Selling our house

squidgybum1949

Hi there.
We would like to sell our house and have recently been in touch with a company who will buy regardless, if the house is valued at £200.000.
they will give us £160.00 now and the rest in 12 months time, i get to keep the deeds untill they give me the final payment.
Can anybody help me decide ?, or has anyone used this system before ?, it sounds too good to be true.
Thanks, Squidgybum 1949.

Cannon_Fodder

Name of company? Allow us to research their product offering on their professional, detailed website.

Sounds like a scam.

p00hsticks

If it sounds to good to be true, it usually is.

My two main concerns would be ...

how is the valuation decided ? It's all very well saying 'if it's valued at £200,000...', but if other houses in the areas are sellig though normal estate agents at £250,000 then that's a lot of money to drop. Chances are that the valuation the company will agree to will be well below the open market value, and then they're only committing to pay a proportion of that up front.

What is meant by ' you keep hold of the deeds for twelve months' ? So who actually owns the property during that time - i.e. who's name is on the Land registry ? If them, I can't see what benefit you physically having hold of the deeds is. If you, what is the situation with regard to the £160,00 they are effectively lending you ? Are they charging interest on it ? What is their security on the loan ? What happens if the house burns to the ground in that twelve months.....

Personally I wouldn't touch it with a bargepole.....

david29dpo

Dont touch !!!!!!!!!!

squidgybum1949

Hi Cannon fodder.
Name of the company is Homesaveruk.

silvercar

The scam usually works by them making lavish promises, you paying them to value and then they make you a rubbish offer. You reject the offer and they walk into the sunset with your inflated valuation fee.

RobertoMoir

squidgybum1949 wrote: »

Hi there.
We would like to sell our house and have recently been in touch with a company who will buy regardless, if the house is valued at £200.000.
they will give us £160.00 now and the rest in 12 months time, i get to keep the deeds untill they give me the final payment.
Can anybody help me decide ?, or has anyone used this system before ?, it sounds too good to be true.
Thanks, Squidgybum 1949.

Let me guess, they'll give you £160K now and the balance later, but first there's the small matter of their fee for setting up the deal. Or sorry, it's not a fee, its an expenses charge, or a survey that they have to carry out themselves and charge you for, or a govt. thing that "the law sez the homeowner has to pay" so they're not allowed to deduct it from the money they're promising you.

What does the "keep the deeds" thing even mean anyway? Either they're raising their charge on it which means they own it at that point and what you've got is a bit of paper to look at, or they're not in which case god help them if you go bankrupt and the house is seized by the OR.