Express Offers - house buying company?

FreeBear

ian1246 said: So... I've also had a letter from ExpressOffersToday.co.uk.

I've checked the FCA Register - can't find any trace of them. Googled them... no reviews, bar the 3 on their website.

The "We buy any house" industry is totally unregulated, and the FCA have nothing to do with it. There are no government or official regulatory bodies policing the industry. Any company that claims otherwise is lying and/or a scam outfit. If they claim to be offering more than 80% of the property value, then it is likely a scam - Most legitimate firms will buy for between 60% and 80% of market value.

Do your research very carefully, ask for proof of funds (no, demand proof of funds), and never sign a contract without reading all the small print, making sure you understand all of it. Better still, get a qualified solicitor to read the contract and get his/her opinion.

Angela_D_3

Don’t do it,  my house sale fell through just resold it for £4,000 more the 2nd time 

Crashy_Time

If people were more realistic about their asking prices these companies couldn`t exist.

Flojoe

We went through a company called Property Rescue. Might work for the very cash needy. They are responsive and efficient but their proposition, if not exactly deceitful, is somewhat exploitative. They are openly honest about the fact that you will only receive 85% of market value and they will keep the rest. 

But ... the notional amount is agreed up front without valuation or survey. When you exchange they don't buy your property, instead you sign over complete control giving them the authority to do whatever they like with and to it. You remain the legal owner with many of the obligations and liabilities that come with that. They appoint and pay for their own solicitor to handle your side so you have limited control (that said, I didn't try to appoint my own solicitor). Once you've assigned control over to them they put the property on the open market and you receive a (very small) cash deposit. If you ask they may very slowly drip feed you a couple more cash advances in the coming months to keep you quiet but be prepared to fight for it. And though their ads say 'cash purchase in a little as 24 hrs' it takes as long as it takes to sell; normal market conditions apply. Until then, you remain the owner. 

When they finally find a buyer only then are valuations and surveys booked, and there is the inevitable price 'renegotiation' based on survey, searches and market conditions and when it finally completes you get the rest of your money. In reality, you can take it or leave this re-evaluated price which, no surprises, is generally less than initially agreed. If you reject this you're in breach and liable for all costs, including the solicitors fees that they originally agreed to cover. 

So you could find yourself tied to ownership of the house for much longer than if you just sold it yourself and even more out of pocket than the 25% you were prepared to lose. This is only going to work if you are desperately in need of the small cash advances available. 

My advice would be to proceed with caution and get all legal documentation up front. Initially they get you to sign what looks like a simple agreement that doesn't seem to commit you to much. But it ties you in so that when you receive the real stuff shortly after it's already difficult to pull out without incurring costs.

Tracet74

I've actually dealt with this company as a supplier for several years and concur with what their clients are saying:

https://uk.trustpilot.com/review/halohousebuyers.co.uk

Due to the process, I've personally spoken with the individual selling the property and I've never heard a bad word about them!  If you find yourself in the position you genuinely need to dispose of a property quickly, they would be my first point of call.

badger09

The Company number quoted by OP relates to SQ Property Trading Ltd, whose registered address is also as quoted. Incorporated 2013. 

jimbog

Tracet74 said:

I've actually dealt with this company as a supplier for several years and concur with what their clients are saying:

https://uk.trustpilot.com/review/halohousebuyers.co.uk

Lots of reviewers who have only ever written a single trustpilot review on there

Flojoe

Flojoe said:

So you could find yourself tied to ownership of the house for much longer than if you just sold it yourself and even more out of pocket than the 25% you were prepared to lose. This is only going to work if you are desperately in need of the small cash advances available. 

That should be 15% of course! Lockdown brain freeze

Crashy_Time

Why don`t the government regulate this industry, they have done just about everything else in their power to prop up the market?

Tracet74

jimbog said:

Tracet74 said:

I've actually dealt with this company as a supplier for several years and concur with what their clients are saying:

https://uk.trustpilot.com/review/halohousebuyers.co.uk

Lots of reviewers who have only ever written a single trustpilot review on there

A lot of the clients I've acted for only write a single review as they're asked to do so if they're happy with the clients.  It's in no way reflective of the company.  I can say hand on heart we have over 200 positive reviews, none of which are fake, and we've asked for one review to be removed it is only said "oiiiiiii123" so clearly not a review!