selling to property buyers

poe1968

hi this is my first time in the forum

can anyone please advise me has to what they think of property buyer which offer a quick sale to exchange and complete in 7 days on a property..... i have been let down on my house sale on the day we were due to exchange and need a very quick house sale to enable me to move on to my rented property

help needed quick:eek: :eek:

silvercar

they will offer you well under market value. you could easily lose 20% of what it is worth.

poe1968

yes i understand that but do you believe they can do it all in 7 days it doesn't seem possible to me went you hear that the average house sale takes 6 weeks

seven-day-weekend

AFAIK you can do it in seven days if everyone pulls their fingers out. And these people will have everything already in place.

They will not offer you the full market value though.

poe1968

ok you lot come on then

who would sell a house this way ? if you didn't mind taking a lower price just to sell quick

am not sure of the risk i don't mind the lower price if they could stick by what they say of exchanging and completing in 7 days

tell me what you think ?

am

courtjester

I'm sure they can complete in 7 days - it would be a cash purchase by them and you probably would do the conveyance through their legal people. So the normal 'average' time to complete would not apply as there are no other parties or chains or agents involved.

The problem is generally that to make their profit this type of company will offer well below market value - 20% is probably too optimistic - expect their offer to be more like 30-40% less than market value - note that *they* set the market value for your property, not an independent surveyor so you will probably start from a lower point anyway and go down from there.

If you must use one of these companies, make sure you don't pay any so-called *survey* fees up front - these are more or less a scam to get you to hand over money just to obtain an offer you could never accept.

Unless you are in serious financial difficulty and absolutely MUST sell immediately, these services should be regarded as a last resort - they are targeting people with financial (out of control debts) or social difficulties (marriage break up etc.). You would do much better by getting the property marketed at slightly below true market value - offering say 10-15% off for quick sale through conventional means.

bamberbamboo

It can be done we've just brought a property (for cash) at less than the asking price as the people who where buying it pulled out (they had gazumped us lol) last minute the seller came back to us to see if we where still interested we offered a daft price thinking they'd say no as we're in the middle of another purchase and they said yes as long as a quick complete, my solicitor said for her solicitor to fax him the details he got them on the Wednesday afternoon and we completed on the Friday afternoon, my solicitor is very good he was worried about us not having survey but told him the other buyers had just had one so we wern't worried, we where short of £22k to make up the purchase with cash went to Lloyds TSB did a 'buy now pay later loan(jan)' agreed in 5 mins at 5.2% so by Jan will have remortgaged the property paid of LLoyds loan and ready for next venture, and tenant already in paying rent, so it can be done, good luck

poe1968

thanks that the answer i think i have been waiting for bamberbamboo very grateful for that


:beer: :beer:

clutton_2

the thing that holds up conveyancing is often the searches, so ask if the soliciotor uses a private search company as this can speed things up hugely

silvercar

if you want to see things from the point of view of the quick sale companies, have a look on singingpig.co.uk. A lot of them post on there and you can see how they do things.