Unscrupulous “sell my house fast” companies are bringing a bad name to the entire industry, according to cash buyer Leon Glover, of the Star Estate Agency in London. Leon founded his company in 2008, and believes he was one of the first property fast cash buyers to set up in the capital, and at a time when many home sellers were in desperate need of his service.
Leon says, “When I first started the company, many homeowners were desperate to sell as it was around the time the global recession was hitting hard, and homes were being repossessed right left and centre, due to owners struggling to meet mortgage payments. Our service was in demand and I was delighted to receive thank you mails and testimonials from many happy sellers every month. However, where I was once proud of the work I was doing, I am now extremely disappointed to say that the industry has become tainted, and rightly so due to unscrupulous companies springing up claiming to be fast house cash buyers when in fact they’re nothing of the sort.”
Leon goes on to explain that companies claiming to be fast home buyers have various ways of obtaining cash from homeowners who find themselves in vulnerable situations. A large percentage of people are looking for a fast cash sale are on the verge of being repossessed, are experiencing relationship breakdowns, or need to move quickly for a job relocation. Due to their sometimes unfortunate situation, they may feel they are not in a position to bargain with the cash buying company.
Melanie Sykes from Portslade in Sussex, is one of Leon’s clients who lost money to one such company prior to making a deal with Leon. Melanie says “I was searching online for a fast cash buyer as I needed to sell quickly, or face repossession. The company I contacted assured me they could make me a cash offer, and were extremely interested to purchase homes in my area as they had a number of clients waiting. I was delighted and paid the £400 they requested for a home valuation. Needless to say I never heard back from them. Fortunately, a friend recommended I contact Leon, and I am very happy with the offer he made.”
As well as charging for valuations, unscrupulous companies often make a very good offer to desperate home sellers, only to drop it at the very last moment; at a time the seller will find it extremely difficult to reverse their plans. Christine Merchant from Cambridge lost thousands of pounds due to this technique. “I was offered £80,000 for my one-bedroom flat in Cambridge,” says Christine. This seemed quite fair for a fast cash sale because similar homes were fetching around £95,000 on the regular market. I was actually moving my stuff into my new rented home when I received a call saying the offer had been dropped to £65,000, and it was their final offer – they would not consider going higher and ‘a mistake had originally been made.’
I knew I had been done, but at this point I had little choice but to accept.”
Leon expounds there are several questions you must ask when you first contact a fast cash buying company to determine if they are genuine.
- Firstly, asked to see proof of funds. A genuine fast cash buyer will have no problem with providing proof, and will be pleased you have done your homework and are asking. If your buyer makes excuses – run.
- Although some reputable fast cash buyers will ask you to pay something towards valuation fees, a good fast cash buyer will understand that you may not be in a position to do so, and will meet any charges for valuation himself.
- Make sure the person who does the valuation is entirely independent, and not working for a fast cash buying company. In addition the company itself should be registered with the property ombudsman.
Leon Clover is the owner of the Star Estate Agency. His company offers three types of cash buying services, ranging from fast cash sales which are usually completed within seven days where you will receive approximately 80% of the market value, to a service where the company find qualified buyers with funds ready, and owners are able to achieve 100% of the market value.
The Star Estate Agency now offers entirely free valuations, and you will not be charged for your property valuation whether you decide to accept their house offer or not.
Contact Leon or fill out the form for an instant property valuation on the fast cash house sales website linked to below.
Company Name: Star Estate Agency
Contact Person: Leon Glover
Email: Send Email
Phone: 020 7262 5245
Address:147a Craven Terrace
Country: United Kingdom