Sell and rent back investors, advice please

loujay_2

Hello, Im new on here. Just wondered if anyone could let me know anygood or bad experiences when selling to an investor.
My house has been on the market for 8 months, we sold it 3 months ago but 6 weeks later our buyer pulled out. Our survey was fine but she had found something else! We havent an easy house to sell as although it is in walk in condition, it backs onto a small industrial estate which is putting people off. We have lived here 10 yrs with no problems. We have now reduced the price twice and dont want to be here next year so I contacted one of those ads saying Sell and rent back. He will buy at a reduced price and if you want to rent it back you can although you dont have to. His first price was very low but he came back with a better price which we are happy to accept to get a quick sale. They say they exchange contracts in a few days and do survey etc after??? I asked about a deposit but this isnt something the normally pay??? I asked my solicitor and he said this isnt unusual in this sort of sale. I can live with them backing out at the last minute as we arent prepared to go a penny lower but I dont want to get ripped off. Solicitor seems wary.
Any good or bad experiences please. Sorry for the long waffle!!!
Thanks

F_T_Buyer

I don't have any experiences, but these 'investor' types hang out on singing pig (google it for link). Maybe worth a look around...

What I read is they generally offer around 20% less than market value.

loujay_2

Thanks for that, its definately an interesting site!! I think we had a good deal reading the posts on Singing pig!
Weve pulled out today as the house we wanted has had a lower offer accepted????? and realistically we cant afford to buy anything half decent with the offer we were given so its back on the market and fingers crossed.
I actually feel relieved.
Probably going to be an expensive mistake this as I would imagine Im going to have solicitors fees to pay now. Do we have to pay the investors too? We only agreed to sell on Wednrsday so I cant see much being done.
Thanks for your advice.

clutton_2

what would the investors want you to pay for ? they put in an offer - you refused it - no legal contract has been drawn up, either in writing or verbally, so, no fees payable. depends on how much work your solicitor did as to whether he bills you or not - dont ask him/her for one, wait for him to bill/not bill.

loujay_2

Thanks clutton, I really hope so. We agreed to sell on Wednesday and the investor said contracts would be exchanged this week! I spoke to my solicitor on Thursday who hadnt heard off the investors solicitor so I rang investor who said he'd get on to them.
The investor said the survey would be done next week which I thought odd but then what do I know.
When we rang investor today they said 'oh so you want to pull out? I'll ring you Tuesday, it is Bank Holiday weekend' so Im wondering what they need to ring us for.
Im so glad we come to our senses, mind you as I type this weve got about 20 kids playing football behind our house....thats the reason our house wont sell I think and the reason we went to the investor!!! Ah well.