When undertaking a fast house sale look for a reputable property trader. The challenge is, who is a reputable trader and who is not. The way to tell is to look for companies that are working to: - Provide a professional and trusted service
- Ensure clients are appropriately informed before a decision to sell is made
- Provide 'real' protection mechanisms it a deal goes wrong.
The way to tell whether they do this is to read their web site and literature. You should be able to find some form of Code Of Practice. Companies like Fairdeal homes take the question of providing a professional service very seriously and outline their Code Of Practice for consumers. Elements of such a Code of Practice should include commitments to: - provide a written offer to all potential sellers, rather than verbal offers that can be easily revoked later in the sale process
- explain to you the implications of selling to a property trader / buyer
- provide clear, written documentation
- not to hassle you to close a deal. Sellers should have time to consider this course of action
- provide appropriate compensation to you if rent back commitments are not met e.g. 5 years of rent back terminated early
- discipline staff who do not follow the Code of Practice
A few reputable quick sale and rent back companies have such a Code Of Practice and you should try to deal with a company that has one. As the reputable companies look to make sure the industry offers appropriate solutions to those people looking for a quick sale and a rent back there are a couple of trade associations being started. These are in the early stages of development, and at the moment, and lack comprehensive, well thought out code of practices. The benefit in the longer term of the Trade Associations will be an increase in the protection mechanisms for consumers. However, no such measures have been worked through yet. In some areas these Associations are getting bad press for being vehicles for the founders to promote their own businesses rather than protect consumers. This will take a while to over come. But we expect in the next 12 months their Code of Practice will be up to our standard and the major players will join the associations and help protect fast property sale clients. Overall, associations are a good move and will help clients and assure that the industry can provide a solution people need, whilst making sure the position of such companies is not abused. |