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Aug 21 2017

Sell your property fast – but hold on just a minute

If you take the time to Google “Sell your property fast”, you will find a plethora of companies who claim they can give you cash for your home, sometimes within 7 days or less. Statements accompany these claims asserting that cash is ready and waiting, and that this will be far quicker than waiting for a buyer to secure a mortgage; not only that but you won't have to pay any estate agency fees. Of course this all sounds too good to be true, and that's because of course there's quite a big catch.

It's important to know that the only reason that these firms would purchase your home is that they will pay you considerably less than the true realisable value of your property. The chances are, they will simply re-sell your home shortly down the line, at the correct value, pocketing the difference.

Whilst the majority of these firms and operators don't wish to make it clear how they arrive at their valuations and figures, we understand that you could typically be offered as little as 80% of the true market value of your home. Considering that the average value in Greater London is around £500,000, that means you would have just lost £100,000. Sadly, we even met a case where an elderly lady, wishing to move into a retirement home, had the offer on her property reduced by £20,000 the day before binding contracts were due to be exchanged.

It is likely to be the most vulnerable and desperate who are caught out by these services, so it is crucial to look out for the interests of family and friends in the event that they are looking to sell their homes.

However these services may wish to dress themselves up, and however successfully they manage to disguise the deal to look more attractive, we would implore sellers to speak to a professional, independent and local estate agent. At Rolfe East, for example, we have a database of many buyers who would undoubtedly offer you a far better price, and perform in a similarly speedy manner, without taking advantage. Consider this both a warning, and a statement of our belief that a good estate agent can certainly achieve better!

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