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Sellers Warned Against Use of Quick Sale Sites

Property owners who need to sell are being targeted by quick sale companies and should be careful, the UK body representing property marketing professionals has warned.

The National Association of Estate Agents (NAEA) has issued advice to sellers who may be approached by these quick sale companies, urging them to exercise caution before exchanging contracts.

Quick Sell Companies Targeting Homes for Sale

The companies often target households directly, for example after seeing property marketing materials, offering to buy homes immediately.

However, sellers are being advised to keep their wits about them when dealing with these companies as consumers have reported problems with valuations and last minute reductions in the agreed purchase price.

NAEA president Mark Hayward explained that, with many households experiencing financial difficulties, the offers from these companies can often seem appealing – but that property owners should not allow themselves to be pressurised and left out of pocket.

He said: “In a highly pressurised situation it is understandable that many people are following the advice of quick sell services.”

Sellers Advised to Use Accredited Agents

He added: “I would urge anyone thinking of using this kind of service to first consult their local NAEA estate agent or consider using a National Association of Valuers and Auctioneers accredited auction house which are far better regulated and will guarantee a fair market rate for the property.”

Anyone who is approached by a quick sale company is advised to do the following:

  • Don’t succumb to the hard sell – think carefully before agreeing to use a service.
  • Remember you have seven days to cancel – it’s your statutory right to change your mind after signing up for a service.
  • Seek the advice of an accredited agent
  • Ask for an independent valuation – know how much your home is worth before allowing anyone to buy.
  • Contact citizens advice – if you feel out of your depth in the legal process of selling your property.