Selliing house to a property company

centenaryman

A house came on to the market that as a family we wanted to buy,,my house although a good house was gunna be hard to sell (poor area) houses here have been on sale for a number of years.
So a way to sell mine is to sell it to the property buying companies.
My house is valued between 80,000 to 85,000 so i went into the selling with my eyes wide open,,knowing they would only offer 65%-75%,,no problem they have offered £58,000.
my offer on another house is accepted,,so i will get the 58,000 use 20,000 to pay of my existing mortgage and use the rest as a deposit on the new mortgage,,my concern now is i will not sell my house till the new house is signed,,BUT i cant sign till i have the funds,,so a catch 22.
its only a small prob but what do people think.

Thanks

Andy

Cannon_Fodder

You still need to make a chain, whoever is buying your house. Unless the buying company will allow you to stay and rent for a while.

So why not just market at £75,000 - it will look dead cheap and with the positive price news of recent date you might get £17,000 more than from those under-paying sharks...even £10,000 more is £10,000 more...

Lots of houses have been on the market for a long time. If your house is truly a 'good' house, it might sell quickly. You will not know until you try. For the cost of a HIP, it must be worth a couple of weeks before giving away £20,000. It might be one of the best houses in a poor area and sells, because that's better than a poor house in a poor area.

"Giving £20,000 away", just because you "want" a different house...madness. How long will it take to re-earn that money, pay if off the new mortgage, and how much interest will be paid in that time...?!

ps: This is a money-saving website.

Sorry, had to get that off my chest.

centenaryman

hehe hey i understand ya,,,money saving site.

yeah we want to move,,,again cos the poor area.
i only bought the house for 19000 10 years ago so any sale will be in profit,,,yeah its 20,000 less than i could get but we do really need to get out of this house and even loosing that to us is a a small,,,or large price to pay.

Thanks

Andy

Bermuda_John

where is your house??

centenaryman

hi m8,,,were just outside liverpool,,the company we are using is from liverpool,,,they seem decent enough,,like i said we know were are selling cheaply but we know what we are doing

Thanks

Andy

Bermuda_John

i was just wondering as i buy houses in North East, these people arent as bad as what people make out. If youa re desparate for a house sale then they offer the perfect solution.

hope it all goes well.

John

poppysarah

Reduce price at EA. Anything above what they've offered is a bonus.

trumpton

It's not RSG group of Birkenhead is it? We bought our house from them. They were ok to deal with and had never even been in the house. The house had been marketed at £300k and £275k, they paid £235k. 18 months later we paid £245k.

centenaryman

thanks for the replys.....no its a liverpool firm,,,called kwik sale,,,through a head man called Arlo White.

the gent we`ve had here to start the ball rolling seemed genuine enough.

weve had a valuation just to staisfy ourselves...cos the nature of the move ie we have a house lined up we opted for this way of selling.

Thanks

Andy

maninthestreet

Don't be surprised if their offer of £58,000 drops to £50,000 or less just a few days before exchange.

centenaryman

hi mate,,,any reason for saying that the offer will drop...ie personal experiance,,,have u used the company?,,,know someone who has.

thanks for any reply

Andy