Its worth reading this article on the BBC’s website.

Its a field in which I work, so its very relevant. I know there are a lot of “quick sale” businesses out there with very effective marketing that attracts enquirers from all over the country. They don’t even view the properties that they offer to buy, so there is no way that the seller will get a good deal. To take the risk of not viewing somewhere and understanding its true condition can only mean that a very fat margin is built in.

Unfortunately there appear to be many desperate sellers out there who are so fed up that they just want to get rid of the property at virtually any price. Its very sad.

Some of the tactics that are highlighted in the article, like gazundering (lowering the offer price just as exchange is about to take place) are deplorable, and I hope that companies that have used this tactic can somehow be taken to court so that the differential can be reclaimed.

A quick lesson here; keep all your paperwork, whether you are a buyer or a seller. The OFT are certain to try looking into these and other “creative” deals to ensure fairness. Government interference from bureaucratic meddlers invariably results in a blanket-ban (eg Sale and Rent Back), which means that many people no longer benefit because of a very small minority of problems, but there are times when there has to be a structure that protects people from rogues.

Certainly, any company that states that they can complete a property transaction in 7 days is pushing the boundaries of reality. Dont trust them. It CAN be done, but more likely it will take 4 weeks, although this is still quicker than normal conveyances.

What these “quick sale” companies should be doing is offering a profit share if the property is sold above a certain price. Its fair for the seller, it will still enable them to get the rapid sale that they need so they can get on with their life, and there will still be sufficient profit in the deal for the buyer.

I need to emphasise at this point that profit sharing is one of the “creative” deals that I offer.

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