can they do this

brusandra

they sent a valuer in and he said it was worth between £105000 to £110000

A_Nice_Englishman

What's it ACTUALLY worth? Look on sites like https://www.nethouseprices.com to see what similar properties have sold for recently and have a couple of local estate agents value it.

welshcakes

These quick sale outfits usually put in an initial offer of approx 90% of marketable value so £93k sounds about right. Unless you have definitive proof of that sum being included in an authorised verbal agreement, I don't think you have much of a legal case and taking it to court could land you with a legal bill well in excess of the difference.

pennylane99

brusandra wrote:

they sent a valuer in and he said it was worth between £105000 to £110000

these buy your house quick people only give you around 70% to 80% of what they say its value is...thats how they make their money.

brusandra

hi welshcakes
yes i have the offer in writing as well as the soliciters letter offering £92000
wich i signed and agreed on filling in the forms what i would leave ex, cooker washer curtains exc. so they will make about £23000 on the offer of £83000they went on prices that houses sold in our st but there are 3 houses that sold and one was to there son so sold it below market value the other was bought of council and the nxt sold to one of these buyers and are renting it now they recieved £88000 for there house and they have not done as much to there house as we have example we have a conservetry fancy walls decking. but they havent mensioned that they have sold it and are now renting so i cant ask who bought it off them . i found out by seeing what prices the houses had went for in our st
sandra

clutton_2

if i buy a house very quickly (which is what you want) there has to be a premium to be paid by way of a reduction in price - after all i am saving you EA fees, more months of mortgage payments, more months of insurance payments etc etc.

If i then sell it on straightaway, the costs of buying and selling it will come to around 10% of the price i paid you in the first place; i then need a margin of profit, say 5% of the original asking price; i then need to factor in the costs of refurbishing the house (even redecorating and new carpets cost a few thousand these days and most houses need new kitchens and bathrooms) - so it is not hard to see how an offer of 20% below the agreed market valuation can be reasonably offered straightaway. BUT, if they have offerered in writing and not said "subject to contract" or any other "subject to" they should have fulfilled their offer.

But, what are you going to do about it/what can you do about it ? I would name them, and then just get on and sell your house as quickly as possible to someone else.

scorpio_princess

clutton wrote:

if i buy a house very quickly (which is what you want) there has to be a premium to be paid by way of a reduction in price - after all i am saving you EA fees, more months of mortgage payments, more months of insurance payments etc etc.

If i then sell it on straightaway, the costs of buying and selling it will come to around 10% of the price i paid you in the first place; i then need a margin of profit, say 5% of the original asking price; i then need to factor in the costs of refurbishing the house (even redecorating and new carpets cost a few thousand these days and most houses need new kitchens and bathrooms) - so it is not hard to see how an offer of 20% below the agreed market valuation can be reasonably offered straightaway. BUT, if they have offerered in writing and not said "subject to contract" or any other "subject to" they should have fulfilled their offer.

But, what are you going to do about it/what can you do about it ? I would name them, and then just get on and sell your house as quickly as possible to someone else.

Absolutely - i'd tell them where to stick their cheeky underhand offer, and market it with an EA at a sellable price. It's the old adage 'anything will sell if the price is right'. If the place is worth in excess of 100k, and you put it on the market at 92k, I bet you'd sell very quickly.

brusandra

thanks everyone for your replies
sandra

lynzpower

hi sandra

Right I had a look yesterday in response to your PM.

Ive looked at thier website and to be brutally honest Im not impressed.

If I were in your shoes Id tell the buyer to naff right off. Tell them you want the agreed price or nothing.

If they stick with the lower price, then pull out. As far as I can see this has cost you nothing, they are paying your sols fees are they?

Yes, its inconvenent as you have somewhat been too previous getting everything moved to turkey etc, but this deal will cost you thousands if you go ahead. I personally wouldnt.

I would then eithe sell my place at auction or go for a quick sale and price accordingly as Scorpio princess suggests.

Mrs_Optimist

ditto above, put it on the market with a reputable EA and price it to sell. You wont be in a chain which could help sway a prospective buyer. I wouldn't sell to these people out of principal, but then I don't like being ripped off!

Good Luck