Me and my husband are relocating and will like to sell the house fast we contacted a company that buy houses fast is this a good idea. How do they work?

No it is not a good idea...they will give you a resonable off but it will be well below market value (up to 60% below in some cases). They turn around and triple the money they bought it for. Go to a realator, and get a deal that you can set yourself on what you think the house is worth.

they will normally only buy your house for well under the market value so be careful a friend of mine sold hers then after she moved the company sold the house quickly for 50% more than they gave her

Most of "these companies" make their living PREYING on the elderly, the uninformed, those in fairly heavy debt...facing foreclosure for non payment of their mortgage and the generally EASILY FOOLED public. I have a friend now, who is fighting one such company. Their house already recently had a new roof, and other repairs done to it that were great and raised the property value. She had "met him" on line and "known him" for over a year. (it was a friendship only, chatting, NO ROMANCE no sex, he was married and my friend was not interested in that, nor did he propose any inappropriate actions or suggestions to her at anytime!) What he did was, since we are such good friends, offer to help her out financially by buying her elderly, demented father's home, for a reasonable expected amount that since the house was not far from pay off, should (after his costs) net her and dad a sizeable amount of CASH! The day she was to sign it over he had driven a fair distance to meet with her, but forgot the contract they had discussed. He convinced her to sign...GULLIBLE Girl (highly intelligent, but not worldly at all, and way too trusting...year + friendship to rely upon!) He never did give her the written contract. The advance he was to have given her so that she could either put a little house on some land they owned...he wouldn't advance. Then he agreed to give her SOME MONEY to buy something to live in with her elderly dad, but ONLY IF HE COULD CHOOSE THE PROPERTY/HOUSE she would buy, and NOTHING she suggested was acceptable to him...he put them in a trailer in the middle of NOWHERE, and now is sueing her (dad just died the day after Christmas 2006). The profit she and dad were to get from the SALE of their home, signed over, was eaten up in "REPAIRS" that were 1. not needed, and 2. the guy will not provide receipts to show the cost, but for a few that have items on them that were not USED ON MY FRIEND'S HOUSE! So...I have to say FORGET ABOUT IT...either look in to Sell by Owner, or find a DECENT agent and sign an exclusive contract (they agree to ONLY represent YOU to buyers NOT represent the buyer). If you are buying another property you can set it up so that as one closes the other opens.