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(London.CityRegions.com, April 26, 2013 ) London, UK -- A new study being launched by the OFT is taking a look at 'quick house sale' market, and is calling for individuals who have utilized these businesses to contact the OFT to talk of their experiences.
The quick house sale providers offer to purchase housing or find third-party buyers quickly. Usually there is a discount from the full market value involved, and while providers may offer a valuable service, the OFT has a growing concern regarding the practices. They are namely concerned that homeowners are receiving less for their property than the property is actually worth.
The OFT is also rather pointedly concerned regarding the risks to individuals in financially difficult situations, which include those who have built large debt. Consumers who are at most risk may also include those who require sales of their home following marriages ending, or could also involve the elderly who could need money to pay for their general care.
The OFT has requested over 50 quick-house sale firms to provide information regarding their respective business models and practices. They are also welcoming evidence from individuals who have any experience within the field.
Cavendish Elithorn, who is Senior Director for Goods and Consumers stated: "Businesses offering quick house sales may provide a useful service for homeowners who need to unlock cash in a hurry. However, they are often used by consumers in vulnerable situations and therefore we are concerned about the risk of consumers being misled and losing out on large sums of money.”
"We want to hear from anyone who has used a quick house sale provider, whether they have had a good or bad experience with the business. We will protect the confidence of anyone who contacts us and their information will be invaluable in helping us to build up a picture of the market and establish whether we need to take action."
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Source: EmailWire.Com
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