Four quick house sale companies promise improved practices

[Legal Beagles]

Following an OFT investigation, four national quick house sale companies have agreed to improve their business practices.

Box MX Limited, BTA Properties Limited, Property Rescue Limited and Gateway Homes UK Limited have promised to embed good practice and address wider concerns highlighted in the OFT's market study published earlier this year. They have given the OFT undertakings which include:

- ensuring marketing materials clearly, accurately and prominently set out key information and risks relating to the sales process
- conducting valuations in a fair and professional manner, and in good faith
- promptly sharing with consumers relevant information about the progress of the sale, including anything that might affect the final offer price or completion date
- promising not to reduce conditional or final offer prices without a valid reason.


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[Amethyst]

Re: Four quick house sale companies promise improved practices

See the case closure summary, including copies of all the undertakings.

1. No admissions have been requested by the OFT, or made by the companies, as to liability in respect of past conduct.
2. The OFT published its report on quick house sales, together with further information and advice, on 7 August 2013. The OFT's report identified that quick house sales companies typically offer people a faster sale than might be achieved on the open market, with the seller usually agreeing to receive a below market value price for their home in return - typically forgoing between 10 and 25 per cent of the market value of the property.

[johnsmitchals]

Re: Four quick house sale companies promise improved practices

Some companies offers quick and guaranteed sale because they have cash on hand. But they will pay only 80% of your house value, so that only that companies will get profit after reselling.

[CathyP72]

Re: Four quick house sale companies promise improved practices

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 they not live up to their promise of a 28 day sale but come the day of exchange their final insult came 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. This happened after the OFT wrapped knuckles of the 4 companies mentioned about. Seems their decision to leave the industry to self-regulate has done nothing!

[Amethyst]

Re: Four quick house sale companies promise improved practices

Thank you for your post Cathy. Have you made a formal complaint about their actions ( now your sale has all gone through and been tied up?)