‘We Buy Any House’ companies are popping up all over the place, and they’ve been luring in home-owners with the promise of achieving a super fast cash sale. But naturally, with so much on the line, there’s a lot of scepticism around these companies, and the question that keeps being asked is, “are they a scam?”
Let’s get into it…
Table of contents:
What is a ‘We Buy Any House’ company?
While webuyanyhome.com and webuyanyhouse.co.uk are two different trading companies (neither connected to the ‘WeBuyAnyCar’ brand), which are both rightfully ‘We Buy Any House’ companies, I feel it’s important to clarify that I’m not talking about any particular brand or company when referring to a ‘We Buy Any House’ service.
We use the term ‘We Buy Any House’ as a descriptive term to describe any company that, essentially, is willing to purchase your property quickly for cash. They’re also commonly known as Quick House Sale and Cash Buyer Companies.
As alluded to in the introduction, there are currently a boatload of them to choose from – so you’re certainly not limited to the two companies that have [unimaginatively] branded themselves around the concept. Although, I get why they did it.
There are generally two types of ‘We Buy Any House’ companies:
A company that directly buys the properties with their own cash reserve
A company that sources a 3rd party cash-buyer
Either way, you’re getting a cash-buyer.
Why use a ‘We Buy Any House’ company?
Generally speaking, using a ‘We Buy Any House’ company is considered the last resort to selling a house, and they’re mostly appealing to those most vulnerable and/or desperate to sell quickly in order to access cash quickly (usually due to financial difficulties).
But that’s not the only reason they’ve become extremely popular, they’re also become a saving grace for homeowners that are trying to sell difficult properties, which includes:
Properties with Japanese knotweed
Tenanted properties
Properties with doubling ground rent
On the open market, properties suffering with any of those issues can be a tough sell, but most ‘We Buy Any House’ companies will happily snap them up.
Yes, it’s true, ‘We Buy Any House’ companies can buy your property for cash and push the sale through very quickly (many of them boast about completing sales in as little as seven days), but the drawback is that you’ll have to sell below the market value. Most of them will pay between 75% – 90% of the market value. But I’m hoping you already knew that.
Be wary of any property cash buyer that offers 100% of the market value! A genuine property cash buyer will never pay full market value!
Bottom line, people use these companies if they need to sell their property very quickly and don’t mind selling below the market value (for whatever reason)!
Are ‘We Buy Any House’ companies safe? Are they a scam?
No, they are not a scam – there are reputable and legitimate ‘We buy any house’ companies out there that will rapidly buy your house for cash. They make it very easy.
However, I can’t categorically say they are all safe, so you should choose wisely if you’re interested in using a cash buying service.
The ‘we buy any house’ and ‘quick house sale’ market isn’t currently regulated so consumers aren’t protected when selling a property to one of these companies. However, the National Association of Property Buyers (NAPB) ensures all members must register with The Property Ombudsman (TPOS) and adhere to its Code of Practice. By using a member of the NAPB or a company registered with TPOS, homeowners can access its independent redress in the event of a dispute.
Make sure any company you work with is registered the NAPB and TPOS.
There are plenty of success stories online- many people have sold property to these companies and felt satisfied by the experience.
As when dealing with traditional high-street estate agents, there are good and bad eggs out there, so due diligence is essential when choosing a cash house sale company.
There are several common traps to avoid when dealing with a ‘we buy any house’ company, along with good practises to follow when choosing a company to work with. I’ve already covered them in depth in my ‘Compare Quick House Sale / Cash Buyer Companies‘ blog post, so I won’t go over them again here. I recommend reading through them, and doing as much research as possible.
‘We Buy Any House’ Vs High-street Estate AgentsEstate AgentWe Buy Any House CompanySale Price
More likely to achieve full market value price i.e. you’ll get more money for your property.
Most will pay 75% – 90% of the market value.Service Cost
1-3% of sale price + legal fees.
