David Sessford

OFT Announce Investigation Into 3 Prominent Quick Sale Firms

Sell House Fast to a Quick Sale Company but beware, all may not be as it seems, make sure you have trust in your quick house sale. On August 7th 2013 the OFT or Office of Fair Trading published a report following investigations in to the Quick Sale Industry. One company in particular praises the OFT's decision.


South Shields, UK -- (ReleaseWire) -- 09/05/2013 --Sell house fast to a Quick Sale Company but beware, all may not be as it seems, make sure you have trust in your quick house sale.

On August 7th 2013 the OFT or Office of Fair Trading published a report following investigations in to the Quick Sale Industry. The OFT took the decision to investigate the Quick Sale industry following a number of consumer complaints regarding underhand and potentially unfair tactics carried out by companies in the quick sale industry.

To view the full findings of the OFT report click here http://www.oft.gov.uk/shared_oft/market-studies/oft1499.pdf

In brief, the OFT opened the report with the following statement:

“Quick house sales can be beneficial to home sellers who want a quick, guaranteed and hassle-free sale. Our study has shown this to be an innovative and dynamic sector where some businesses have modified there business models to offer a better service to home sellers. However, we have also identified business practices that may not comply with the law and practices that fall short of the standards we would expect of businesses in this sector. Our report gives businesses in the sector a clear steer on what they should and should not do” The OFT then go on in the report to offer advice on good business practice and remind companies in the quick house sale sector of their legal obligations.

Sales Director of leading firm http://www.highestpricepaid.co.uk, Paul Wann commented “We have been in the business of buying and selling homes fast for over 20 years and have seen many companies come and go over that time. We hope we have forged a reputation for being honest and upfront with our customers and we absolutely pride ourselves on our honesty, integrity and professionalism. Sell to Highest Price Paid and receive a guaranteed sale for genuine cash, no agents, no contracts, no price reduction, just a genuine cash sale for your property.”

The OFT report identified 4 main areas of concern as identified in their findings, these were:

Offer Prices and Reductions.

One of the major factors behind the report was complaints from consumers about unclear offer and last minute and often substantial reductions at the last minute in the offer prices. Some companies are known to do this literally at the very last minute, some even on the day of completion when a seller is financially committed to the sale

Speed of Service and long term tie in contracts.

The OFT were concerned that some quick house sale providers were exaggerating their claims regarding how long it took them to complete on a purchase. Exaggerating claims about completions times can leave home sellers, particularly those facing problems with repossession or other money related issues. A lot of firms advertise sales within seven days, some even quicker. Here at Highest Price Paid we advise you to approach with caution unless the company in question can give you documentary proof or even a solicitors letter of intent if a quick cash sale if what you need. The OFT also raised concerns about contracts or option agreements tying home sellers into long periods giving the cash buying company exclusive rights to purchase that property, it is not unusual for home sellers to have to pay large fee’s to break these option agreements.

or form until they are asked to sign the exchange documents, at this point the house sale and purchase becomes legally binding for both parties.

The identity of the Actual Buyer

The OFT raised further concerns about cash buying companies advertising as cash buyers when in fact they were little more than Estate Agents advertising properties for sale to lists of investors. This could mean that home sellers looking for a guaranteed and quick sale could be left at the mercy of the companies ability to sell their property or not. Further to that, there would no guarantee that any purchase would be for cash, often meaning homesellers who were promised a quick and guaranteed sale could be waiting over 6 months to find a buyer and achieve a completion

How the purchase will be paid for

The final thing the OFT pointed out in their report was the lack of transparency over how houses were actually purchased. In essence a lot of companies advertising as cash house buyers when in fact they do not have the funds available to act as a cash buyer. These companies often rely on external finance which can cause delays in the purchase process causing distress to homesellers.

In response to the OFT’S main areas of concerns Highest Price Paid Director Paul Wann commented “We believe the OFT has raised some really valid areas of concerns in this report and we he genuinely hope it has the desired outcome of enforcing some awareness into the industry. The Quick Sale industry is full of companies who carry out some of the practices mentioned. It is long overdue a clean out and we hope some of our competitors really do sit up and take note and hopefully improve their behaviours. For clarity, here at Highest Price Paid we never, ever charge a fee, we never use any type of exclusivity contract, we and our buying companies purchase for genuine cash and above all we pay what we say we will pay once all reports and surveys are carried out.”

About Highest Price Paid
highestpricepaid.co.uk is a part of an experienced property purchasing company. They have genuine cash funds available to purchase property if any value, in any condition, in any location in England, Scotland or Wales.

Contact Information:
To get further details or any kind of media related queries, please contact:
Contact Name: Paul Wann
Contact Email: info@highestpricepaid.co.uk
Complete Address: 204 Business Works, Henry Robson Way, South Shields, Tyne and Wear, NE33 1RF

Contact Phone: 0800 6127917
Website: http://www.highestpricepaid.co.uk