The National Association of Property Buyers (NAPB) is a group of professionals that bring the highest possible standards to the fast private home sales industry. Created in 2013, the body ensures that:
- All members follow the same professional standards outlined in The Property Ombudsman’s Code Of Practice;
- Homeowners receive fair treatment and can make an informed choice about how to sell their home; and
- Homeowners can access a free route to independent redress in the event of a dispute.
Property Solvers joined the not-for-profit organisation in 2016 as we felt the negative press surrounding the quick house sale sector is largely unfair. As with any business, there are “bad apples” and it takes a handful of unfortunate experiences to bring all the professional operators into disrepute. Through our NAPB membership, we hope that home sellers can see that we operate with their best interests in mind.
However, the example below demonstrates that you should certainly be wary when speaking to fast house sale companies:
A Fast Property Sale Scam
BBC Wales highlighted a story of a Flintshire-based homeowner who fell victim to a scam. Philip Edwards only received £68,000 from a £165,000 sale of his semi-detached house. After the sale, he remained in the property as a tenant but went into arrears due to contracting cancer. He was then evicted in 2016. The fast sale company informed him that they would “invest” the proceeds of sale but then disappeared. Investigators believe that a number of different named companies with the same directors and shareholders received funds from this and other house sales.
In this situation, offering a sell and rent back service was actually illegal (this sector was regulated activity in 2009). Furthermore, as the fast sale company did not register with The Property Ombudsman or the NAPB. Mr Edwards had nowhere to turn to for further help and advice. Should a member of the NAPB behave in such a manner, the relevant authorities would intervene.
Working With a National Association of Property Buyer’s Approved Company
The most relevant findings from a recent NAPB report for homesellers are outlined below (alongside some of our own commentary):
- “The public’s attitude towards professional buying companies is improving“. The example shown above is thankfully a very rare occurrence. The companies that form part of the NAPB are in business for the long-term. It simply does not make logical sense to operate in an unethical way. For this reason, please do not be afraid to step away if you feel any undue pressure to sell your home. Check the companies credentials and ask for proof of purchase funds. Furthermore, always ensure you seek independent advice before making any decision;
- “The average property purchase takes a maximum of 28 days“. One of the main advantages of using a fast sale company is the ability to deal with professional buyers who normally have cash reserves. This means that the property sale occurs much quicker compared to conventional sales. Furthermore, most fast sale companies buy properties in any condition. The report stated that between 2016 and 2017 NAPB members bought a partly collapsed property, a clifftop home, a school, a church and a house with no roof. Sellers also do not have the worries of unnecessary viewings, delays or hassles;
- “The fastest property purchase was just 4 hours from when papers were issued to the solicitor“. Most companies in our industry are not in any form of chain and will buy your property directly with no middlemen. With no mortgage finance to organise, this also means that the exchange of contracts and completion happens very quickly;
- “50% of respondents spent up to £50m in the last financial year on buying property“. Alongside other fast sale options such as auctions, our sector has a clear role in serving many types of homesellers;
- “There is a huge range of reasons people sell to a professional buying company“. Please see our separate pages on empty / problem properties, tenanted property, landlord portfolios, inherited property, divorce / separation, retirement, downsizing, money worries / debt, stopping repossession, relocation / emigration, land / development sites and commercial property. In most cases, however, we discover a very simple solution to most situations. This means that selling through a fast sale company like Property Solvers is largely unnecessary. For example, we usually advise dropping the asking price or looking for better mortgage deal with your lender – amongst other options (listed below):
To receive our free guide which goes into these options in more detail, please fill out our contact form below or email us at firstname.lastname@example.org.
Still Considering A Fast Property Sale?
Property Solvers would be happy to have a no-obligation chat about the sale of your home. We always start by making sure you know what your real options are (see above). At that point, if you wish to find out more, we explain how we operate as professional cash buyers.
We will need to engage in some very quick research before making a preliminary offer over the phone. If you agree in principle, we will then organise a viewing and confirm everything with you. Depending on your own circumstances, we can exchange and complete according to your timeframe. This can occur in as little as 7 days. We can also offer a cash advance, should you require it.
For more information, please visit our website, fill in the form below or call us anytime on 0800 044 3733.