Are We Buy Any House Companies Legit?

ByHayley

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piles of coins, wooden house and keys

We’ve all seen the ads promising a lightning-fast house sale for cash — no hassle, no fees, just a quick, stress-free sale! 

But are “we buy any house” companies legit? Can you trust them to deliver on their promises, or are they all a big scam?

What is a We Buy Any House Company?

We Buy Any House companies, also known as “quick house sale” and “cash house buying” companies, can buy your property fast for cash — often in as little as seven days.

Most of these businesses make their income from buying properties at a discount and selling them for a higher price.

Benefits of Selling to a We Buy Any House Company?

There are many benefits to using a cash house buying company to sell your property:

  • Speed — there is no faster way to sell a residential property. You may be able to complete within a week!
  • A Guaranteed Sale — there is no risk of the buyer changing their mind, property chain problems, delays or a failed sale.
  • No Fees — avoid the expensive fees that estate agents and solicitors charge for selling a property.
  • No Viewings — inviting strangers into your house can be stressful, especially if you are selling for an upsetting reason, such as a divorce or a death. 
  • Sell a Problem Property — most quick house sale companies buy all types of property regardless of condition or location.

Problems with Selling to a We Buy Any House Company

Where there are pros, there are always cons too. Selling to a cash house buyer can be quick, easy and much less stressful than an on-market sale with an estate agent.

However, it’s not the right choice for everyone, and you should understand the potential negatives of selling a house this way — as well as the benefits — before signing anything.

  • Below Market Value — quick house sale companies make a profit by purchasing properties at a discount and selling them on.
  • Unscrupulous Companies — the industry is currently unregulated, so watch out for scammers and companies that engage in dodgy sales tactics.

If you find a genuine quick house sale company, this can be a great option for anyone willing to compromise on price to sell their house fast. 

Should I Use a We Buy Any House Company?

People choose to use house cash buyers for many reasons. Some of the most common include:

  • Separation and divorce
  • Ill health or death 
  • Financial difficulties/facing repossession
  • Relocation for work
  • Inherited a property
  • Moving abroad
  • Selling a UK property from abroad
  • Avoid the stress of viewings
  • Upsizing and downsizing
  • Problem property

Only you can know if a quick house sale is the right choice for you, but if you do decide to sell to a cash house buying company, you must do the research and make sure they are legitimate. 

Are We Buy Any House Companies Safe?

The We Buy Any House industry is currently unregulated, which means that some companies operating engage in unethical sales practices. However, this certainly does not apply to all cash house buying companies. If you shop around and do your research, you can find a legit company that will deliver exactly what they promise. 

Look out for the following red flags:

  • No History — the company has limited experience in the quick house sale market and has only been in operation for a short period.
  • Poor Customer Reviews — either a low number of testimonials or a high number of poor reviews should set alarm bells ringing.
  • Sky High Offers — if a cash offer seems too good to be true, it probably is. Companies that offer this will likely chip away at their offer as the sale progresses.
  • Restrictive or Lengthy Contracts — beware of contracts that give the company exclusive rights to buy your home and the right to charge expensive penalties if you sell elsewhere.
  • Unclear Fee Structures — this can make you vulnerable to “hidden” fees added late in the sale process when it would be difficult for you to back out.
  • False Valuations — some companies will inflate their valuation to make the discount they are taking appear smaller.
  • A Lack of Funds — a company that advertises itself as a cash buyer when they do not have the cash to buy your home. Instead, they will sell your contact details to a third party which can cause delays. 

If you take the time to find a genuine We Buy Any House company with the experience, expertise and funding to buy your house fast for cash, and the speed of sale is your priority, they can be a great option.

Shop around and weigh up the pros and cons of all the different house sale options — on-market with an estate agent, a private sale, property auctions, a We Buy Any House sale — to discover if this is a good choice for you.

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