Housebuyers UK company

Pentaqua

Anyone had deaings or information about a company called Housebuyers UK who purchase your property at "market valuation"?

GDB2222

There's a thread about a similar-sounding company called homebuyers uk. Is that the one you mean? Generally thought to offer 25% to 35% below market value.

davec93

I'm currently in the middle of the HousebuyersUK process (their web site is https://www.housebuyersuk.com) trying to sell my son's house following his emigration to sunnier climes. I will provide a full run down when the process is finsihed.

However, it works like this:

You fill in an application form, either on line or one that they send through the post.

On that form you select the price range that you think the property falls into.
Your 'valuation' determines how much you have to pay for a survey to be carried out. They say that this fee is refunded (along with 50% of your legal fees) if the sale to them goes through.

The surveyor is supposed to be independant but they seem to use the same company for all surveys.

The house we are selling is in Lincoln but the surveyor came (last Wednesday) from near Basildon, Essex - doesn't a surveyor / valuer have to be local to properly know the 'real' value?

The surveyor was thorough. It is this 'market' value that he puts on the property that HousebuyersUK base their offer on. No, we have not seen the surveyor's report.

They say that they will make their offer within 10 days of the survey - so that should be this week.

I will let you know how realistic the offer price is once we get it.

Sorry to be long winded but I wanted to let you know what actually happens.

greenwich

Oh dear. Please consider the following:

- If the company is paying you market value, how on earth are they going to make a profit? It's not as if they could just hold the property until it goes up (cashflow is everything for businesses, especially ones that involve dealing in property).

- Yes, a surveyor who lives 50 miles away is unlikely to have any local knowledge.

- Yes, the surveyor is not going to be truly independent, given that his firm knows where their next instructions are coming from.

- The only way to make money in this business is to buy at a discount to the market value and sell quickly at the market value. The extent of the discount depends on the state of the property market. If the market is going up rapidly the company can buy at a small discount and still make money. On the other hand, if the market is going up slowly or not at all....

- This particular company may be quite genuine but I've heard of scams where they get you to pay for a survey and/or an admin fee, pocket the admin fee, collect some commission from the surveyor, and then tell you that your propery does not meet their needs at present.

Be careful out there!

davec93

Greenwich,

thanks for your comments; however, I did not contact HousebuyersUK without first doing my research which included all your points.

Nothing is 'free' but everything has a value - a quick sale without involving estate agents is of particular value to me, especially after suffering the frustrations of a 'time waster' who pulled out at the last minute.

Anyone considering selling a property through this route (there are others as well as HousebuyersUK) must do some basic research on current actual selling (not asking) prices - https://www.OurProperty.co.uk is an excellent and accurate source of selling prices. I have decided on the lowest price that I will accept which takes into consideration that I will not have to pay estate agent's fees (£000s), the 50% refund of solicitor’s fees and the fact that the sale should be completed quickly. If HousebuyersUK do not meet this price then No Sale!

For the benefit of others, and Pentaqua who specifically asked, I want to describe the actual process from the seller's side, warts and all, so that other site users considering using HousebuyersUK know what to expect and can make an informed decision. Their offer is due on 29th Oct, so the story should soon be completed.

Robert_Sterling_3

I look forward to hearing more from Dave93.

eurows

Give over. These companies prey on the weak and needy. If your weak or needy go to them

theGrinch

i think it can lead to moral hazard when you pay for their survey upfront. I think they should make you the offer first subject to survey just like we all do! once you pay, what stops them low balling?

davec93

Derisory

Well, the 'offer' arrived from HousebuyersUK today, exactly 10 days after the survey - as per the info on their web site.

It was derisory, under any other circumstances it would be laughable!

As they state in their web site: "We know the market value and we will make a reasonable and fair offer based on that.", so I wasn't expecting an offer for the full market value but from the research that I had done, I reckon that their offer is at least £35,000 below a realistic purchase price!

I will be writing to them to let them know what I think of their insulting 'offer' and may take other steps to spread the word and check if they have broken any of the Advertising Standards Agency’s rules.

So, those who wish to may gloat but others please take head of my experience - don't touch them with a barge pole and spread the word!

rozeepozee

I think greenwich was spot on and the offer they made you was not at all surprising, although I can understand you feel it was derisory. This led me to take a peek at their website to see how they tempt customers and the wording certainly seems quite misleading and does not seem to reflect your experience, davec. For example: "How it works....HOUSEBUYERSUK will [then] make a cash offer on your property though our conveyancing solicitors for the full market price" (my italics). Let us know how you get on with your complaints and good luck!

greenwich

Rozee, I am thanking you for your avatar! I'd also like to see one for that [deleted] Blair.