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Selling to a 'Property Rescue' company...
MMGG
Posts: 33 Forumite
What, if any, are the implications of selling my property to a 'property rescue company'. I am curious about this because I could achieve an immediate sale, albeit slightly under market value, but with no agent fees to pay. A quick sale is my ideal objective as I want to move, (not because of any risk on my current property in terms of financing etc etc.)
Does selling to an agency like this affect my credit rating when applying for new mortgage / finance in the future?
Does selling to an agency like this affect my credit rating when applying for new mortgage / finance in the future?
0
Comments
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Your big error is you believe you will get slightly under market value. 70% max im sorry to say. They take advantage of people who MUST sell and have no other option. Good business, mind!0
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no, but common problems..
- they offer 80% of *their* valuation which may not be market value
- they are notorious for reducing amount offered within 7 days of exchange
- if they offer sell and rent back, evicition after 6 months is common
Just put your place on sale below market value.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
albeit slightly under market value,
:rotfl::rotfl::rotfl::rotfl:0 -
now now!!!
:A 0 -
Don't even think about it.
I was only talking to someone about this on Monday.
He had agreed to sell to one of these companies at a figure well below the market price but was prepared to proceed for a quick sale.
He had paid out several hundred pounds for various fees and then days before exchange the company lowered their offer price considerably, no doubt expecting that he would agree to this.
He didn't and pulled out of the sale accepting that he had made a big mistake in ever getting involved with this company.1
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