There are many quick buying companies in the market that do not actually have the cash they say they do. Instead they may just be lead generation companies who sell on your details to other cash buying companies. Or alternatively, they may delay the completion until they find a genuine cash buyer to buy your property.
Therefore a tip would be to ask the company to prove that they have actual funds in place for your purchase. Indeed if they are stating they can buy your property in 7 days, they would have such funds. If they come up with excuses, best to politely run a mile.
We at Quick Property Buyer use our own cash. And we would be happy to send your solicitor proof of funds to show this.
This is a vile practice from some shady companies and one to look out for, especially if you are in a chain.
Essentially they will agree a higher figure at the outset, but with no intention of ever buying at that figure. Instead, just before exchange when they know you may be vulnerable, they will suddenly drop the price, giving only vague reasons like the external market.
This could be because they were never a cash buyer in the first place and instead were trying to sell it on to another company and that other company were only willing to pay a figure less than your company had promised. Or alternatively, they may just be a dodgy outfit which wants to make more money out of the deal from you.
So we at Quick Property Buyer have introduced a price promise that we commit in writing, to protect sellers from this terrible practice. We are so confident that we would never do this, we would also commit to pay you an extra £1000 if we were not able to follow through on the number. The only reason we can think of is if the searches showed something untoward. But as all facts should be known after the survey there should be no reason for the price to drop.
Ask other companies if they are willing to commit in writing to the agreed figure and pay you a £1000 if they try to mess you around. If they balk, politely walk on.
Many companies use trading names. Using a trading name can be quite common and there is nothing wrong with this, especially if operating in a particular sector. But it can also be used on occasions to hide who you are actually dealing with, as a trading name is not in itself a company.
A decent company should display the actual name of the company on its website, including its company name and registered address. If it does not, it would be best to politely move on.
The Quick Property Buyer company is called Acuity Invest Limited company number 12669628 whose registered office is at 5 Kingscote Way, Brighton, BN1 4GJ.
If a company is promising it will buy your property in 7 days, it will know the name of the actual buying company. Therefore ask straight away for the company name, number and registered office. A genuine cash buyer would be happy to give you this. Someone who is hoping just to pass your details on to a third party may struggle to give you the name from the outset. Therefore ask the question and see the response.
The Quick Property Buyer company which would purchase your property is the same as above i.e. Acuity Invest Limited company number 12669628 whose registered office is at 5 Kingscote Way, Brighton, BN1 4GJ.
Some companies trying to create extra money out of you by having hidden fees like charging you for the surveys or other upfront costs.
Make sure you ask any company about all the fees, before signing anything, so there are no nasty surprises.
There should be no hidden fees or upfront costs that you should pay.
We here at Quick Property Buyer pay for everything including your and our legal fees, the cost of the survey and there is nothing hidden. The amount agreed with you after paying off your mortgage should be the amount hitting your account
Buying your property in 7 days is very do-able for a genuine cash buyer company. The only delays could be if your mortgage company or freeholder are slow in responding or if the house is in an area of the country that take longer than 7 days to send search results.
Therefore that is why it is important to check the company has the actual cash to buy your property. If the company starts coming up with excuses as to why the completion has not occurred as quickly as originally promised, this could mean you are dealing with a less than decent outfit or that they are not a genuine cash buying company.
This is not an area that Quick Property Buyer is involved in, but we thought we would give you the tips anyway.
To operate a leaseback scheme, a company needs to be regulated by the Financial Conduct Authority (FCA). This regulation is to stop scam companies promising you the ability to stay in your home for a certain period, then afterwards reneging on that promise and attempting to evict you.
Therefore ask the company if they are FCA regulated and then check yourself online on the register. To do this, ensure as above that you ask the company for its full company name.