business
Every quick home sale company should have a clear and distinct terms of business they follow and adhere to.
Point 16: Are the valuations independent?
Vendors need to make sure that whomever is valuing their property is independent of the quick cash buyers they are trying to sell to.
Point 17: Sale and rent back?
The sale and rent back market is now fully closed for business – any company doing it is doing so illegally.
Point 18: Cash or mortgage buyer?
The quickest sale route for any seller is always going to be cash, however some supposed ‘cash buyers’ are relying on mortgages to buy property fast.
Point 19: Which solicitor do they expect the vendor to use?
Pressure to use a particular solicitor could prove to be an elaborate scheme by some unscrupulous ‘quick sale firms’.
Point 20: Speed of sale
Any genuine cash buying company should be able to guarantee a sale in under 14 maximum. Any longer and the company in question is likely not a cash buyer.
Point 21: Ready, Steady Sell!
You can check Ready Steady Sell’s full 21 point checklist here.
Remember, selling your house for cash is a big decision and not only do you need to be absolutely sure it’s what you want to do – you need to make sure the company you are using to sell your home through is legit. Do as much research as you can before you decide to sell your home to a cash property buying firm making use of NAPB, the 21 point checklist above and any other ways you can thoroughly check a company out.
This content has been provided to us by the writer, Ready Steady Sell. Whilst believed to be factually correct, we cannot accept responsibility for content contained within it.