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    • Yorkshiretea
    • By Yorkshiretea 15th Jul 17, 3:51 PM
    • 2Posts
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    Yorkshiretea
    House buying companies
    • #1
    • 15th Jul 17, 3:51 PM
    House buying companies 15th Jul 17 at 3:51 PM
    My ex rented out flat has been on the market with an estate agent for 2 months. It is presented well , has a new 99 year lease and is vacant. As I have a mortgage and council tax to pay on it and with no offers to date I am considering other options to sell it. Looking at quick house buying companies I can only find warnings of shady offers and tricks. Are there any straight house buying companies?
    Any experience of this?
    Last edited by Yorkshiretea; 15-07-2017 at 3:56 PM. Reason: additional info
Page 1
    • harrys dad
    • By harrys dad 15th Jul 17, 4:32 PM
    • 1,791 Posts
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    harrys dad
    • #2
    • 15th Jul 17, 4:32 PM
    • #2
    • 15th Jul 17, 4:32 PM
    There are loads of threads on "house buying companies" on here, all with the same advice: AVOID.

    There are also many threads on "why has my property not sold yet?" all with the same advice; LOWER THE PRICE
    • G_M
    • By G_M 15th Jul 17, 10:59 PM
    • 40,171 Posts
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    G_M
    • #3
    • 15th Jul 17, 10:59 PM
    • #3
    • 15th Jul 17, 10:59 PM
    Why are you trying to sell the flat for above market value?

    How do I know this? Because you say: "on the market with an estate agent for 2 months. ..... with no offers to date"

    Price it realistically.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 15th Jul 17, 11:05 PM
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    ScorpiondeRooftrouser
    • #4
    • 15th Jul 17, 11:05 PM
    • #4
    • 15th Jul 17, 11:05 PM
    I can't see why anyone would consider a quick house buying company because they have had no offers. A quick house buying company will offer you 60% of market value, if you are lucky. It's not because they are crooked. it's what they do...buy houses very cheaply off people who need to sell them quickly and cheaply. If they paid more than that they wouldn't have a business. They need to be able to sell your house on, fairly soon after buying it, for enough of a profit to cover all their fees and overheads and make it worthwhile.

    If you are not in a tearing hurry just drop the price to 10% under market value and sell it quickly yourself.
    Last edited by ScorpiondeRooftrouser; 15-07-2017 at 11:15 PM.
    • michael1234
    • By michael1234 16th Jul 17, 12:04 AM
    • 112 Posts
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    michael1234
    • #5
    • 16th Jul 17, 12:04 AM
    • #5
    • 16th Jul 17, 12:04 AM
    Why are you trying to sell the flat for above market value?

    How do I know this? Because you say: "on the market with an estate agent for 2 months. ..... with no offers to date"

    Price it realistically.
    Originally posted by G_M
    I think the case is you just don't appreciate what an illiquid market means. Compared to many other assets, there are not many buyers or sellers of houses in a given area and typically each buyer's requirements are individual. That creates a scenario whereby to obtain the best price one must wait for the "right" buyer. That means there is no "correct" price - it depends on how long you can wait to sell.

    If you don't believe me, look at any RICS valuation report that most mortgage providers use. Most of them provide multiple valuations based on how long the seller can wait. Typical numbers are given for 30,60,90 or 180 day sale values.

    If you want to sell your house "tomorrow" be prepared to sell for a lot less than if you can wait for 90 days.
    • Davesnave
    • By Davesnave 16th Jul 17, 7:45 AM
    • 22,638 Posts
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    Davesnave
    • #6
    • 16th Jul 17, 7:45 AM
    • #6
    • 16th Jul 17, 7:45 AM

    If you want to sell your house "tomorrow" be prepared to sell for a lot less than if you can wait for 90 days.
    Originally posted by michael1234
    I think GM's 'realistically' means at the price that will sell it quickly, but not to a company which will take actions like dropping the offer price at the last minute.

    And who mentioned tomorrow? Only you, I believe.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • csgohan4
    • By csgohan4 16th Jul 17, 8:24 AM
    • 3,567 Posts
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    csgohan4
    • #7
    • 16th Jul 17, 8:24 AM
    • #7
    • 16th Jul 17, 8:24 AM
    for starters flat and leasehold makes me think Bargepole, esp with only 99 years on lease and potentially expensive ground rent and service charges.


    Price it to the current market, not what you think it's worth and you will sell.
    "It is prudent when shopping for something important, not to limit yourself to Pound land"
    • mrginge
    • By mrginge 16th Jul 17, 8:31 AM
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    mrginge
    • #8
    • 16th Jul 17, 8:31 AM
    • #8
    • 16th Jul 17, 8:31 AM
    I think the case is you just don't appreciate what an illiquid market means. Compared to many other assets, there are not many buyers or sellers of houses in a given area and typically each buyer's requirements are individual. That creates a scenario whereby to obtain the best price one must wait for the "right" buyer. That means there is no "correct" price - it depends on how long you can wait to sell.

