Ask the Expert: What should homeowners expect when selling to a professional property buyer?
Nick Statman, founder and CEO of Bettermove, answers:
Having worked in property for more than 24 years, I believe professional property buyers provide an important option for homeowners who value speed, convenience and greater certainty.
The first thing a seller should expect is a clear explanation of how the proposed sale will work. This includes whether the company intends to purchase the property directly or work with another buyer, the likely timescale and any important terms or costs involved.
Homeowners should also understand how an offer has been reached. Initial offers are normally based on the information available at the time and may be subject to valuation, survey, legal checks and other due diligence. Occasionally, these checks reveal something that neither party knew about at the outset. Where new information has a material effect on the transaction, the findings and their implications should be discussed clearly so that everyone understands the position before deciding how to proceed.
Before signing an agreement, sellers should read the terms carefully and make sure they understand any exclusivity period, cancellation provisions or other commitments. Membership of the National Association of Property Buyers and registration with The Property Ombudsman provide additional reassurance that the company is accountable to recognised professional standards.
It is equally important to understand the trade-off involved. A professional cash house sale will commonly achieve less than might eventually be obtained on the open market. In return, the homeowner may benefit from a faster sale, fewer chain-related risks and a timescale structured around their circumstances.
A professional buyer should help a homeowner understand the available routes rather than assume that one solution is suitable for everybody.
At Bettermove, we believe the best transactions begin with realistic expectations, straightforward communication and a clear understanding of what matters most to the seller.
