There’s a lot at stake, so you need to choose carefully
Choosing the right company to purchase your property can feel like a daunting task. You may already be under pressure in your finances or your relationship to need a quick sale in the first place. You may have just lost a loved one or need to relocate fast for work. The last thing you need is the added worry of choosing the wrong cash buyer. After all, you are talking about a transaction worth, on average, over a quarter of a million pounds.
Get it right, and you’ll get a discounted price on your property in return for a simple, straightforward and hassle-free sale. Get it wrong and you could end up getting far less than you thought, in a transaction that takes far longer than you need it to. Worse still, you could get tied up in a contract that costs you a fortune if you dare to change your mind or question their service.
Further Reading: Should you sign a contract with a cash house buyer?
It can feel like a lot, but don’t sweat it, because the Guru is here to help you. If you’re prepared to spend a bit of time doing some due diligence, you can easily avoid becoming yet another victim of a cash buying company that is only in it for themselves. At the end of the day, there are good companies out there, and with the Guru’s guidance, you can make sure that you’re speaking to the right ones, and avoiding the wrong ‘uns.
Are they an established house buying company?
First things first, you need to check that the company is legit. Fortunately, you can do this quickly and easily online. Just look for the company registration number, which you should find in the footer at the bottom of their website. Copy and paste this into Google and it will quickly bring up the company’s details as registered with Companies’ House.
(If they haven’t got a company number, then stop right there. This is the most basic level of legitimacy, and if they don’t even have that, then they really aren’t worth dealing with.)
Click on the overview of the company and check when they were set up (or ‘incorporated’). If they claim to be an established, experienced cash buying company, buying lots of properties every month, but in reality, they were only set up a few weeks ago, then this is an immediate red flag. Of course, everyone has to start somewhere, but that doesn’t mean you have to be their guinea pig.
Experience is everything in the property game, and the longer they have been established, the more reliable and trustworthy they are likely to be.