MSE News: Quick house sale firms warned on 'shoddy practice'

"The OFT has opened an investigation into three 'quick house sale' businesses for alleged unfair practices..."
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Quick house sale firms warned on 'shoddy practice'

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  • its only what buyers have been doing recently......

    yes yes i'll give you £150,000 for that house, wait while the last minute (so they know you have a house lined up)....oh sorry i can only get £130,000.

    Have a survey done , then put your offer in and thats it - no moving price or you pay a penalty and all the other persons costs.
    Stop these buyers offering willy nilly
  • richardwrichardw Forumite
    19.5K Posts
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    They're just gazundering, just sort the legislation out to rule out gazundering.
    Posts are not advice and must not be relied upon.
  • PincherPincher
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    I offer you 10% more than the asking price, because Charlize Theron says she will sleep with me in the master bedroom because the faded decor and smell of mould turns her on. 20% if we can complete in a week.

    Or I am going to give you the value of your house, and you can live in it as long as you want to, just leave the house to me in your will.

    Dream on.

    These days, if you see an advert that says "one careful lady owner" you will see a skinhead holding a Rottweiler when you turn up. If you dare to ask, where is the careful lady: "She died."
  • Running_HorseRunning_Horse Forumite
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    I have always assumed these companies are run by lying thieves.
    I was present at wreath-laying but don't think I was involved.
  • Hi all,

    I am glad to know that OFT is going to investigate this, it will give the seller abit of protection but how about the buyer?

    A buyer who buys the property through these 'quick house sale' businesses do not have any protection at all and the quick sale process is so stressful to the buyer, too.

    Here is my case:

    The seller is ill and old person, he wants to sell his house and move to a nursing home.
    Part- exchange company that sells the nursing home to the seller advised the home owner to sell his house for a quick sale in exchange of the nursing home. Part - exchange company acts on behalf of the seller in this sale process.

    The part exchange company then asked 2 different agents to advertise the house on the market.

    We - as a buyer was told by the agent that our offer was accepted however we have to use agent's mortgage broker service otherwise our offer would not be chosen!!!

    The agent aslo tipped us that we should use the part exchange company's referal solicitor as the buyer's solicitor??? The contract should be exchange within 28 days.

    The part exchange company also contacted and asked us should use their in house mortage broker service.

    We agreed with the agent that we would use agent's mortgage broker service.

    We indicated part exchange company that we want to use our own solicitors, but they immediately threaten that our offer would not be accepted if if use a different solicitor.

    What should we do in this case?
    We want to buy the house but do not want to use their services, is that illegal to threaten us by saying if you do not use our serivce, your offer will not be accepted?
    Is there any kind of protection for us as a buyer in this process?

    Many thanks
  • Running_HorseRunning_Horse Forumite
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    We welcome this new regulation, we were on ITV's Daybreak this morning talking about it :)

    We've been in the meetings with the property ombudsman pushing for this.

    A lot of the people that come to us and want to sell quick are not in a distressed situation. Most actually have other reasons, like moving abroad or inherited the property.

    This new regulation will only help!

    You can read more on my website.
    That would be spam then?
    I was present at wreath-laying but don't think I was involved.
  • I would strongly suggest anyone thinking of using one of these companies first protects themselves by reading the guidance published by the OFT - http://i8it.ly/3d7YH

    We were badly ripped off by one of these "so called genuine" cash buyers. Not only did we not anything from them for ages but their final insult came on the day we were meant to exchange when they called up to say they have to reduce their offer.

    They dropped their original "firm" offer by £15k but because of our situation we had no other option but to accept (and now live with the terrible feeling you get when you've been robbed blind).

    Avoid these rip-off merchants at all costs!
  • I would strongly suggest anyone thinking of using one of these companies first protects themselves by reading the guidance published by the OFT - http://i8it.ly/3d7YH

    By CathyP72

    Your link goes nowhere?

    https://www.gov.uk/cma-cases/providers-in-the-quick-house-sales-sector-investigation

    As the OFT has been closed.
    :D
  • googlergoogler Forumite
    16.1K Posts
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
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    Your link goes nowhere?

    Yes, but it probably 'went somewhere' in 2014, when it was posted, don't you think?
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