The disadvantages of contracting a fast sale home company

Fast sale home companies are getting more and more popular to use, when it comes to someone having to sell their property extra fast. The key to their success is in the fact that they are not only real estate agents, they can also act as direct investors, therefore they are ready to pay a pre-specified amount to you, without the need of a third party, within days. However, every coin has two sides, and this is also true to these companies. Let’s see the disadvantages of contracting fast home sale company to sell your property.

Questionable practices

As these types of companies will generally promise a cash payment, it’s understandable to think that they may not fully comply with taxation and other regulations, when it comes to property taxes the taxes which are to be paid in general when it comes to selling a property.

Cheaper price

These companies will generally pay less than what you would get if you contracted a normal real estate agency or if you sold your home alone. Therefore, it’s advisable to start with the selling well in advance if it’s possible and only turn to a fast sale home company when it’s absolutely necessary.

Changing price in the last minute

Unfortunately when you are in deep need of money, there will always be some people or companies who abuse this situation and will pay even less than they have originally promised, in the very last minute. There are companies who are working quite illegally on the real estate scenery and generally earn the majority of their income by buying out homes which are to be repossessed or which have to be sold very quickly.

False property evaluation

As these companies may not be real estate professionals, it often happens that they also make a false evaluation just to get the property for a better price. Make sure you evaluate your home before selling with someone who is legally licenced to do so. This way, you will be aware of the real value of your property.

Preventive contracts

Read all contracts very carefully, but especially the contracts you sign with a fast sale home company, As they may limit you from selling the company to anyone but themselves. This creates an unpleasant situation and you end up losing lots of money on the deal.

Unknown extra fees

Besides buying your property, these companies may often charge you with fees which are quite unclear in their nature. Make sure you only deal with a respectable fast sale home company for this very reason.

Criminal ties

There is such a thing as property mafia who will hunt specifically properties which they can buy up or buy out for only a fragment of their original price. This is an international phenomenon and it’s best to avoid having any ties to such people, even if you are in need of money.

We hope we could help you understand more how the fast home sale companies can operate and to either find a trusted one or avoid them at all cost.