Quick Sale Companies

freaksaver

Hi All

Please can someone offer some sensible advise asap.

My dad is suffering from depression, he and my mum seperated around 6 months ago and between them they have £20k credit card debts.

The fortunate thing is that they own the house they are in. My dad is self employed and has had to close his business due to business debts also (due to close in 6 weeks time) at which point he will have no income.

Therefore their only option is to sell the house quick (both for the financial benefits and for his mental health).

The house is worth £85k as per valuation today, so the company said they will offer him £60k (70% of the value) under the folllowing conditions:

They will get another valuer our and if they also value it at £85k my dad is tied into going with this company however if they value it at less, they will obviously offer my dad less however he wont be tied into their offer.

I started to look at some websites and the info is really conflicting. Some say that 70% valuation is far to low and they can offer 90-100% whereas other companies say that anyone offering 90%+ should be dealt with with much caution as there are likely to be big problems and very unreliable.

Please can anyone offer any advise. I feel like this company is cashing in on my parents poor financial situation and my dad's rapidly deteriorating mental health.

Thanks in advance
Freaksaver

Cannon_Fodder

Try auction instead, should give 28 day completion ?

pyueck

Cannon_Fodder wrote: »

Try auction instead, should give 28 day completion ?

Agree auction, your dad may even get more than he bargained. Don't let these firms rip off your dad, it sounds like the last thing he needs. Hope it all works out.

googler

Who 'valued' it at £85k?

An independent valuer, or one from the Quick Sale co.?

I suggest you look at zoopla or ourproperty, and check what sales there have been in their street and the surrounding streets in recent times. This should tell you if £85k is realistic, and also give you an impression as to how busy the market is there.

Armed with this, consult the local estate agents, and ask them to come value the house, and ask what they would price it at to sell it quickly. This may well be more than the £85k you've been quoted already....

It sounds like your Dad needs you to take control of the situation. Do it now, and don't let them get a chance to rip him off.

Bermuda_John

quick sale co's are running a business so will want to make money ........ 80% maximum offer

better off putting it on the market at a 10% discount .........80K

freaksaver

Thanks for the speedy response. The company who are ringing him back who have said they try to guarantee 90-100% are sell-quick.co.uk. The valuer who came out today was from Edward Mellors and therefore independant. The co said they had to pay Mellors £500 for the valuation however would send another valuer around now of their own to ensure it really is 85k. I get a feeling that they may come and suggest less knowing how desperate my dad has come across.

jonewer

These companies are sharks. They make a lot of profit from these transactions. Guess where that money comes from.

googler

freaksaver wrote: »

Thanks for the speedy response. The company who are ringing him back who have said they try to guarantee 90-100% are sell-quick.co.uk. The valuer who came out today was from Edward Mellors and therefore independant. The co said they had to pay Mellors £500 for the valuation however would send another valuer around now of their own to ensure it really is 85k. I get a feeling that they may come and suggest less knowing how desperate my dad has come across.

Why are they telling you or your Dad how much it 'cost' them to hire a valuer? Are they trying to 'guilt' him into feeling sorry for them, so they can take advantage of him?

Has he agreed to the second valuer calling round? Can you cancel, and follow the advice from my previous post?

You can verify or deny the £85k with 5 minutes' browsing.

freaksaver

Hi

Had a look at the 2 sites and also tried hometrack. They seem to if anything have houses for sale for slightly less. thanks for the suggestion however.

Trollfever

jonewer wrote: »

These companies are sharks. They make a lot of profit from these transactions. Guess where that money comes from.

They will string you along for weeks/months then at the last minute drop their offer price.

An auction removes this possibility.