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Companies That Purchase Homes: Best And Worst

Property Saviour » We Buy Any House Companies » Companies That Purchase Homes: Best And Worst

There are companies that purchase homes in any condition for cash.  However, as the industry is ‘self-regulated’, how do you find a credible company to sell your most prized asset to?

In this guide, we will review some of the top companies, and what are relevant questions to ask.

Table of Contents

Companies that purchase homes - our opinion

Who are the best cash property-buying companies in the UK, taking into consideration their reviews and experience and how they fund their purchases? Updated for 2024.

 

Property Saviour

Naturally, we are biased; however, we feel we are one of the most transparent companies that offer a personalised service.  You don’t get passed around from one person to the next.

All of our purchases are funded in cash – we even provide proof of funds with every accepted offer.  There are no surveys, or estate agents will call around.

We are the buyers.  Take a look at our genuine reviews left by real sellers.  This is unique in our industry. Do your research as you check out our competitors’ reviews.

Completion in 10 days or at a timescale that works for you. We also buy semi-commercial and all types of commercial properties.

We will never force you to use our recommended solicitors. Use your own solicitors.

Property Solvers

Formed by industry veterans Ruban and James in 2006, Property Solvers has its own estate agency and auction arms. Because it buys and sells properties quickly, it won the Property Trader of the Year award in 2023.

When dealing with them, just confirm that the offer is a cash offer. It is best to check that the offer will not change during the conveyancing stage.

The Advisory

 

Founded in 2005 by media commentator and real estate expert Gavin Brazg, this company does not directly purchase homes. Instead, as its name suggests, it provides guidance to sellers on trustworthy companies in the industry.

We understand that The Advisory also directs sellers to certified quick home-buying companies and receives a fee in return.

The Property Buying Company

Established in 2012, this company provides home sellers with direct cash offers, typically below market value, facilitating swift property transactions.

They collaborate with private investors and Auction House UK if sellers find the initial offer unsatisfactory.

Like many top quick sale companies, they pay all legal fees. Because these are private sales, sellers do not have to pay any estate agency or auction commissions.

WeBuyAnyHouse.co.uk

 

This recently established home-buying firm can deliver offers in less than 60 minutes. It offers a fully managed service without any commissions and guarantees quick sale completions.

It’s advisable to obtain a formal letter from the company’s solicitor confirming that the offer will remain unchanged throughout the transaction.

GoodMove

Established in 2015, the company provides fast sale and traditional estate agency services.

It’s important to verify the qualifications of the in-house surveyors to ensure that you get a genuine cash offer for your property. You can confirm their credentials on the RICS website.

We Buy Any Home

 

 

Established in 2014, this company specialises in purchasing properties more quickly than the traditional market, often making offers within 24 hours. Customers do not have to pay any estate agency or legal fees.

We Buy Any Home also supports landlords and investors who are selling properties with tenants. The company operates its own estate agency named Sold.

It is important to confirm that the offered price is final and will not be reduced during the sales process, especially close to the completion of the sale.

Open Property Group

 
 
Open Property Group (OPG) is a UK company that specialises in purchasing homes quickly for cash. It commits to buying properties in any condition, even those with legal issues, and has also introduced a complementary estate agency service.
 
OPG can complete a sale within 14 days of the initial contact and offers a flexible completion date to accommodate its clients’ needs.

QuickMoveNow

Founded in 1998, this company is among the oldest in its industry. It promises to purchase properties at 85% of their market value.
 
As with any cash property-buying company, it’s important to ensure the offer will not drop.

Sell House Fast

A company that appears prominently on Google when searching for “sell house fast” has limited online customer reviews. Therefore, it’s important to conduct thorough checks on their funding sources and ensure their solicitor confirms that the price will not change before completion.

What Do House Buying Companies Do?

Are you tired of dealing with the endless hassles of selling your home through traditional methods? Well, buckle up because there’s a game-changer in town – house-buying companies! These savvy firms have been around for a few decades now, and they’re here to make your life much easier.

 

Cutting Out the Estate Agents

Most house-buying companies work directly with homeowners who need to sell their properties quickly. They’ve adopted what the industry calls a “direct to vendor” approach, which means they cut out the estate agents and deal with you one-on-one. No more frustrating back-and-forth with agents who may not have your best interests at heart.