Most advertise as “no fees”, but I feel that’s misleading, because the legal costs are taken into consideration with the BMV (below market value) offer.Time
Minimum of 3 months.
Complications and delays are more likely, especially if the market is slow and/or you’re in the middle of a chain (which is the case for most).
As quickly as 7 – 14 days.Regulated
Legally required to be member of one of three compulsory redress schemes.
Currently no legal requirements to be regulated (but some have chosen to be members of redness schemes).Effort
Can involve negotiating on price, and arranging viewings.
Very little effort required.
Which ‘We Buy Any House’ company is the best? Which should I use?
As said, there are many ‘We Buy Any House’ companies out there, some better than others.
Unfortunately, I can’t personally recommend any specific company. However, after drudging through dozens of them, I have compiled a list of some of the highest rated companies. I have only listed companies that have subscribed to external consumer review services, such as TrustPilot and Feefo, so you can read through reviews from genuine customers!Best rated Quick House Sale / Cash Buyer CompaniesServiceRatingFeaturesOffers (up to)My Homebuyers
Rating 4.6 TrustPilot ReviewsFeatures
Guarantee to beat any genuine cash offer
Members of The National Association of Property Buyers, members of The Property Ombudsman and Trading Standards
Any property, any condition considered (England or Wales)
Cash offer within 24 hours, Sales completed in as little as 7 days
Free Legal fees included, No agent costs or hidden fees
Guaranteed saleOffers (up to) 80-85%of Market ValueGet cash offerHome House Buyers
Rating 4.9 Reviews.co.ukFeatures
Members of The National Association of Property Buyers, members of The Property Ombudsman and Trading Standards
14 days average sale time
They buy directly
Service is 100% FREE
Cash offer guaranteed for 7 daysOffers (up to) 80-85%of Market ValueGet cash offerHouse Buy Fast
Rating 4.8 feefo ReviewsFeatures
Founder of The National Association of Property Buyers, members of The Property Ombudsman, NAEA Propertymark and Trading Standards.
Any property, any condition considered (England and Wales)
No legal or estate agency fees to pay
No viewings required
Property bought vacant or letOffers (up to) 85%of Market ValueGet cash offerThe Nice Sell
Rating 5 feefo ReviewsFeatures
Members of The Property Ombudsman, The National Association Of Property Buyers, Trading Standards & Anti-Money Laundering regulations.
Any property, any condition considered (UK)
14 days average sale time
No legal or estate agency fees to pay
Cash offer within 1 hour, Sales completed in as little as 7 days
No viewings required
Guaranteed saleOffers (up to) 85%of Market ValueGet cash offerProperty Solvers
Rating 5 Reviews.co.ukFeatures
Members of The Property Ombudsman, The National Association Of Property Buyers, Trading Standards & Anti-Money Laundering regulations
Any property, any condition considered (UK)
Sales completed in as little as 7 days (with exchange in 24 hours)
No legal or estate agency fees to pay
Guaranteed sale
Cash offer within 24 hoursOffers (up to) 75%of Market ValueGet cash offerWe Buy Any House
Rating 4.5 TrustPilot ReviewsFeatures
Members of The Property Ombudsman
Any property, any condition, any location considered (UK)
Option for them to buy directly (complete in as little as 7 days)
Option for them to assist in sale (4 – 8 weeks)
All fees included
Cash offer in little as 60minsOffers (up to) 75-90%of Market ValueGet cash offerQuickBuyers
Rating 4.8 feefo ReviewsFeatures
Members of The Property Ombudsman & The National Association Of Property Buyers
Any property, any condition, any location considered (UK)
They claim to buy it quicker than any of our competitors (can have funds in your bank within 14 days)
No fees or hidden costs, free Legal service
Cash offer within 24 hoursOffers (up to) 75-85%of Market ValueGet cash offer
Please note, I try my best to keep the information of each ‘We Buy Any House’ service up-to-date, but you should read the T&C’s from each companies website for the most accurate and up-to-date information.
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