The OFT is today launching a study into the 'quick house sale' market and is calling for people who have used, or considered using, these businesses to contact the OFT about their experiences. Quick house sale providers offer to buy a house or find a third party buyer very quickly, usually at a discount from the full market value. While providers may offer a valuable service, the OFT is concerned that some practices might lead to homeowners receiving much less for their property than it is worth. Any losses could be very high. The OFT is particularly concerned about the risks to people in financial difficulty - including those who have worked up large amounts of debt or are facing repossession. Consumers at risk may also include those who need to sell their property quickly following a relationship breakdown or the elderly, who might need money to pay for their care.

Practices that would give rise to concern include:

• Unclear fee structures, for example imposing an unexpected fee following an encouraging initial valuation, as a condition for progressing the service.
• Reducing the price offered at the last minute after someone is financially committed to the transaction.

Soruce: OFT - Read more here