 

Cash is King

Here’s the real kicker: these companies use cold, hard cash to purchase properties in any condition and in any situation. Whether your home is a diamond in the rough or a fixer-upper, they’ll take it off your hands without batting an eyelash. Talk about convenience!

 

Saving You Money

But wait, there’s more! When you sell directly to a house-buying company, you won’t have to pay any pesky estate agency fees. That’s right, you get to keep more of your hard-earned cash in your pocket. And as if that wasn’t enough, most of these companies will even cover all your legal (conveyancing) fees, potentially saving you thousands of pounds.

 

Beating the Odds

Let’s face it: selling a home on the open market can be a real headache. With one in three property transactions falling through across the UK, it’s like playing a game of Russian roulette with your finances. Quick sale companies, on the other hand, can commit in a way that most conventional buyers simply can’t (or won’t).  However, not all cash house-buying companies are the same! More on that later.

 

Stress-Free Selling

By removing most of the countless stresses and strains of an estate agency sale, house buying companies quickly become the go-to solution for homeowners who value their sanity. And let’s be real, who doesn’t want a hassle-free selling experience?

So, if you’re ready to ditch the drama and embrace a stress-free way to sell your home, it’s time to give house-buying companies a serious look.

What’s the Catch When Selling to a House Buying Company?

Let’s have an open and honest chat about using a professional property-buying company. While the initial figures they quote can seem tempting, ranging from 85% to 75% of your property’s market value, there are some important points to consider.

These companies have their own costs to cover – legal fees, stamp duty, selling costs when they eventually resell your property and holding costs while it’s in their portfolio. All those expenses can easily add up to around 10% of the property’s value.

Let’s not forget that, at the end of the day, they’re a business looking to make a profit. Typically, they’ll aim for a gross profit margin of around 20% before tax.

So, if a company offers you 85% upfront, the harsh reality is they’ll likely struggle to make any profit at all once their costs and desired margins are factored in. And you know what that means? There’s a real risk they’ll try to drop the price further down the line, leaving you in a tricky situation.

Now, I don’t want to come across as trying to put you off or anything. I understand that the idea of a quick, hassle-free sale can be incredibly appealing, especially if you’re going through a difficult situation with your property. Believe me, I’ve seen first hand how stressful and emotional these matters can be.

But it’s important that you go into this with your eyes wide open. Don’t just take the first offer that comes your way without really understanding the implications. Do your homework, ask lots of questions, and make sure you’re getting a fair deal that suits your unique circumstances.

At the end of the day, this is likely one of the biggest financial decisions you’ll ever make. You deserve to have all the facts laid out in a clear, compassionate way so you can make the right choice for you and your family. I’m here to guide you through this process with empathy and without any smoke and mirrors. Together, we’ll find the best path forward.

Best companies that purchase homes
If a company offers you 85% upfront, the harsh reality is they'll likely struggle to make any profit at all once their costs and desired margins are factored in.

The Illiquid UK Housing Market: Uncommitted Buyers and Dodgy Estate Agents

Ah, the UK housing market – a tangled web of unfulfilled promises and shady practices that would make even the most seasoned property mogul scratch their noggin in bewilderment. Brace yourselves, my friends, because we’re about to dive headfirst into the murky depths of this perplexing landscape.

Let’s start with the elephant in the room: the alarmingly high rate of collapsed property sales. A staggering one in three property transactions in England and Wales falls through before completion. That’s right, folks – a whopping 34% of punters are essentially saying “thanks, but no thanks” after initially committing to a purchase.

Now, what could possibly be causing this epidemic of cold feet, you ask? Well, it seems that a significant portion of these failed sales (a whopping 50%) can be attributed to buyers changing their minds or attempting to renegotiate their offers at the last minute. It’s like they’ve been struck by a sudden bout of buyer’s remorse, or perhaps they’ve realised that their dream home isn’t quite as dreamy as they initially thought.

But wait, there’s more! Another 28% of failed sales resulted from good old-fashioned gazumping—a delightful practice in which sellers accept a higher offer from a different buyer, leaving the original punter high and dry. 

And let’s not forget the ever-present issue of survey problems or difficulty securing mortgages, which accounted for a further 14% of collapsed sales. It’s like a game of property Jenga, where one wrong move can send the whole thing tumbling down.

