house buying companies

joharry

Hi
I have my house on the market and its not selling. My partner reckons we should try one of these companies that offers to buy your house or promises to sell it for 90 -100% of the market value. Does anyone have any experience?

G_M

You will not get 90-100% from them.

They will offer (generally) 80%
Then they will ask you to sign a contract and pay a fee. (for the valuation/admin etc)
Then they will send round a valuer - who will value it way below what you expect.
Then they will offer you 80% of that (ridiculously low) valuation. (ie 65-70% of what you expected)
You will complain.
they will say take it or leave it.
You will say leave it (unless you are really desperate).
They will keep the 'admin fee' on the grounds that YOU are withdrawing from the agreement.

Just reduce your asking price enough yourself and sell in the normal way!

joharry

thanks so much for that - really helpful

flora48

I enquired about this last year, I was offered £150K over the phone, probably would have been less in reality, reduced the price and sold for £200K.

tonycottee

We had an offer from one of these companies last year, although I can't remember their name. Our house was on at £165k, they said that it's true value was closer to £140k. They then offered £108k.

sonastin

G_M wrote: »

You will not get 90-100% from them.

They will offer (generally) 80%
Then they will ask you to sign a contract and pay a fee. (for the valuation/admin etc)
Then they will send round a valuer - who will value it way below what you expect.
Then they will offer you 80% of that (ridiculously low) valuation. (ie 65-70% of what you expected)
You will complain.
they will say take it or leave it.
You will say leave it (unless you are really desperate).
They will keep the 'admin fee' on the grounds that YOU are withdrawing from the agreement.

Just reduce your asking price enough yourself and sell in the normal way!

And if you say you'll take it, they'll wait until you're within hours of exchaning contracts when you're house is all packed in boxes and you're imagining yourself living in your new place and then they'll have a change of heart and reduce their offer even further.
You will complain.
They will say take it or leave it
etc

if you can't sell it by reducing the price with the EA, consider putting it in an auction...

mackdollar

G_M wrote: »

You will not get 90-100% from them.

They will offer (generally) 80%
Then they will ask you to sign a contract and pay a fee. (for the valuation/admin etc)
Then they will send round a valuer - who will value it way below what you expect.
Then they will offer you 80% of that (ridiculously low) valuation. (ie 65-70% of what you expected)
You will complain.
they will say take it or leave it.
You will say leave it (unless you are really desperate).
They will keep the 'admin fee' on the grounds that YOU are withdrawing from the agreement.

Just reduce your asking price enough yourself and sell in the normal way!

You are right. We should try to sell house ourself instead of contracting with house buying companies. You will not get good price of your house if you go with house buying companies.