Companies that buy houses for cash have become increasingly popular in recent years. They can provide a quick, convenient alternative to selling on the open market. But they’re not without their drawbacks. Many are rogue traders, unable to meet the Office of Fair Trading’s strict guidelines. They may also misrepresent the value of a home. That can leave sellers in a vulnerable position and cost them tens of thousands of pounds.
A quick house sale companies company will make a preliminary offer on your property based on its market research and comparable homes in your area. The firm will then conduct a home inspection to assess the property’s condition. Afterward, it will send you a final cash offer. The company may include repair costs and holding fees in the final offer. In some cases, the buyer may pay a higher price than the market value of your property in order to make a profit on the investment.
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Some companies that buy houses for cash are fix-and-flip operations. They look for properties that are outdated or in disrepair and then make upgrades to sell them at a profit. Others may hold onto the homes they purchase and rent them out to tenants.
If you’re not satisfied with the final offer from a reputable house-buying company, you can file a complaint with the National Association of Property Buyers or The Property Ombudsman. You may also be able to lodge a complaint with your local Consumer Council or Trading Standards service.
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