In a situation where you need to sell your house quickly, you may find yourself tempted to use a “quick house sale” company. These companies claim to be able to buy your house and give you cash in little as a week. However, this could result in you losing out on your home’s actual value. When you’re thinking about going through these companies, it’s important to do your research to avoid any misconceptions.

What is a Quick House Sale Company?

Quick house sale companies are businesses that promise to help sell your home quickly, by either buying your home directly with cash or finding a third-party homebuyer, which can offer up to 90% of your home’s value. A lot of these companies are in the market to sellers who need to move fast, and they tend to be especially popular with homeowners who are struggling and need to sell their home quickly.

Quick sale companies the majority of the time sound promising, but more often than not can turn out to be a scam. Most of these companies say they only knock a small percentage off of your market value, but when you look at the numbers, the rate tends to be much higher. Nonetheless, selling your house by going through a traditional route via a real estate agent is not always a practical option for many homeowners.

The Pros and Cons

Even though quick sale companies are useful in a lot of situations when homeowners need cash as quickly as possible; it’s in these particular moments where a lot of people can also get misled. The Office of Fair Trading has reported that 70% of complaints about quick house sale companies were from vulnerable homeowners who were intrigued by the hassle-free service, without any hold-ups or viewings.

Pros

  • Stop repossession and avoid paying any fees
  • Sell an inherited property.
  • Move for health-related reasons.
  • Sell as a result of a divorce or relationship breakdown.
  • Move due to a job change.
  • Provides an alternative method of selling your home if the traditional real estate agent is not working out for you.
  • On the other hand, there are some disadvantages to using quick sale companies.

    Cons

  • Some companies will agree to buy the house, then turn around and reduce the price last minute.
  • The breakdown of fees is not always made clear to the homeowner.
  • Quick sale companies sometimes make dishonest valuations of your property.
  • Some companies lock customers into contracts, stopping them from being able to sell to anyone else who could potentially have a better offer.
  • When should you decide to go With a Quick Sale Company?

    Deciding on when to go through a quick sale company depends on your unique situation. If you’re in need of selling your house fast, regardless, of getting a bargained price, then a quick sale company would be your best option. However, you should be prepared to only receive about 75% of your homes total property value. In these situations, you’re trading away a percentage of money for the ease of speed and ability to walk away from your home, which can be ideal for some homeowners.

    If you’re selling your house fast due to financial hardship, you can always discuss your problems with a lender and see what your best option is without having to put yourself in a desperate situation. Also, if you’re facing a large amount of debt, lenders can assist in the way you pay your mortgages, or even possibly reduce your monthly payments.

    In conclusion, if you decide to choose a quick sale company, make sure you check the company’s credentials and read the terms of the agreement very carefully. Also, get everything in writing and only sign the deal once you have reviewed and approved all of the documented paperwork.