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Home Buyers or Data Miners?

As the global economy becomes increasingly turbulent, households across the UK are sinking under growing financial strain.

It’s no surprise that repossessions have grown by over 40% in the last two months, as mortgage payment increases and further job cuts are announced.

As the financial situation becomes altogether desperate for many families across the UK, homebuying services are helping struggling homeowners to release equity, stop repossession and ease debt worries away with fast cash offers. Or are they?

Tim Jackson, Director of SecureASale, tells a very different story about how the majority of so-called ‘homebuyers’ actually make their money:

“With very, very few exceptions, every homebuying website out there is just a data-mining operation set-up to profit from selling ‘qualified leads’ on to investors. These leads are then placed on property websites, and the supplier normally takes a fee of £100 per lead upfront and about 1% if the deal goes through.”

Classically, these companies will present themselves, usually via a smart website, as a real cash buyer, but in fact the company operates only as a data collector, finding leads and then selling them on.

Many of the companies that operate in this manner claim that as long as there’s a cash sale at a fair price for the client, there’s no problem.

Jackson rebuts, “The problem with this approach is that it leaves the client with no guarantee of whom they’re dealing with, no comeback should things go wrong and frankly, I believe it’s unethical.”

Research has uncovered that many of these data mining sites offer potential clients as little as 28% below the market value of their property without a proper valuation conducted by an expert.

Jackson adds, “We are one of the very few companies who actually have cash to spend on property and a proper bank facility we can draw upon. Anyone thinking of using a homebuyer should always try to go straight to the source- look for a company that has the assets to buy your property themselves and is prepared to come and look at it before making an offer.”