Daily Archives: October 29, 2020

Spotting a Property Scam Company

There are many decent companies out there like Quick Property Buyer which will buy property for cash in as little as 7 days. This will take the stress out of getting involved in a property chain

There are however also a few cowboys operating in the business. Not as many as you might think because of review sites only, but some may exist. Unfortunately, though a whole sector can be tarred with the brush of the odd dodgy company. Fortunately, with the growth of review sites in recent years, the scam artists are being squeezed out.

But how do you spot a good cash buying company from a bad one. Here’s a few signs to watch out for:

1. Website: Company Details

See if their website gives you a company name, address and company number. Legitimate companies have nothing to hide so will publish such details on their website. Slightly dodgy companies may hide behind a trading name.

2. Timescales

Also, see if the cash buying company you are dealing with can keep to the timescales first offered.  If they say they can complete your purchase in 7 days at the outset and then start giving you excuses after a couple of weeks, walk on to a different buyer. They may be stringing you along.

3. Genuine Cash Buyer or just lead generation site

Some companies pretend to be cash buyers, when in fact they are just lead generation sites. What they do is get your details and then try to sell them on to a genuine cash buyer. What you can do to protect a little against this, is to ask them from the outset the name of the company which will be buying your property. If they do not know or are vague about the identity of such company, this may be a good sign that you are dealing with a lead generation company rather than a genuine cash buyer.

4. Gazundering

Gazundering is dropping the price just before exchange of contracts, when the seller may be very desperate. This is a terrible act but sadly one also done by people in the open market. What the cowboy company will do is suddenly come up with reasons why the property needs to be less, like a drop in the market etc and then try to reduce the price just before exchange.

To protect against this, just walk away to another company which can complete in 7 days. Also don’t go for the highest offer at the beginning. As some companies offer high to get your business with this in mind. Go with your instinct.

5. Hidden costs

We have heard of some companies which try to charge hidden costs. Or try to get you to pay for your own survey.

Most decent companies in the sector pay all costs, including your legals if your used one of their panel of solicitors. Quick Property Buyer pay for all costs and can even pay some of the funds to you on exchange if you need the, If you feel you may be dealing with a cowboy, feel free to contact one of our friendly team at Quick Property Buyer for an instant cash offer.