Looking at other avenues of selling.

bandofbrothers

Hi all,


Currently have my property on the market via an estate agent.

I'm always looking at other avenues !

Has anyone heard of or used a company called speedy properties to sell their property.

Im aware they offer 10% to 20% less than market value.

After reading a few posts it does not seem that much success is experianced with these types of company.

Has anyone actually sold a property via a business like these and completed ?

Currently I have no outstanding loans or mortgage on this property, and thus the only outlay ive had is the HIP report.

Ive had a failed ftb who strung me along for 18 weeks and actually went as far as agreeing a completion date, signing up for their mortgage etc, and then they went to ground and nobody has heard from them since. {they failed to pay a deposit}

2nd viewing fell thro as buyer could not get a mortgage.
3rd viewing and no offer made.

Property was on market for 95k for 3 bedroom end terraced house.
Ive since instructed the ea to reduce to 'offers around 85k' , as most properties in the area are at 94.5k to 95k for same sized house. 2 bedroomed properties are at 85k.

So reducing the price I hope will stir some interest.

Property has been on the market since March 09, although like I said it was under offer and then sold for 18 weeks from March 09, so its not been on the market that long.

Have I acted correctly by reducing the price ?

I was offered 60k by another buy for cash company, but declined the offer ! Which I think was the right move. What do you think ?

Thank you in advance for any advice.

bandofbrothers

Slight update.

Speedy Properties are to make me an offer on Monday although I expect it will be quite low.

googler

If you can sell it for £60k, and 'clear your feet', as they say - i.e. the £60k is more than you paid for it in the first place, possibly including what you spent on it, then it's your decision - do you sell for £60k, or hold out for £80k or so?

Bear in mind, these companies do seem to have a reputation for making you an offer (£60k?) and surprise, surprise - reducing their offer days before exchanging contracts - leaving you a few weeks down the line with the choice of accepting lower offer, or going back on market.....

monkeys_bunny

the property market always drops at this time of year and then picks up again after christmas. if your not in a real rush to sell, why not just hold tight. the property market is going up and there are lots of good signs to say next year will be a good year with more companys lending again etc etc

bandofbrothers

Bermuda_John wrote: »

Where is your house based? If it is in the north East of england, let me know and i'll make an offer too.

www.fasthousepurchase.co.uk

Hi John,

No im in Yorkshire Dude !

bandofbrothers

googler wrote: »

If you can sell it for £60k, and 'clear your feet', as they say - i.e. the £60k is more than you paid for it in the first place, possibly including what you spent on it, then it's your decision - do you sell for £60k, or hold out for £80k or so?

Bear in mind, these companies do seem to have a reputation for making you an offer (£60k?) and surprise, surprise - reducing their offer days before exchanging contracts - leaving you a few weeks down the line with the choice of accepting lower offer, or going back on market.....

Truth is the house was left to me so I have not paid a bean for it.
In the end it would not work for a company to try and drop the price as im over no barrell. ie; moving onto another property or being re possessed etc as the mortgage is at nil. I would just walk away but it would have to be a decent price in the first place. 60k offered for a property valued at 95k is pretty poor, even tho im prepared to drop to 80k.

After thinking about it im in a strong position and do not have o sell at this point as the property is not costing me much money.

Your advice to sit tight may be a very good one !

LittleLeah

I think you should hold out for a better offer, particularly because you are in no rush to sell. As you say, it was under offer for 18 weeks so hasn't actually been on the market all that long.
I think if you were still in the same position a year from now you should consider a much lower offer (I'm sure one of those speedy selling companies would still go for it a year from now).

Bermuda_John

the idea of using a company liek mine is that you are turning to us as a last resort. You are desparate to sell and will therefore take 80k for a 100k house.

It is a guaranteed solution to a major problem that you have been facing and the 20k is less of a problem than the situation you have found yourself in.

As you really arent a motivated seller using a quick house buying company isnt the solution for you.

Best solution as you dont pay for it or need to sell it is to rent it out and sell it in a few years time if you need.

You're wasting your time with the fast house purchase companys.

poppysarah

bandofbrothers wrote: »

Hi John,

No im in Yorkshire Dude !

Not familiar with that area...
;-)

monkeys_bunny

poppysarah wrote: »

Not familiar with that area...
;-)

yorkshire, is massive, which bit/ north, east, west, south?

pinkshoes

What offer did Speedy Properties make you?

If you have no mortgage, why not just let it out?