Now, you might be thinking, “Surely this is just a temporary blip, right?” Well, my friends, the data tells a different story. A whopping 33% of property sales failed before completion, with a staggering 39% of those failures attributed to buyers changing their minds or attempting to renegotiate their offers. It’s like they’ve been possessed by some property commitment phobia!

But wait, there’s more! Let’s not forget the ever-present spectre of dodgy estate agents lurking in the shadows of this already chaotic market. These slippery characters have earned themselves quite the reputation for shady dealings and questionable practices, leaving buyers and sellers alike feeling like they’ve been taken for a ride.

From inflating property values to securing higher commissions to outright deception about the condition of a property, these unscrupulous agents have managed to tarnish the reputation of the entire industry. It’s like a game of property roulette, where you never quite know if you’re going to hit the jackpot or end up with a lemon.

So, there you have it, folks – the UK housing market in all its illiquid, uncommitted, and occasionally dodgy. It’s a wild ride, to be sure, but one that seems to be par for the course in this topsy-turvy world of property transactions. So what are alternatives?

Use a Property Auction Company?

Ah yes, the great debate between modern method of auction and traditional auctions – a topic that’s sure to get any property punter’s blood boiling! Let’s dive right into the nitty-gritty, shall we?

First, let’s discuss the modern method of auction, the new kid on the block that’s shaking things up in the world of property sales.

 

 

Pros of Modern Method Of Auction:

  • Greater Accessibility: Gone are the days when auctions were the exclusive domain of seasoned property moguls and cash-rich investors. With the modern method, even your average Joe can get in on the action thanks to the online bidding process and extended timeframes. It’s like a property matchmaking service for the masses.
  • Less Financially Restrictive: Thanks to introducing that cheeky little 5% reservation fee, buyers can dip their toes in the auction waters without coughing up a massive deposit upfront. It’s like a property commitment phobe’s dream come true!
  • Potential for Higher Offers: With bidding open for a whopping 30 days and attracting buyers from far and wide, the modern method can turn into a proper bidding frenzy. It’s like a property version of “The Hunger Games,” but with fewer bows and arrows (we hope).
 

Cons Modern Method Of Auction:

  1. Uncertain Sale Price: Unlike traditional auctions, where the highest bidder takes the prize, the modern method allows sellers to set a reserve price. This can create some uncertainty for sellers who may not get the price they were hoping for, leaving them feeling like they’ve been left at the altar (property edition).
  2. Limited Control: When you hand over the reins to an auctioneer, you’re essentially giving up a fair bit of control over the sales process. It’s like having a pushy estate agent but without the bad suits and cheesy one-liners.
  3. Buyer Can Walk Away: In a modern auction, the buyer does not exchange contracts immediately, which means they can potentially walk away from the deal, leaving the seller in a precarious position.
  4. Shocking Commission Structure: Beware of the “free” modern auction method, in which the buyer pays your commission, which is then split between the agent and auctioneer, even if your property doesn’t sell! Talk about a nasty surprise!

 

Now, let’s not forget about the traditional auction, the granddaddy of property sales that’s been around since the dawn of time (or at least since people started buying and selling things).

 

 

Pros of Traditional Property Auctions:

  • Security: With the traditional auction, once that gavel drops, it’s a done deal. The buyer is legally obligated to cough up a 10% deposit, giving sellers a sense of security that’s harder to come by in the modern method.
  • Speed of Sale: Traditional auctions move at lightning speed, with sales typically completing within 28 days but you must allow 28 days of marketing exposure prior to auction. It’s like a property version of a drive-thru, but with a lot more paperwork and a lot less greasy fries.
  • Cash Buyers: Traditional auctions tend to attract more cash buyers, which can be a godsend for sellers dealing with properties that might not be suitable for mortgage lending.
 