    If you don't believe me, look at any RICS valuation report that most mortgage providers use. Most of them provide multiple valuations based on how long the seller can wait. Typical numbers are given for 30,60,90 or 180 day sale values.

    If you want to sell your house "tomorrow" be prepared to sell for a lot less than if you can wait for 90 days.
    Originally posted by michael1234
    I'm loving the idea that the longer the property is on the market, the higher the price is.

    Great work.
    • Yorkshiretea
    • By Yorkshiretea 16th Jul 17, 10:17 AM
    • 2 Posts
    • 0 Thanks
    Yorkshiretea
    • #9
    • 16th Jul 17, 10:17 AM
    • #9
    • 16th Jul 17, 10:17 AM
    Thank you for your responses but I asked if anyone had any experience of a house buying company. I should have said that actually I have had two parties interested , one at full asking price . Neither unfortunately in a position yet to proceed. As I said, I am exploring my options as the property is costing me in mortgage and council tax currently.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 16th Jul 17, 10:59 AM
    • 1,706 Posts
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    ScorpiondeRooftrouser
    My same comment stands. If you have two people interested, drop the price 10-20% and you will get many more interested, some ready to proceed. A house buying company will not offer nearly as much as they will.
    • eddddy
    • By eddddy 16th Jul 17, 11:49 AM
    • 4,828 Posts
    • 4,467 Thanks
    eddddy
    Thank you for your responses but I asked if anyone had any experience of a house buying company.
    Originally posted by Barbara Malki
    I know somebody who phoned one, just to see what they said.

    Whilst on the phone they looked at the Rightmove listing and instantly 'offered' £20k less - subject to survey. (on a property listed at £250k).

    The phoned back one day later to reduce their offer by another £20k - subject to survey.

    Their goal seemed to be to try to judge how desperate, naive and/or gullible the seller was.

    i.e. If the seller seems desperate, naive and/or gullible they would keep going. If not, they'll give up and look for another seller to target.


    I guess there's no harm in contacting these companies, so that you can judge for yourself. But you'll probably find that they'll give you a very 'hard sell' and offer you a very bad deal.
    Last edited by eddddy; 16-07-2017 at 12:03 PM.
    • Davesnave
    • By Davesnave 16th Jul 17, 12:43 PM
    • 22,638 Posts
    • 87,526 Thanks
    Davesnave
    Thank you for your responses but I asked if anyone had any experience of a house buying company.
    Originally posted by Barbara Malki
    You aren't going to find many respondents who will come on here and give a personal experience of quick buy companies.

    I know this because your question comes up regularly, and people rarely do.
    'A society grows great when old men plant trees whose shade they'll never sit in.'
    • michael1234
    • By michael1234 16th Jul 17, 6:19 PM
    • 112 Posts
    • 47 Thanks
    michael1234
    I'm loving the idea that the longer the property is on the market, the higher the price is.

    Great work.
    Originally posted by mrginge
    Shocking how wrong this bit of sarcasm is.

    Yes prices reduce over time but you will get a higher price for your property if you are prepared to wait longer.
    That is why RICS valuation reports to lenders usually include a 30 sale price and a 90 with the 90 always being a higher figure. (30/90 are examples it depends on the valuer).
    So in summary, if you want the best possible price, you market it at the higher end and slowly reduce if nobody bites.
    • mrginge
    • By mrginge 16th Jul 17, 7:21 PM
    • 4,039 Posts
    • 7,075 Thanks
    mrginge
    Shocking how wrong this bit of sarcasm is.

    Yes prices reduce over time but you will get a higher price for your property if you are prepared to wait longer.
    Originally posted by michael1234
    Time on market may provide a wider potential customer base, but the reality is that prevailing market conditions will determine whether a price is appropriate.

    In a stagnant or declining market your assessment makes absolutely no sense.

    So in summary, if you want the best possible price, you market it at the higher end and slowly reduce if nobody bites.
    This is the complete opposite of your first statement.
    • AFF8879
    • By AFF8879 16th Jul 17, 7:27 PM
    • 217 Posts
    • 512 Thanks
    AFF8879
    I'm loving the idea that the longer the property is on the market, the higher the price is.

    Great work.
    Originally posted by mrginge
    That's not really what was implied, properties are not homogenous assets and buyers / sellers are not homogeneous either. The property market is not like trading equities where there is an observable market price, sometimes it's very much a case of waiting for "the perfect buyer" (or the perfect property, if you're buying) as everyone has different requirements. What might be inappropriate for some might fit others perfectly. Therefore it's perfectly reasonable to assume that the longer a seller can wait, the higher their chances of achieving a better price.
    • glosoli
    • By glosoli 16th Jul 17, 8:07 PM
    • 561 Posts
    • 305 Thanks
    glosoli
    Don't have any experience of it personally, however my current neighbour sold his previous new build flat through one of these companies shortly after completion and took a massive financial hit compared to if he sold it the normal way. (Not sure of his circumstances at the time and whether this was the only option).

    In doing so, this apparently dragged down the value of the other new build properties on the estate, causing a lot of ill-feeling towards him!...
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