companies that buy your house for cash??

arwenamen

Hi
Does anyone know of any of these companies that dont totally rip you off? I mean, I know they will only offer a price under market value but are there any that offer a reasonable price which isnt too far under market value??

Need to sell quickly and just want to get best deal we can as quick as we can.

Any help welcome.

Thanks

R

googler

All those I've heard of or seen have been offering 75% of market value or below.

I don't think you'll find any of these companies who'll offer anywhere near current market value. Some of them claim to 'save you thousands on estate agency fees', but when you look at real-world examples, let's say a £160k house, where an agent charges 1.5% fee -

Buy for cash offers you 75% or less of £160000 = £120000 or less

Even if an agent sells for 80% of 160000, and takes 1.5% = £126080, that leaves you better off than the buy for cash deal. If the agent sells for anything greater than 80% of the market value, you're way better off than the 'buy for cash' deal.

Get some local agents round and find out what they think your house should be priced at for quick sale, and what they'll do to sell it quickly.
Compare their valuations, less fees, to what the buy for cash merchants will offer you (ask them to make you an offer before you speak to the local agents, but don't accept it straight away, no matter how much they lean on you)

Gwhiz

You will find they ALL work the same. Their power is the fact they know you are desperate so why would they offer you a decent price?

googler

I'll say it again - don't let the buy for cash merchant push you into accepting their offer until you've weighed it up against what you could get on the open market.

spuds_2

They are really only for desperate sellers. A house near us was on the market for £310k for ages and eventually sold to one of these companies for £235k. That will give you some idea of how much they pay.

I would be wary because they often charge the seller several hundred pounds for a 'valuation'. This is just driving past it and estimating its worth. They then offer you a very low price - if you don't accept, then they have made a few £££'s from the valuation anyway. Don't deal with any company that charges you to value.

As suggested, better to put your house on the market at a very keen price. There are always buyers out there if the price is right.

theartfullodger

These companies are blood-sucking evil organisations that prey upon those who are desperate or ill-advised. I wish someone would shut them down!

Cheers!

Lodger

50plusabit

Dont touch a company called Capital Finance, a total rip off.

Save4ArainyDay

The reason that Buy for Cash companies offer a maximum of 75% of the house valuation is simple - nobody will now lend more than 75% loan to value.

Reputable companies pay for the valuation and all soilcitors costs. if you have secured and even unsecured loans also - they will negotiate these down for you.

For example Your house valued today £100,000

You owe £68,000 on the mortgage
£15,000 on a secured loan
You are going to be repossessed in a few weeks time (this can add another £10,000 or so to the debt)

Obviously £75,000 is not going to cover your debts.

The mortgage MUST be satisfied

The Buy for Cash company will pay the £68,000 mortgage off
and they will negotiate the secured loan down as far as possible because the Loan company knows if the house is repossessed it will probably go to Auction for £55K - £65K and they would rather have half their money than none at all.
They can chase you for 12 years for the money otherwise and your credit rating will be ruined for all that time and often longer.

You may walk away with no money - BUT it will be with a clean slate.

In many cases the Buyer will rent the house back to you if you so wish - thus concealing from all and sundry the state of your finances (family, friends, colleauges, neighbours and your kids)

I don't think this is yet a hanging offence (the Artful Lodger)