The Office of Fair Trading is currently investigating companies who offer homeowners desperate to sell their homes, way below the value of their property sometimes more than tens of thousands of pounds.
These companies offer to buy the property or find a buyer quickly for a cash sale and with the attraction of completions going through within a short time period, homeowners are losing out on the value of their property but in some cases the firm have dropped the agreed price at the last minute and imposed high charges after a valuation has been accepted by the homeowner.
Information on how the firms business model works is being asked for by the OFT who say that in some cases the firm are offering an attractive proposition for those homeowners looking to get cash from their homes in a hurry but in some cases these homeowners could be in very vulnerable situations and in risk of being misled and therefore duped out of thousands of pounds.
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