Firms like "A Quick Sale"

RobbieS

Anyone had any experience with firms like a "Quick Sale" where they make you an offer obviously under market value, but pay for fees etc. We have a phone offer of £130.000 on our house. Is this likely to change when they actually come out. We would like a quick sale which is why we are considering these companies. Thanks

Ulfar

This will change when the property is surveyed.

I work with a Lady who used a firm like this, the phone valuation was 10% below market value, the offer after survey was 50% less.

The lesson she learned is do not sign anything until you know exactly what they are going to pay you and when. Whatever you do do not use their solicitor or recommendation of a solicitor.

googler

Let's assume they've offered 10% under 'market value'. That suggests a market value for your house of £143000 or so. Does this sound realistic? Do you know if any similar houses to yours have sold recently, or other houses in your street or surrounding streets? Can you establish, perhaps with the help of local agents who do free valuations, what the market value is?

Once you have a market value for your house, can we ask - what do you want or need to get for it?

Using this figure, could you, rather than selling it privately to these folks who are unlikely to follow through on their phone offer to you, market it at a significant discount to the other current or recent sales, and still cover yourself financially?

Bufger

have you considered putting it on the market normally? the housing market is starting to pick up.

The difference between companies like that and going the normal route is that (although everyone is out to make money from your sell) these companies will completely have you on any little thing. You can look forward to weeks of them sorting it out and then dropping you in price for everything, especially if they have you committed to the sale (ie you've started to sort out dates for moving out, getting a new place, fees etc).

Its your choice but just keep in mind that this company wants to maximise profits whereas real buyers are looking for their home (and if they fall in love with it its them that lose more money than they hoped for).

Running_Horse

Have you got any gold? Send it to me in the post and I'll send you a cheque.

clutton_2

AQS is suffering dreadfully from the credit=crunch ........

lincroft1710

Look at it logically, you think your home is worth £143K, you're offered £130K. The firm buying has 2 sets of legal fees (buying then selling on) plus EA fees so say £5K, so they would only "make" £8K if they sold for £143K, which doesn't include finance costs which if house didn't sell in 6 months, could wipe out £8K.

In an uncertain market they may only get (say) £135K. To make a profit they would have to offer max of £115K and I mean max, actual offer would probably be a lot less.

Remember they are like any dealer, they'll give you the money but have the risk of having cash tied up in something that might not sell easily. So they're not going to be overgenerous.

They are a last resort, you could try auction if you want a quick sale, but do set a realistic reserve.

Muhasib

who pays for the survey??

Bermuda_John

I own a house buying company and i would say that 10% below market value is unrealistic and you may be in for a suprise later on in the process.

I have heard of unscrupulous buying companies getting in "their" surveyor to give them a favourable valuation which you will then feel is the correct value and you will then adjust your price accordingly.

These shady characters operating in the market give the more genuine people like myself a bad name and it really annoys me.

My advice would be unless you REALLY REALLY REALLY need to sell within 2 months dont use a house buying company.

In order to have the priviledge of a guaranteed sale in 28days you are going to have to pay a for it. This usually comes in the form of accepting 70% to 80% of the value of your home.

Maybe you should go to the estate agent and drop the price 10% as well as giving the house a quick makeover to make it sell quicker.

I dont know your situation so the house buyers may be the only option, just beware this 10% below market value isnt going to be their final offer.

Out of curiosity where is the property?

Cheers

John