Cons of Traditional Property Auctions:

  1. Limited Buyer Pool: While traditional auctions may attract cash buyers, they can also limit the pool of potential buyers. It’s like throwing a party and only inviting the cool kids, leaving the rest of us to sulk in the corner.
  2. Intimidating Atmosphere: Let’s be real; traditional auctions can be a bit intimidating for the average buyer. It’s like walking into a high-stakes poker game, but instead of chips, you’re bidding on a property that could cost you an arm and a leg.
  3. Inflexible Timelines: With traditional auctions, you’re at the mercy of the auction house’s schedule. It’s like trying to book a haircut at a popular salon – you might have to wait months for your turn.
  4. Upfront Costs: Traditional auctions often require upfront costs, such as legal fees for preparing the legal pack, searches, and auction entry fees. It’s like paying a cover charge just to get into the party.
  5. Risk of Low Guide Price: If you set a low guide price and there are fewer bidders, you run the risk of giving away your property at a bargain price.

 

So, there you have it, folks – the pros and cons of modern method of auction and traditional auctions laid bare. Whether you’re a seasoned property pro or a wide-eyed newbie, it’s important to weigh up the options and choose the path that works best for your needs (and your sanity). Just remember, whichever route you take, always keep a stiff upper lip and a sense of humour – because in the world of property sales, you’re going to need both!

Here at Property Saviour, we work with a couple of reputable auctioneers who sell properties on our behalf without any fees.  If you want a free introduction, we are happy to do so. 

What are the pros and cons of selling to a professional home buyer
You could encounter rogue companies, so you must be careful as they will waste several months and back out of a sale.

The Strategic Advantage of Reducing Your Asking Price

When it comes to selling your property, one of the most challenging decisions you may face is whether or not to reduce the asking price. It’s a delicate balance between maximising your return and ensuring a timely sale. However, if you find yourself with the luxury of time on your hands, it might be worth considering a strategic price adjustment.

Let’s be honest, the property market can be a fickle beast, and sometimes, even the most meticulously priced homes can struggle to attract the right buyers. In such situations, a well-timed price reduction can work wonders in reigniting interest and breathing new life into your sale.

Imagine this scenario: you’ve had your property listed for a few months, and while you’ve had a steady stream of viewings, the offers just haven’t been rolling in. It’s easy to feel disheartened and start questioning whether your asking price was too ambitious. But before you throw in the towel, consider the potential impact of a modest price reduction.

By adjusting your asking price, even by a few thousand pounds, you could be sending a powerful signal to prospective buyers that you’re serious about selling and open to negotiation. This simple act can create a sense of urgency and a fear of missing out, prompting those who have been sitting on the fence to take action.

And let’s not forget the psychological impact of a price reduction. In the minds of many buyers, a reduced price can be perceived as a bargain, a rare opportunity to secure a property at a more attractive price point. It’s human nature to be drawn to a good deal, and by offering one, you could be tapping into that primal instinct.

Of course, the decision to reduce your asking price should not be taken lightly. It’s essential to have an open and honest conversation with your estate agent, weighing the pros and cons, and ensuring that any price adjustment is strategic and well-informed.

Remember, a price reduction is not a sign of desperation or failure; rather, it’s a testament to your flexibility and willingness to adapt to market conditions. It shows that you’re a savvy seller who understands the importance of striking while the iron is hot.

So, if you find yourself with time on your side and a property that’s struggling to attract the right offers, don’t be afraid to consider a price reduction. It could be the catalyst that breathes new life into your sale and helps you achieve your goals, all while maintaining a professional and pragmatic approach to the process.

After all, in the ever-changing world of property sales, a little flexibility can go a long way.

If you are flexible on price and need our support, we can offer you an assisted sale.

Shake Things Up: The Power of Switching Estate Agents

Let’s be real, folks – selling a property can be a right headache, and sometimes, even the most well-intentioned estate agents can leave you feeling like you’re banging your head against a brick wall. If you’ve been stuck in a rut with your current agent, it might be time to consider shaking things up and exploring new options.

Now, I know what you’re thinking: “But I’ve already invested so much time and effort with this agent. Surely it’s better to stick it out?” Well, my friends, that’s where you might be wrong. Sometimes, a fresh perspective and a new approach can be just what the doctor ordered.

Imagine this scenario: you’ve had your property listed for months, and despite your agent’s best efforts, the viewings have been few and far between, and the offers even fewer. It’s easy to feel disheartened and question whether you’ve made the right choice. But before you throw in the towel, consider the potential benefits of switching to a new estate agent.

A fresh set of eyes and a different marketing strategy could be just what you need to reignite interest in your property. After all, every agent has their own unique approach, and what might not have worked for one could be the secret sauce for another.

