Landlord Products / Services
If you’ve been won over by the glistening allure of dodging the usual ball-ache of selling your home on the open market via an estate agent, and would prefer using a “cash buying company” to sell your house at warp speed and minimal effort, then hopefully you’ve done some due diligence, which has lead you to realise that whichever company you decide to use, it must be a member of the The National Association Of Property Buyers (NAPB).
The National Association of Property Buyers (NAPB) is a voluntary association specially for cash buying companies, created to help improve the standards in the industry and in-turn provide sellers with assurances and peace of mind.
With the growing popularity and demand for professional cash buying companies – because they’ve made selling property easy-peasy lemon-squeezy – the inevitable dilemma is that the industry has become jam-packed with options, so choosing the right dance partner can be challenging. Moreover, it’s imperative to understand that the property cashing buying industry is unregulated, which is why using a reputable company should be non-negotiable.
In short, this blog post covers:
- Why using a cash buying company that is a member of The National Association Of Property Buyers (NAPB) is so important.
- My shortlist of NAPB members (i.e. which cash buying companies I dig the most and why)
Page contents
- What is the The National Association Of Property Buyers (NAPB)?
- Why is it important for home sellers to use a cash buying company that is a NAPB member?
- Who are members of the NAPB?
- Which NAPB member is the best? Which should you choose?
- Further due diligence…
What is the The National Association Of Property Buyers (NAPB)?
The NAPB was setup by The Office of Fair Trading (OFT) and a few of the larger property buying companies in 2013. Essentially, they’re an association that cash house buyer companies can voluntarily join, to help build trust with their company and the overall the sector.
Not every cash buying company is a member, so needless to say, they are one’s best avoided.
Why is it important for home sellers to use a cash buying company that is a NAPB member?
The property cashing buying industry is unregulated, so that means you will have little to no recourse if the proverbial shit hits the fan. However, using a company that signs up a redress scheme like the NAPB resolves that issue.
- In order to to become members of the NAPB, companies are required to:
- Register with The Property Ombudsman (TPOS). This will ensure that sellers are treated fairly when they’re trying to sell their properties. Plus, if a company is a member of the TPOS, it means homeowners can make a complaint should they have any issues while selling their home.
- Guarantee high standards are followed, which are outlined in the NAPB’s code of practice.
- The National Association of Property Buyers (NAPB) is the only trade association in the “sell your house fast” sector.
Who are members of the NAPB?
You can take a gander at the full list of the members on the NAPB website. If a company is not listed, then they are not a member. Some of the more unscrupulous companies in the industry will claim they’re a member when they’re actually not.
You can also check the The Property Ombudsman (TPOS) members directory to verify membership of the The Property Ombudsman (TPOS). Similarly, if a company is not in the direction, then they are not a member of the TPOS.
Which NAPB member is the best? Which should you choose?
At the time of writing this blog post there are 50 cash buying companies that are a member of the NAPB. Yes, they must all abide by the strict NAPB’s code of practice (otherwise run the risk of facing sanctions), but the reality is that some companies will vary and differ in quality, so there’s still a case of narrowing down quite a hefty selection.
I’d be remiss if I made a blanket statement implying that all NAPB members are the same and they will all provide impeccable service. Because they aren’t and they won’t (but they must all abide by the strict code of conduct government by the TPOS and NAPB).
I’ve never used any of the companies so I can’t recommend any of them based on personal experience, but I have been through most of the 50 (when researching for my first blog post on cash buying companies some point last year) in order to create a short list of companies I would strongly consider using (if I required the service). I tried to be as objective as possible, but you should still always do your own due diligence.
When shimmying through all the various NAPB members, I ensured they all met the following prerequisites:
- Genuine cash buyer – they will buy the property directly, and therefore don’t need to source a buyer (and essentially act as a middleman) or secure finance before being able to purchase your property, like many of the other cash buying companies do (this can massively slow down the process).
- Professional and functional website
- Highly rated on impartial review/rating platforms (e.g. Feefo, TrustPilot, Reviews.co.uk etc.)
- Competitive and realistic cash offers (between 75% – 85% market value)
- Transparent contact details, including physical premises
- Registered company on Companies House
- Reputation (as in, they didn’t open their doors last week and start trading)
Now, before anyone swallows their tongue in a fit of rage, I want to clarify that I’m not saying that anyone that isn’t listed isn’t a good option! I’m just saying they didn’t make my personal shortlist, and I’m not even saying that I didn’t make a bad call somewhere along the line either. I probably did.
Anyways, without further ado, this is the list I ended up with…
| Service | Rating | Features | Offers (up to) | |
|---|---|---|---|---|
My Homebuyers Top Pick | Rating TrustPilot Reviews | Features
| Offers (up to) 80-85%of Market Value | Get cash offer |
Home House Buyers | Rating Reviews.co.uk | Features
| Offers (up to) 80-85%of Market Value | Get cash offer |
House Buy Fast | Rating Reviews.co.uk | Features
| Offers (up to) 85%of Market Value | Get cash offer |
Property Solvers | Rating TrustPilot Reviews | Features
| Offers (up to) 75%of Market Value | Get cash offer |
QuickBuyers | Rating TrustPilot Reviews | Features
| Offers (up to) 75-85%of Market Value | Get cash offer |
Please note, I try my best to keep the information of each service up-to-date, but you should read the T&C's from their website for the most up-to-date and accurate information.
Further due diligence…
When choosing a cash buying company I personally believe that being a member of The National Association of Property Buyers (NAPB) and The Property Ombudsman is the most important factor.
However, it’s not the only important factor. For example, you also need to ensure the terms of service meet your expectations. For a more in-depth guide on how to navigate through the murky waters of the cash buying industry, you may want to jump over to my complete guide on Cash Buying Companies.
Disclaimer: I'm just a landlord blogger; I'm 100% not qualified to give legal or financial advice. I'm a doofus. Any information I share is my unqualified opinion, and should never be construed as professional legal or financial advice. You should definitely get advice from a qualified professional for any legal or financial matters. For more information, please read my full disclaimer.
