A closer look into “We Buy Any House” organisations – and how they work
We have been seeing We Buy Any House companies pop up in the market since the early 2000’s, and today they have a foothold in the property market. Almost every single We Buy Any House business claims to be able to provide a unique service to buy your property for cash. This same tagline is pushed by each We Buy Any House company and as the markets have sunk over the years, people have become more desperate to use one of these companies to get their home off the market and sell.
The thing is, there are many pros and cons to using one of these companies, and they are seen as negative by most property sellers. A quick cash buy is tempting when you are desperate to sell your house, but it doesn’t make it the best option for you especially when you won’t receive the market value of the house. We Buy Any House companies offer homeowners an alternate way to sell the house without having to put the house up for sale on websites and social media pages. This takes a lot of the work off the seller’s shoulders, which is another reason that they’re so tempting. There’s no estate agent fees, but there may be a fee to use the We Buy Any House company and their service.
According to Susan Jones at Ask Susan the biggest issue that We Buy Any House company users face is that these companies are not regulated in the same way that other estate agencies are. So, the biggest question a buyer must ask is whether it’s safe to use these companies or not.
What Does a We Buy Any House Company Do?
A We Buy Any House company claims to value your property accurately at no cost before making you an offer for the property itself. They will tell you that they’ll pay you what they offer in cash, with a seven day timeline to completion of the sale of your house. Now, if you’ve had your property on the market for some time, this is going to be a tempting offer. It’s going to seem like an easy way to sell the house, and their offer does not come with conditions. So, regardless of the condition of the house, the type of the house and any other issues, a We Buy Any House company will buy the house from you.
Who Is The Target Audience?
A We Buy Any House company has a specific clientele in mind. They will literally buy any house that comes their way and for homeowners with problematic properties, this seems like a dream answer. A We Buy Any House company will usually do what it says on the tin, and if a home is difficult to acquire a mortgage on, a We Buy Any House company will offer to buy that, too. Houses with repairs that cannot be afforded by the customer can also be bought – these are homes that are usually impossible to offload. No one wants to buy a property in disrepair – except a We Buy Any House company.
A We Buy Any House business will also claim quick turnaround times on their ability to cash-buy and this leads them to target customers with a money or time sensitive predicament. Whether because of debts or the threat of repossession, people sometimes need a fast sale to get their home off the market and cash in their pocket, which is the perfect target market for We Buy Any House companies.
But Are They Trustworthy?
Even though you know all about why they’re tempting, it’s important to know why you should also stay away from We Buy Any House companies. Perhaps not every single one, but We Buy Any House companies in general have been marred with reports that there are customers who have been ripped off. These organisations are supposed to follow through with what they say, and some have not historically. No matter which company you choose, you are more likely to get less than the market value in return for that quick cash sale. The companies that promise seven days as a timeline have also been known to take up to six weeks, which is standard for a property sale – not a “quick sale”.
The best thing that you can do is to use caution if you approach, or are approached, by a We Buy Any House company. There are some genuine companies out there, but it’s best to check if they have been approved by the National Association of Property Buyers before you sell your home. Always do your due diligence and always read the small print!