Good Move review: Are they any good?

With 12 years of trading experience under their belts, Good Move is a reputable cash buying company operating from Leeds, Yorkshire. Well liked and well regulated, they claim to offer a friendly and reliable service for homeowners looking to make a quick house sale. But just how good are Good Move, and are their claims legitimate?

Who are Good Move?

Good Move is a cash buying company (or ‘we buy any house’ company). In other words, they buy your property for a price below market value in a quick turnaround.

As with any cash buying company, one of the touted benefits of trading with Good Move is that you don’t have to deal with what some might call, the tedium, of standard property transactions. No viewings, no sale boards and no property chains.

They claim to buy any property in any condition, as long as it’s located in England and Wales. All of your selling fees (including legal fees if you use one of their solicitors) are accounted for.

How does Good Move work?

While Good Move claims to sell properties in a quick, three-step process (Start By Entering Your Postcode, Receive A Cash Offer Within 24 Hours, Sell Your House Fast For Cash), there’s obviously a lot more to a property transaction. Let’s take a look in closer detail:

1. Valuation and offer in principle

Customers are offered two ways to get in touch with Good Move for a valuation. Either call their direct line or fill out a valuation form. Within 24 hours, a Good Move property buyer will get in touch with an offer in principle. This offer may be subject to change upon further inspection.

How does a Good Move valuation work?

The offer in principle is completed by a regulated property buyer. To verify their estimate, Good Move’s asset management company instructs two local estate agents to carry out valuations of your property.

2. Formal offer and legals

Once both estate agents have corroborated their findings, Good Move will make a formal offer on your property. Should you accept this offer, they will instruct a conveyancing solicitor and a RICS (Royal Institution of Chartered Surveyors) report.

If you choose a Good Move conveyancer, they will cover the legal costs. If you choose your own, they’ll contribute up to £500 towards legal fees.

3. Home Buyer Report and Report on Title

As with any property transaction, the findings of the Home Buyer Report and Report on Title can have an impact on the quantity of the formal offer. Should the reports reveal any structural damage, Good Move may amend their initial offer or withdraw from the sale. As per Good Move’s policy, customers may review the findings of both these reports upon request.

It’s important to note here that, despite their claim to buy any house regardless of condition, Goodmove maintains that they ‘may have to amend their formal offer to reflect this change in circumstance or withdraw’. That means a withdrawal from sale is still possible when selling with Goodmove.

4. Exchange of contracts and completion

Once Good Move has received a satisfactory Home Buyer Report and Report on Title, the transaction proceeds to contract exchange and completion. A completion date is agreed between both parties, with exchange and completion usually happening on the same day unless requested otherwise.

On the day of completion, your conveyancer will transfer purchase funds to your account after loans and mortgages have been paid.

How long does it take Good Move to buy my house?

Good Move claims an average fast house sale can be completed within three weeks (21 days).

They also claim that, in certain circumstances, transactions can be completed within seven days. So, with a seemingly thorough process and a clear purchase timeline, how good really are Good Move?

Good Move fees

You might be wondering how much a property transaction with Good Move will cost you. After all, some ‘we buy any house’ companies charge you for valuations and paperwork. The good news is that Good Move covers all the costs. That is, unless you instruct your own conveyancer.

Should you choose one of their affiliate conveyancing solicitors, Good Move will cover all of your legal fees. Choosing a solicitor of your own however, could leave you with a heavy bill despite Good Move’s promise to pay up to £500 of legal fees.

There are, of course, other costs to think about when selling a house with Good Move. These costs depend on whether you’re selling your main residence or a second home, and how timely the transaction is.

Buying another main residence (along with all the other costs associated with it)

If you’re selling a second residence, you probably don’t need to worry about these costs. However, if you’re selling your main residence, you will need to purchase a new home. These costs may include estate agent fees, conveyancing fees, and Stamp Duty Land Tax. Naturally, this is an expensive process, made all the more costly by selling with a cash buying company, because you’re getting much less return on your property.

Removal fees

Before you vacate your property, you’ll need to remove all of your belongings. Removal vans usually require a deposit and at least two weeks’ notice before completion day. They can cost anything from £900 to £1700.

Storage fees

If you’re vacating your property and have had little time to find somewhere new, you will need to store your belongings in a storage facility. Storage fees vary depending on how big a container you need and how long you need it for. They can cost hundreds to thousands of pounds.

How much does Good Move pay?

On their website, Good Move provides two answers to this question. On their homepage they state that they ‘typically offer 85% of a property’s value for a direct purchase (location specific’. Yet in their FAQS, they state that they’ll ‘buy your home for around 80% of the market value’. It’s probably safe to assume that as long as your home meets their top requirements, Good Move will purchase it for a maximum of 85% of its market value. Realistically however, this is likely to be more in the region of 70 to 80%.

Ultimately, you will never get as much money for your property with Good Move as you would with an estate agent on the open market. However, Good Move is upfront about this much at least. Moreover, it appears that the gazundering tactics prevalent in the property cash buying industry seem to be non-existent within their services.

