July 17, 2018 at 11:22 #59244
what do you think of a quick buy company that will boast about the fact that they have been taken to the property redress scheme and have been exonerated? The very fact that someone feels they have been treated badly suggested that something has gone wrong and the company were unable or unwilling to do anything about it.This has happened to me and my wife .I thought that the practice of reducing the price of your property at the last moment had been ruled out but we found out that it very much continues and it is not very nice we went to the property ombudsman for help only to find they came down on the side of the property companyJuly 19, 2018 at 16:55 #59377
There is nothing in law that states that you cannot negotiate price right up until exchange of contracts in a house sale. The onus is upon the seller to ensure that they have as much information on the type of buyer, and that they are prepared for a situation where circumstances could change.
Selling requires highly skilled agents who have years of experience of all the tricks and games that buyers play. They are best placed to hopefully spot the type of buyer that might pull a fast one, or assist with getting their seller out of a hole if it a situation occurs. Sadly not all sellers want or take this advice.
I would never ever recommend that anyone uses a fast sale company.
Go to an agent tell them you want a quick sale, give them the lowest price you can take and let them take offers over or bids. They will then help you choose the best buyer based on a number of factors and your approval. This can be just as quick as using a fast sale company if you do things right and with the right lawyers.
Years ago I had a buyer for a house that was on at £115k, the seller accepted 110k, the sale was going through. The seller got frustrated as the weeks went by (normal) and unbeknownst to me had made contact with a fast buck sale outfit.
They did a viewing with me against my advice, they slated my buyer to the vendor who then did a deal behind my back. The vendor accepted £100k from Mr Fast sale, then at point of exchange was told it was 95k.
I found this out when I presented my bill to the seller, who begged for pity having relayed the above story. I was not moved to withdraw my bill, particularly when the excuse for taking the sale away from ‘my’ buyer was that ‘we wanted a new car and the deal in the showroom was going to run out’.July 19, 2018 at 17:04 #59380
Sadly some people pray on peoples weaknesses, they offer you a low price on your property because they know you need to sell, then reduce it a few weeks down the line as they know you have not got the time to find a new buyer.
Been happening for years, and sadly people still do it.July 19, 2018 at 18:29 #59397
Sorry woodie you’ve been ripsawed, I don’t like selling for these clowns let alone have them buy from me..July 20, 2018 at 09:17 #59399
I note that this very issue got a (brief) airing in the Commons yesterday.
Your time to get publicity could be coming sooner than you thought…
July 20, 2018 at 09:24 #59401
- This reply was modified 11 months ago by PeeBee.
I had to sell through the quick sale market because of my wife’s health. I had all the information from their website quote the amount we offer is the amount you receive we do not reduce the amount further down the line .Quote we will work to your time scale We belong to NAPBs also TPO so your safe in are hands the code of practice w states special care must be taken of the old and infirmity and these clients must not be disadvantaged.You would think that would be all the safeguards required. Well think again the redress scheme is set up to protect big business.July 20, 2018 at 09:28 #59402
Out of interest and if we are not prying too much, what was the original offer they made you and the final amount that they paid?July 20, 2018 at 14:44 #59408
PLEASE contact Rosalind Renshaw, Editor of PropertyIndustryEye.
You just never know what a bit of publicity will do for your cause – but Ros is the lady to talk to!
Her contact details are here:July 20, 2018 at 15:29 #59416
The offer was £185 and they paid £175 the property was valued by four estate agents at between £235 and £245 they rang one estate agent and asked what to price the property at for a quick sale and was told to reduce the price by £10000 never asked for another valuation just said your house price has fallen by £10k as we had already put a price in for another house had everything done we would lose that house and the money we had spent which we could not afford we had no choice but to borrow and move thinking TPO would short it out for us not a chance left having to find £200 a month out of are pension (sweet).July 20, 2018 at 15:40 #59417
This looks like a complete rip-off.
Maybe you could get PIE to publish the TPO findings & response.July 20, 2018 at 15:42 #59418
Sounds disgusting behaviour,
I would question if the agent used a qualified valuer (surveyor) ask for a copy of their report and the qualifications. Ask for proof of comparables (agents need to keep on file) They should have supplied all this to you if they were reducing the price.
To be honest, sounds more like a trading standards case than TPO. You may also wish to look at taking to court as looks like a lot of corners cut and no evidence provided to you.
Maybe contact rogue traders on BBC watchdog, sounds just like what they would get involved in.
I hate to say it but looks like you are a vulnerable couple taken advantage of.September 6, 2018 at 11:15 #60987
Property Money TreeMember
Woodie0636, if their promises are repeated in what you signed, you might have legal redress. Unfortunately, in my experience, Ombudsmen (at least the one I contacted) ignore your legal rights, so I sidestep them now. Legal action can be costly though, and is not for everyone.
There may be more to what you experienced, but if it is all as you state, and I were you, I would screenshot the company’s adverts and complain to the Advertising Standards Agency. Trading Standards?
Lastly, when talking about your experience online (Twitter?), I would mention the company by name. As long as you keep things factual, no harm no foul.
e.g. I signed a contract with XYZ that said “QUOTE THE RELEVANT TERMS”. XYZ fixed the price at £A on [DATE]. Just before exchange/completion (?), XYZ changed the price to £A – 10,000. etc.
Be careful though that you are not just annoyed/upset, and that you have TRULY been wronged before you start your campaign for justice. Good luck.
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