Those companies that buy your house....

blt

I know a lot of them are for people who have fallen behind on their mortgage etc, but if someone could give me some sound advice or a recommendation, I would be grateful.

I moved out off my house 9 months ago and rented it out. This was to move in with my now husband. I found out a few months ago that I needed some medical treatment, the costs of which will not be covered by our local NHS. So, we put my old house on the market at the valued price of £120k.

I've had 4 viewings - all favourably - but non resulting in a sale. It's now down to £105k with a 5% deposit paid. I can't afford to drop any more as I need the £20k that I have 'in' the house to cover medical bills.

To be blunt, I'm getting desperate. Has anyone used one of these housebuying firms before and what has been your experience it terms of customer care, pricing etc? I have never missed a mortgage payment and everything is totally above board. I've just found myself in this awful position.

BitterAndTwisted

I have never heard a good report about any of these firms but lots and lots of negative ones. Most of the legitimate ones will offer you about 75% of the current value: some will drop that offer like a stone once they believe you are committed to the sale and are unlikely to pull out. The not-legitimate ones will ask you you pay a "valuations" fee of about £70, tell you that they will find you a buyer but never do and will also charge you a further £1200 fee if you try to pull out.

Set the property at a realistic price and it will find a buyer. That might not be what you expect or need to achieve but it will be a buyer.

CloudCuckooLand

I've never heard of a quick-buy company doing so for asking price, or even within 20% of asking.

So, if you cannot afford to drop the price, then that is not the way to go.

There's a new spring selling/buying season ahead of us. Get it as well presented as you can. There's always some turnover, certainly compared to the winter we have just been through.

theartfullodger

Bunch of blood-sucking evil crooks who prey on the desperate: They should be locked up. Others may hold more positive views. aye, right...

poppysarah

blt wrote: »

. I can't afford to drop any more as I need the £20k that I have 'in' the house to cover medical bills..

THe money you think you have in the house isn't really there unless you sell it with that much left over.

As you've not sold it yet it's unlikely you have this money. Stop torturing yourself about it and drop the price if you need to sell.

evoke

Can you do an equity release?

blt

I called the mortgage company and they told me that they will only release equity up to a certain amount - basically I have to keep 20% in the house as they now only lend 80% of the value of a house. (Cheltenham and Gloucester).

The EA said that things will be picking up - it's just hard with the position I'm in and also it's been on the market for months

bandofbrothers

Hi,

Have you thought about joining a Bupa Plan or something similar that would cover your medical treatment.

Hope all goes well.

blt

Bupa won't cover any pre-existing medical conditions - I already though of trying that! But thank you for the suggestion.

The prescription fees alone are coming in at £2000

Contessa

I'm perhaps stating the obvious but have you got a Pre-payment Certificate for your prescriptions?

blt

You can only get a prepayment certificate if you're buying NHS prescriptions. As they don't cover what I need, I have to pay the full amount. It's absolutely ridiculous - £65 for every day