15 August 2018

Vendors: Avoid We Buy Any House Scams

Posted by: IanWatson

Given the pressure associated with selling property, it is understandable that vendors are looking for the most effective and efficient way to sell their home. When selling your home, it is important to be flexible and it may be that the best option for selling your home isn’t necessarily the highest offer.

An example of this would be a situation where a vendor has two bids to consider:

  • A higher offer where the buyer is in a chain and there are slight doubts about the mortgage
  • A lesser offer from a buyer who isn’t involved with a chain and where there are no doubts about the mortgage

While vendors want to generate the best possible price for their home, it is likely that the features of the lower offer make that a more attractive option. Knowing that the buyer isn’t involved in a chain is a great comfort as it reduces the likelihood of a deal collapsing and knowing that the mortgage is in place provides added confidence. In this example, there is a lot to be said for a vendor accepting the lower offer because of the peace of mind and likelihood of the transaction concluding faster.

There will be demand for a more convenient way to sell property

This line of thinking is why there has been an upsurge in “we buy any house” deals. This style of purchase has become hugely popular in the car market. People looking to sell their car may make more money through a private sale, but there are more risks involved with that process. The company We Buy Any Car states that they don’t always offer the best price for a vehicle, but they state that they offer the fastest and most convenient way to sell a car, and that is something that many people approve of.

This approach would please many people in the property market. While there are legitimate firms operating in this manner, there have been reports of companies or people making property bids in this way which have turned out to be scams. Whenever there is an opportunity to make money or do deals quickly, you will often find that scammers are also involved, because it represents a strong chance for them to make money too.

Make the most informed decision when selling your home

It is therefore vital that homeowners consider the risks associated with this style of property deal. There have been reports of gazundering, where an accepted bid is changed to a much lower bid at the point of exchanging contracts and there have been valuation scams. An example of this would be the vendor having to pay an increased sum for a valuation to be carried out and for the valuation to then be a lower figure than the offer, again leading to a revised lower offer at the point of exchanging contracts.

This style of property deal may become an acceptable method in the future, but for now, there are many reasons for vendors to be wary of this style of deal. If you are looking for confidence and assurance when dealing in the property market, speak with a local expert.

At Mitchells Estate Agents, we are pleased to say that we are specialists in Hinchcliffe, Mudeford and New Milton, and whatever move you are looking to make, we are here to help.Any vendor that wants to minimise the likelihood of falling for a property scam should speak with experts in the local property market as we are always happy to help.

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