Portsmouth house sale cash loss: Sellers urged to take ‘extreme caution’

Consumer expert Richard Thomson
Consumer expert Richard Thomson

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A CONSUMER expert has urged caution for those thinking of selling their homes with quick-sales firms.

The News’ columnist Richard Thomson has issued his words of warning about using such firms, promising homeowners a fast sale of their property, after Sheila and Brian Plowman found that tens of thousands of pounds had been deducted from the proceeds when they sold their home. Police are investigating.

He said: ‘Sellers should be warned there is currently no proper regulation of quick-sale property outfits so extreme caution is the name of the game.

‘For those desperate to move house for any one of a number of reasons, a quick-sale property company may seem an ideal solution.

‘But it’s likely that sellers will not get anywhere near the true market value of their property. Although some quick-sale companies promise anything up to 90 per cent of the value of a property, this is based on their own specific interpretation of the market.

‘In reality, the offer is likely to be much less than the valuation an estate agent might give, potentially losing the homeowner tens of thousands of pounds.

‘Sellers should watch out for multiple hidden fees and seriously consider their options.

‘Rather than selling at a rock-bottom price, renting out might be another alternative.

‘At the very least if a quick sale is required, then they should shop around the various quick-sale companies to ensure the best possible price.’