But here’s where things get really interesting: why not sweeten the deal by offering a performance-based reward to your new agent? It’s a win-win situation – they’ll be motivated to go above and beyond to secure a sale, and you’ll have the added incentive of potentially saving on commission fees.

For example, you could offer a bonus or a commission percentage increase if they manage to sell your property within a certain timeframe or above a specific price point. This not only incentivises them to work harder but also demonstrates your commitment to a successful sale.

And let’s not forget the psychological impact of switching agents. It sends a clear message that you’re serious about selling and willing to explore new avenues to achieve your goals. It shows that you’re a proactive seller who isn’t afraid to shake things up when necessary.

Of course, the decision to switch estate agents should not be taken lightly. It’s essential to do your research, read reviews, and ensure that you’re partnering with a reputable and experienced agency that aligns with your needs and expectations.

But if you’ve given your current agent a fair shot and you’re still feeling stuck, don’t be afraid to explore new options. A fresh perspective and a performance-based incentive could be just what you need to breathe new life into your sale and achieve your desired results.

After all, in the ever-changing world of property sales, sometimes you’ve got to be willing to shake things up and think outside the box. So, why not take the leap and see where it leads? Who knows, your dream sale could be just around the corner.

Breaking Free from Property Chain: The Pros and Cons of Bridging Finance

Ah, the dreaded property chain – a tangled web that can leave even the most seasoned homebuyers feeling like they’re stuck in quicksand. But fear not, my friends, for bridging finance may just be the knight in shining armour you’ve been waiting for. Imagine being able to swoop in and snag your dream home without the hassle of waiting for your current abode to sell. Sounds like a dream, doesn’t it?

However, as with any financial decision, there are pros and cons to consider. Let’s start with the good stuff, shall we?

 

The Pros

  • Speed and Flexibility: Bridging finance is like the Usain Bolt of the lending world. While traditional mortgages can take weeks or even months to sort out, bridging loans can be arranged in a matter of days, in theory, but this isn’t always the case. This means you can pounce on that perfect property before someone else beats you to it.
  • No Property Chain: By using bridging finance, you effectively become a cash buyer, which is like catnip for sellers. No more waiting around for your buyer’s buyer’s buyer to get their act together. You’re free to move at your own pace.
  • Potential Discounts: Sellers often prefer cash buyers, and as a bridging finance borrower, you’re essentially one of them. This could give you a bit of leverage when it comes to negotiating a cheeky discount on the asking price. Every little helps, right? You’d need at least a 20% discount to make it worthwhile – think of how long it could take you to sell your own home?!

The Cons

  1. High Interest Rates: Ah, the catch. Bridging finance doesn’t come cheap. Interest rates can range from 12% to a whopping 20% per annum. If your loan extends beyond the initial term, those interest charges can really start to add up.
  2. Additional Fees: Brace yourself because bridging finance comes with a whole host of additional fees. We’re talking arrangement fees, valuation fees, legal fees, and potentially even exit fees. It’s like a never-ending parade of charges, and they can quickly add up to a tidy sum.
  3. Penalty Interest: Here’s where things can get really hairy. If you fail to repay your bridging loan within the agreed term, you could be slapped with some hefty penalty interest rates. We’re talking double-digit percentages that would make even the most hardened borrower wince. 
  4. Stress and Hoops: Let’s be real; securing bridging finance isn’t exactly a walk in the park. You’ll need to jump through various hoops, provide mountains of documentation, and potentially even put up additional collateral. It’s a process that can be both time-consuming and stressful. 

 

Now, I know what you’re thinking – “But what if I find my dream home and can’t bear the thought of losing it?” Fair point, my friend. In that case, bridging finance could be worth considering, but only if you’ve done your homework and fully understand the potential risks and costs involved.

At the end of the day, it’s all about weighing up the pros and cons and making an informed decision that works for your specific situation. 

Have you considered alternatives to selling your property?