It’s also worth noting that Good Move offers ‘other options to achieve a higher sale price’. However, in their words, ‘this means a slower process and we won’t be buying directly - something to bear in mind for sellers looking to sell a property quickly.’

Can you negotiate with Good Move?

It’s unclear whether you can negotiate your offer from Good Move. Multiple reviews on Google claim to have exited the offer process because the price they had received was too low. However, this didn’t stop them from leaving reviews that praised Good Move’s customer service and good willingness throughout the procedure.

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Do I need my own solicitor with Good Move?

No, you do not need your own solicitor. They offer to pay your legal fees, as long as you choose one of their own solicitors.

You can however, choose to instruct your own conveyancing solicitor. If you do, you’ll have to pay their legal fees yourself, with a £500 contribution from Good Move.

Good Move reviews

We collated reviews from the top two review sites:

Commentary

Having received nearly 5 star ratings on both Trustpilot and Google Reviews, Good Move set a high bar for other cash buying companies. Some users have left glowing reviews even after declining their offer, praising members of their team for their professionalism.

To date, Good Move only has three bad (1 star) reviews on Trustpilot, and seven (1 star) on Google Reviews. Both sets of poor reviews are from at least two years ago.

A cash buying company with this much favour could suggest one of two things. Either that they are reputable and do good business, or they don’t allow recent poor reviews to be visible on the internet. While the latter cannot be proven, it’s something to bear in mind.

Are Good Move any good?

Based on the evidence available, it seems that Good Move is one of the most trusted cash buying companies currently operating in England and Wales. They appear to offer a transparent valuation process that is cross-referenced by several estate agents. Many customers report being pleased with the service they have received.

There appears to be occasions where members of the Good Move team have even advised homesellers to try the open market with a high street estate agent before using their services. If these reviews are to be believed, then it seems that Good Move’s staff operate on a honesty first approach, which is refreshing to see in the cash buying industry.

Ultimately however, the above underlines a running contention with cash buying companies - that they should only be used as a last resort. The trade-off of low returns for a quick sale might be appealing to some, but for most vendors, more money should never be too much to ask for.

Are they reputable?

Yes, Good Move are a reputable cash buying company that appear to be well respected within their industry. They are members of the National Association of Property Buyers (NAPB), a voluntary group of cash buying companies signed up to The Property Ombudsman’s Scheme’s (TPOS) Code of Practice for Residential Property Buying Companies. They are also regulated by four other institutions:

• The Property Ombudsman (TPO)
• Royal Institution of Chartered Surveyors (RICS)
• NAEA Property Mark
• Trading Standards

Good Move vs Estate Agents

While Good Move appears to offer a transparent and reliable service, that doesn’t mean they offer the best service for homesellers. Property is one of the largest financial assets you can own. If you want to make the most of its sale, an estate agent is the way to go. Here’s why:

They can sell your home for more money

While you would be lucky to get 85% of your property’s market value with Good Move, an estate agent on the open market will likely sell your home for a lot more. After marketing your home with an asking price you’re happy with, a reliable agent will use their negotiating skills to increase the bids of potential buyers. This helps ensure that your property will sell for the highest price possible.

You don’t have to be an expert to know that more funds from your property sale will open up greater opportunities. If you’re planning on buying a new home for example, you could upgrade to a bigger, better property. Selling with a cash buying company simply won’t allow you to do this.

It’s worth noting, however, that even with an agent, you should always be willing to sell your property for a price that’s 10% below its market value.

Their fee is an incentive to get you the best deal possible

Estate agents charge a commission, generally 0.75% to 3% of your property’s final sale price. Most follow a ‘No sale no fee’ guarantee, meaning that if your home doesn’t sell, you don’t have to pay them. As a result, estate agents are incentivised to sell your property for the highest possible price - not one that’s substantially lower than market value, as with a cash buying company like Good Move.

The rewards speak for themselves

Selling with a traditional high street agent means you’ll have a more dynamic experience than selling with a cash buying company. In other words, you’ll probably be more involved in the process. While this might be a turn-off for some homesellers, the rewards speak for themselves. Without some time and effort, nothing would ever get done - and agents are paid to take the weight of selling from your shoulders.

Summary: Is it worth using Good Move?

To help you make your mind up, let’s take a look at their Pros and Cons:

Pros of using Good Move

• They’re a guaranteed cash buyer with immediate funds available
• You may sell much faster than with an estate agent
• They have excellent reviews on Google and Trustpilot
• They are regulated by other five institutions

Cons of using Good Move

• Your home will be bought for a price that’s at least 15% below market value
• If you’re buying a new home, less funds from your sale can limit your future choices
• If you have a high value property (>£550k) Good Move may not have the right experience to buy it
• If you use your own solicitor, Good Move only pay £500 towards your fees
• Good Move reserves the right to withdraw their offer based on the results of inspections, despite stating they buy any house ‘regardless of condition’