Quick cash buying company bestpricespaid.co.uk has recently been ‘mystery shopping’ the numerous online quick house sale companies in the UK, and the finding from the investigation are very conclusive.
The OFT (Office of Fair Trading) recently launched an investigation of their own into the industry, and found that a number of companies were misleading homeowners, and often committing fraud in order to make a profit out of already distressed sellers.
From this investigation, 3 companies in particular have been given special treatment from the OFT for their practices and are currently under full investigation. However, the investigation does not seem to have stopped other misleading and fraudulent activities from other companies in the industry. Just 3 days ago, bestpricespaid.co.uk decided to test a few of the companies on the internet that claimed to be cash buyers – and the findings were shocking.
Sell in 7 Days … more like 70!
From the first few phone calls made what was evident was that a number of the companies claiming to be cash property buyers, and have the funds to complete on a sale in 7 days were actually just estate agents. The companies were asked if they could provide proof of funds, ie a bank statement showing the available funds to purchase a property, which they couldn’t. They were then asked if the vendor would need to be signed into a contract, which in the majority of cases was needed, and was usually a sole agency agreement for 3 months +. If the company was a genuine cash buyer, they wouldn’t need 3 months to sell a property, as it should be complete within a week. Other companies were asking for upfront fees for valuations, were asking to view the property (which wouldn’t be required from a genuine cash buyer), and some even were asking whether the vendor would like to rent back, which is now an illegal and frowned upon practice in the UK.
Representative for BestPricesPaid.co.uk and industry expert David Sessford had this to say on the matter:-
“A genuine cash buyer should be able to provide you with proof of funds within the first hour you discuss a sale with them. There should be no need for home visits, no fees for the vendor to pay upfront, and no need to sign lengthy contracts. If any company is practicing this, they are not a cash buyer, and probably a shady estate agent in disguise. These agents should be avoided, and can’t offer you anything more than what your local high street estate agent can offer you.”
BestPricesPaid.co.uk is one of the only genuine cash buying companies in the UK, and they have access to funds to purchase any property, regardless of the condition or location, for fast cash in as little as 7 days. The service provided is safe, reliable, and the company is approved by the Property Ombudsmen.
Company Name: BestPricesPaid
Contact Person: David Sessford
Email:Send Email
Phone: 08006127917
Address:Tedco Works Henry Robson Way
City: South Shields
State: Tyne And Wear
Country: United Kingdom
Website: http://www.bestpricespaid.co.uk
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