OFT investigates ‘quick sale’ firms
THE Office of Fair Trading is investigating three “quick sale” firms that offer to sell properties for home owners.
It revealed that there were cases where desperate owners were paid half the property’s value. The companies have been accused of lowering their original, higher offers at the last minute.
Property Ombudsman Christopher Hamer says: “This report reveals that there is yet another area of the property sector where there is no formal regulatory framework.
“As with the residential lettings sector there are a number of ‘quick house sale’ firms that do not appear to follow established standards or acceptable trading practices. The result is an unsafe environment for consumers.”