Scams and Fibs of the property cash-buying world !
Hi There, My Name is Mark King. I am a Cardiff based property buyer. I buy properties throughout the South Wales Region. I’ve been in the business for over twenty years and I’ve bought over 700 properties in that time.
What I want to do is show you, over a couple of video blogs, over the next few days, some of the Typical Trade Secrets, scams and fibs that you see out there.
Now, I’ve been seeing a lot of adverts for individuals and companies proposing to be property cash buyers. Some of the experiences that clients are telling me about are actually quite shocking.
If you are dealing with a cash buyer, you need to make sure that they are actually able to perform because, at the moment, there’s an awful lot of agents and middle men posing as cash buyers, when in effect, all they are doing is actually sourcing your property to be sold onto an investor.
This isn’t the true essence of a cash buyer. A cash buyer should be able to complete quickly, for instance, we are able to complete the purchase within seven days.
One thing that you should ask for is proof of funds. Now, any real cash buyer will be able to show you that they’ve got proof of funds from bank statements, or their solicitor will be able to make a client statement to who ever is representing you. This proves that the client is actually able to complete within the time frame they have promised, and that they have actually got the funds available.
Another thing you can do is, if you are unsure; ask the buyer what name the actual contract is going to go under. If they are a genuine buyer, they will tell you the name of the company that will be purchasing the property. From that you will be able to go onto the companies house website, you can do a free check with the directors names, and you will be able to see if its an established company, how many years it’s been trading and weather the company is making a profit.
If it’s a company that’s not making any profit, it is highly unlikely that they are going to be in a position to be able to complete the purchase quickly.
I hope that helps.