Selling your home quickly can be stressful.
Quick house sale companies promise to take the hassle out of selling.
But with so many choices, how do you pick the right one?
This guide explains what quick house sale companies are and how to choose one.
What is a quick house sale company?
A quick house sale company is a business that buys your house fast. They do this for properties in any condition.
The best companies can complete within as little as 7 days.
The offer is in cash and they handle all the legal work. You’ll need to sell for far below the market rate though. Around 20% lower is typical.
The quick house sale company will renovate your house once they own it. This will be done to make a profit. Either by selling it for more or renting it out.
These companies appeal to people who need fast sales. For example, people going through divorce, in debt, or relocating for work.
How many quick house sale companies are in the UK?
The National Association of Property Buyers lists 41 house-buying companies in England and Wales.
But membership in this trade association is voluntary. Many more cash home buyers choose not to join it.
New companies emerge all the time. Not all of these are trustworthy, though. So you should be vigilant with your checks.
These companies are now in most major towns and cities across the UK.
How do quick house sale companies make their money?
1. Buying below market value
Their business model relies on making offers below what a house would fetch on the open market.
The bigger the discount they can get, the greater their potential profit.
2. Fast turnarounds
These companies aim to complete sales within days and resell the properties within weeks.
Their quick turnover of properties allows them to repeat the process many times over.
3. Economies of scale
Large quick-sale companies may buy hundreds or thousands of properties yearly.
Their size and purchasing power put them in a stronger position. They can negotiate discounts from solicitors and agents. This keeps their costs low.
4. Refurbishment and development
Many quick-sale companies refurbish or redevelop properties before selling them.
Upgrades like new kitchens and bathrooms allow them to sell the homes for higher prices.
5. How do I check that a quick house sale company is trustworthy?
With so many quick house sale companies to pick from, it can be hard to know which are reputable.
Here are some tips for checking a company’s trustworthiness.
6. Check registrations
Companies should be registered with the National Association of Property Buyers. Or The Property Ombudsman schemes.
Membership shows they agree to abide by codes of practice. Be wary if a company belongs to neither.
7. Research online
Search for the company name plus words like review, scam, or complaint.
Look for concerning stories from past customers. But bear in mind that some negative reviews are inevitable in any business.
8. Social proof
Extended trading history and glowing online reviews suggest satisfied customers.
Beware of new companies with no reviews or history.
9. Visit the office
Serious buyers will likely have a registered business address you can visit.
10. Ask questions
A genuine company will happily answer any questions about the buying process.
Be concerned if they are unable to provide full details on request.
11. Request comparable sales
Ask for examples of similar properties bought and sold in your area. Then assess if offers match their claimed percentage of market value.
A good company should provide these.
How do I find a quick house sale company?
Online directories
Many websites compile national and local cash home buyers lists.
You can request quotes from many companies to compare.
Online searches
A quick Google search will reveal many quick sale companies. Look for ‘we buy any house + your town/city’ and browse the results.
Estate agents
Most sell through traditional methods. But some offer quick sale services.
Auctions
House-buying companies often attend property auctions looking for bargain deals.
Referrals
Friends, family, or other contacts who have sold to a quick sale company can provide trusted recommendations.
