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In it’s report the Office of Fair Trade have identified some practices within the industry that concern them and that vendors considering a quick house sale should be aware of.

The practices of most concern from their study, the OFT have identified business practices that may not comply with the law. These practices risk harming home sellers by limiting their ability to make free and informed choices. They also risk giving the industry a bad name, undermining the providers that do deal with sellers fairly and putting off sellers who might benefit from the service.

The practices of most concern relate to:

1. Offer prices
Home sellers are not given enough information about the status of the initial offer price and that factors such as an adverse survey may cause it to be reduced later on. Last minute and often significant reductions in the offer price raise concerns that providers may be exploiting sellers’ circumstances, especially when providers do not give the reasons for reductions in the offer price.

What do National Property Trade do?
Our procedure is very clear, open and transparent. We make an indicative online offer based on the sellers view of their property value. Then after speaking with the seller and gathering more information we will carry out a desktop valuation and give a firmer offer subject to valuation and survey inspection. After these reports a formal offer is made to the vendor. Any changes are clearly explained and justified and the seller is welcome to see the reports. It is not company policy to change the offer after this point. This part of the process usually this takes 7-14 days. We make it our responsibility to ensure sellers are aware of our process.

2. What is a quick house sale?
Businesses that specialise in quick house sales, referred to as ‘providers’ in this report, claim to offer a much faster sale than the home seller might hope to achieve on the open market. In return,
though, the home seller must accept (usually) a ‘below market value’ price for
their home (for example 80 per cent of the full market value).

What do National Property Trade do?
NPT offer a quick cash sale service. At NPT we can complete within seven days if that is your desire. NPT will buy your property directly and in general we do not pass your details to an investor. This means we can deliver on the timescales we set out, because we do not rely on third parties outside our control. This means you can rely on our offer and the timescales we agree.

3. The speed of the service?
On their websites and in other marketing, providers tend to stress the fastest possible times to
completion (for example ‘seven days’), rather than the more typical times (three to four weeks). Few explain clearly the basis for their claims or the factors that may lengthen timescales.

What do National Property Trade do?
We can complete in seven days if that is your desire. However naturally like most people you will probably want longer to pack up your belongings and prepare for your move. We are completely flexible and can work to your timescales, but if you want a completion in seven days we can meet those deadlines for you.

4. Long-term exclusivity agreements.
The OFT are also concerned when providers require home sellers to sign long-term exclusivity agreements. The OFTcannot see how lengthy tie-ins square with the promise of a quick house sale. Home sellers who want a speedy sale should question why quick house sale agreements should last much longer than four weeks.

What do National Property Trade do?
We could not agree more. We believe this practice is frankly deplorable and we have seen companies attempt to charge £7,500 to release a seller from such an agreement so that seller could sell to us to avoid eviction. Do not sign any agreement like this. National Property Trade have reported other firms for this practice and we believe it targets especially vulnerable vendors. We will not require you to sign any long term lock in agreements.

5. The identity of the actual buyer.
Not all providers are being clear with home sellers about their service: are they going to buy, find
a buyer or pass on details to another provider?

What do National Property Trade do?
National Property Trade are the company that will buy the property and your details will not be passed to a third party.

6. How the purchase will be paid for.
Not all providers are explaining clearly the buyer’s financial position: does the buyer have cash funds available now or must they borrow or raise finance first?

What do National Property Trade do?
National Property Trade will use either company capital, cash funds or a preapproved finance facilities. Both our funding and our facilities enable us to complete with seven days. We do not rely on investor or retail or mortgage lending so we can deliver on the timescales we commit to.

National Property Trade is rated 4.91 stars by Reviews.co.uk based on 248 merchant reviews

4.91 / 5 Rating
248 Reviews
Over the moon with NPT and especially Sam. Great work from a fantastic company. We would have no hesitation recommending NPT.
Excellent service received from Danny and we have no hesitation in recommending National Property Trade
Thank you to Oliver and Daniel for being very professional throughout the sale of our property.