Yellow Springbok - Advice from the Property Ombudsman
The Property Ombudsman protects your rights by investigating and resolving disputes in the estate agency industry. Yellow Springbok follows the Ombudsman's best practice guidelines and is happy to work with them to resolve customer complaints.
The Ombudsman offers advice for customers using fast sale companies like Yellow Springbok, so we thought we'd reproduce their best tips to give you additional peace of mind:
Fast buying companies that are not brokers are not covered by estate agency regulations. Make sure the company you choose is voluntarily regulated.
Consider all your options. Selling fast and moving out may not be your only choice: for example, some companies will help you avoid repossession or will buy your property and let you stay on as tenants.
Don't accept the process at face value. Find out how it compares to using a traditional agent. What are the benefits? And the disadvantages?
Each fast buyer makes different promises and offers different benefits. If they say they can sell in a certain number of days or that they get close to full market value, ask for statistics on how often they do those things.
Always check that your chosen company is reliable. Make sure they're regulated (obligatory or voluntary), that they have a code of practice, that they have great reviews and references.
Always make sure you have all the information at every stage. Pick a company that's not afraid to answer your questions openly and honestly.
Who's buying? How will they pay? Have you seen proof that they have the funds? Who does the valuation? How do they do it? When's the sale completion date? What's the offer price? Will that change? Why? What fees do they charge? Are there extras to pay? What happens if you back out?
Make sure you get written confirmation of all promises. Don't accept verbal information or guarantees.
"No" is a complete answer. Don't let anyone pressure you into decisions you're not sure of or comfortable with.
Always read everything before you sign. If you're not sure what something means, get the representative to explain. If you're still unsure, get independent legal advice before signing. Don't let the company pressure you into signing before you're ready.
Watch out for agreements that tie you to a particular company for longer than you're comfortable with. For fast sale providers, you should question anything over four weeks: why do they need a long agreement if it's a quick sale?
Do your part by being honest and accurate? Hiding important information or lying about difficult subjects will cause delays and could incur extra costs or a lower selling price.
Never commit to the sale until the survey and legal checks are complete, you have a final offer in writing and you have the independent legal advice you need.
If things go wrong and you're unhappy with the company's service, complain to them first. They should have a documented procedure to handle complaints and try to resolve your issues fairly. If you're still unhappy, you can talk to the Citizens Advice Bureau (CAB), the Property Ombudsman or Trading Standards. legislation of Money Laundering Regulations
You can find out more on the Property Ombudsman website at www.tpos.co.uk or by contacting them directly:
The Property Ombudsman Ltd M
43-55 Milford Street
Telephone: (01722) 333306