Social media has made it much easier for fast-buy property companies to blatantly target desperate homeowners to sell at a massive discount. These (often) newly formed businesses and deal sources’ advertise to homeowners who are usually under pressure to sell quickly. They present themselves as helpful and trustworthy and suggest that they can offer a price close to market value. In practice, however, the outcome is very different and owners end up selling at a huge discount to market value.

These businesses are focused on securing the property at the lowest possible price, because their profit depends on the difference between what they pay and what the property is actually worth. Offers are always well short of full market value, and some sellers find that the price is then reduced again late in the process, when they are already emotionally and financially committed to the sale.

These deal are usually structured to maximise the buyer’s profit rather than the seller’s return. When a company says it will cover all fees, it is important to look carefully at the overall offer, because the real cost is actually reflected in a much lower purchase price – this can be the equivalent of paying an agent 25% or more!!. By comparison, estate agency and auction fees in the UK are very modest when measured against the value that can be lost through a heavily discounted sale.

If you have been approached by one of these firms please do give us a call or contact us via completing the contact form so we can offer some advice to you to better sell your home for considerably more.