If you’re feeling the pressure to sell your home below market value to clear debts, take a moment to consider these alternatives:

  • Borrow from Friends or Family: Sometimes, a helping hand from loved ones can provide the financial relief you need without the stress of selling your home.
  • Review Your Mortgage Term: Check how close you are to the end of your mortgage term. Speak with a reputable broker and your current lender to explore better mortgage products that might be available to you.
  • Switch to Interest-Only Mortgage: Swapping your mortgage from repayment to interest-only can reduce your monthly payments. Keep in mind, though, that this won’t decrease your overall debt.
  • Extend Your Mortgage Term: Extending the term of your mortgage can spread out the payments over a longer period, making them more manageable.
  • Consider a Personal or Secured Loan: Taking out a loan can be a viable option, but ensure you have a clear plan for repayment.
  • Take on a Lodger: Renting out a room can help cover your mortgage payments and other financial commitments.
  • Seek Professional Advice: If you’re facing repossession, maintain regular communication with your lender and seek advice from organisations like Citizens Advice, the National Debt Helpline, Shelter, and Debt Advice.

 

If you have sufficient equity, you might also consider keeping the property and renting it out. This can provide an additional income stream and the potential for future price growth. However, be aware that being a landlord comes with its own set of challenges and costs, which can sometimes outweigh the benefits.

If selling is the only option and time is of the essence, here’s how to assess if you are dealing with a reputable cash house-buying company:

Separating Fact from Fiction: Validating Cash Buyers on Companies House

Look, we’ve all been there – the allure of a fast cash sale is tempting, especially when you’re eager to move on to greener pastures. But here’s the rub, my friends: not all cash buyers are created equal. In fact, we reckon around 80% of them are essentially ‘borrowing’ the funds they claim to have readily available.

Now, don’t get me wrong, there’s nothing inherently wrong with borrowing money – we’ve all had to do it at some point. But when it comes to property transactions, a little transparency goes a long way.

Here’s the deal: when these so-called cash buyers need to borrow funds, they must prove that the property in question is mortgageable. And how do they do that? By sending not one but two estate agents to inspect the place, like a pair of well-dressed detectives on the hunt for any potential deal-breakers.

But wait, there’s more! Once the inspections are done, the delays start rolling in like a thick London fog. Last-minute price changes crop up because they’ve “discovered something new” – all in the hopes that you’ll cave and accept a much lower offer than initially agreed upon.

So, how can you separate the genuine cash buyers from the pretenders? Well, my savvy friends, it’s time to put on your detective hats and pay a visit to Companies House. Take a gander at the charges listed against the company – their borrowing history, if you will. If they’ve been borrowing left, right, and centre, chances are they’ll be looking to do the same for your property too.

And here’s the kicker: if they’re not being upfront about their cash buyer status from the get-go, can you really trust them to play fair during the rest of the transaction? It’s a question worth pondering, wouldn’t you say?

At the end of the day, a little due diligence can go a long way in the property game. So, keep your wits about you, and don’t be afraid to ask the tough questions. After all, it’s your home – and your hard-earned cash – on the line.

companies that buy houses for cash
If they've been borrowing left, right, and centre, chances are they'll be looking to do the same for your property too.

The Cash Buyer Conundrum: Separating the Wheat from the Chaff

If you’re thinking about selling your house, it is important to weigh all your options carefully.

At Property Saviour, we strive to be as transparent as possible with our sellers. We guarantee that you won’t be charged any fees if your property is sold to us.

We will also honour our purchase price, with no last-minute reductions, no estate agents will call around, and no dramas. You decide when you want to complete.

We’ll pay £1,500 towards your legal fees.  You are welcome to use your own solicitor.  We’ll complete the purchase within 10 days or at your timescale.

You can read our genuine success stories, written by real sellers like you. Request a callback today.

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Property Saviour Price Promise

  • The price we’ll offer is the price that you will receive with no hidden deductions.
  • Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
  • These valuations or surveys result in delays and price reductions later on.
  • We are cash buyers.  There are no surveys.
  • We always provide proof of funds with every formal offer issued.
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We'll Pay £1,500 Towards Your Legal Fees

  • No long exclusivity agreement to sign because we are the buyers.
  • You are welcome to use your own solicitor. 
  • If you don’t have one, we can ask our solicitors for recommendations.
  • We share our solicitor’s details and issue a Memorandum of Sale. 
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Sell With Certainty & Speed

  • Our approach is transparent and ethical, which is why sellers trust us.
  • 100% Discretion guaranteed. 
  • If you have another buyer, you can put us in a contracts race to see who completes first.
  • Complete in 10 days or at a timescale that works for you.  You are in control.
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