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Instant house buyers
29buro
Posts: 2 Newbie
Due to circumstances beyond my control I am in a position where I need to look at selling my house through one of the instant cash house buying companies. The trouble is there are so many out there how do you know which ones a) give the best return, b) trustworthy and legitimate, c) what should we look out for?
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Comments
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Are you happy to answer a couple of questions:-
How soon are you looking to sell?
Do you have much equity in your house?
Do you want to remain there after you sell, ie renting?
There is a government-backed scheme where a housing association buys your house and rents it back to you. I've heard good things about that. I wouldn't trust any of the private companies, really. They are all going to want to buy at 25% to 30% below the value of the house.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Instant Home Buyers...who a) give the best return, b) trustworthy and legitimate
A contradiction in terms.c) what should we look out for?
Expect to be teased with a disappointing figure that exploits your desperation. Then for them to drop the figure, just before exchange.
About 30% under market value.
Avoid paying any fees up front. Get legal advice on any paperwork.
Why not put it on the market 10% under equivalent houses? Or put it to auction?
Have the instant people on stand-by if need be.Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
CloudCuckooLand wrote: »Why not put it on the market 10% under equivalent houses? Or put it to auction?
Have the instant people on stand-by if need be.
THIS is what you should do OP!0 -
I realise that there are risks to be wary of but we really need to move things along. The house has been on the market for nearly 18 months and the price has dropped considerably with only 5 viewings due to our location.
We have a reasonable equity and would ideally like to move out in January.
Accepted there are a lot of cowboys out there but there must be some who are honest even if they do offer way below value.0 -
Post the rightmove link, and see what else people can recommend - some free advertising to boot..!
What feedback have EAs given?
The location didn't stop you buying it, why is it now an issue?Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
Which area is this property in? Rightmove link would explain more tbh0
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I realise that there are risks to be wary of but we really need to move things along. The house has been on the market for nearly 18 months and the price has dropped considerably with only 5 viewings due to our location.
We have a reasonable equity and would ideally like to move out in January.
Accepted there are a lot of cowboys out there but there must be some who are honest even if they do offer way below value.
They will offer around 30% less than you are currently asking.
I would suggest that if you dropped the price by 20% you would sell pretty fast and be better off.0 -
Where is the house located?0
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I've been considering this avenue just to be in a position with cash and no chain. I think some of the losses can be recouped but you're still going to take a huge financial loss.
As for trustworthiness, there is nothing ethical about the property business. It is entirely driven by greed.Everyone is entitled to my opinion!0 -
Look, can I make it clear that I stand ready to buy anybody's house here at 25% below the true market value**. Cash waiting. Can complete in say 4 weeks. I am entirely straightforward, and I won't reduce my offer at the last minute or anything like that.
I will then put it back on the market at say 10% below MV, with a view to selling in a couple of months and pocketing the difference. Why anyone would want to take me up on this offer is what beats me.
** Subject to contract, ofc.
Edit for the very literal-minded: I am not really advertising this service. I am just pointing out the absurdity of the deals that people seem to do with these companies. Sorry that that wasn't clear (to some). Having said that, ofc I'd be delighted if someone effectively wants to make me a gift of 25% of the value of their house, but I'm not expecting any takers. Okay now, Artful?No reliance should be placed on the above! Absolutely none, do you hear?0
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