Mark Hayward, president of the NAEA, said: “Our members have noticed a significant increase in the number of companies purporting to offer cash purchases on properties in whatever condition within 24 hours.
“While this might sound like a great solution for people looking to sell their property in a hurry, we are finding that it is often families who are in desperate financial circumstances which are targeted through website advertising and a door-to-door sales approach.”
Harrison Murray estate agents are members of the NAEA and echo the advice to customers using their 17 branches around Cambridgeshire, Leicestershire, Bedfordshire and Hertfordshire.
Managing director Nick Salmon said: “The tough economic conditions mean that some home owners may find themselves having to sell in a hurry. The temptation of a cash purchase by one of these quick-sell companies is understandable but owners need to
be aware that they won’t be achieving anything like the full value of their property. Typically these quick-sell firms offer 20% or even 30% below ‘market value’. If the sellers talk to our branches and give us a clear understanding of their circumstances and needs the chances are that we will achieve a much better figure for them.
NAEA has four key tips to remember when trying to sell your property without the risks associated with cash-purchase companies:
Explore all sale options – Don’t get pressurised into making a sale, no matter how desperate the circumstances. In many cases, quick-sale companies incentivise sellers by covering all legal fees, but this is negated by the low cash price
offered for the property itself. Speak to your local NAEA estate agent to find out about how they could assist with the sale of your property.
Remember your cancellation rights – If you have already signed up to a quick sell service, remember that you are still legally within your rights to back out under the ‘cooling off period’. Under the ‘Cancellation of Contracts made in a Consumer’s Home or Place of Work etc Regulations 2008′ you can cancel the contract within the first seven days. Don’t be pressured into making a decision.
Speak to Citizens Advice – Buying or selling a home is a long and complicated process and it is important to know how to make the right choices. If you’re worried about your finances and need help in understanding the implications of choosing to sell your house then you can contact your local Citizens Advice Bureau, or use their online portal with pages dedicated to selling your home: www.adviceguide.org.uk
Research market value – Quick sell services are known to offer prices at below the market value for properties, so if you are thinking of selling your home, make sure you receive a professional valuation from an NAEA member agent, and do your own research about property prices in your area. You can use a property portal such as PropertyLive.co.uk to do this
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