selling a house to a company for cash?

guapagirl

Has anyone ever sold their house to a company for cash? If so, how much below market value did you sell for and was it worth it in the long run?

My mum's thinking of doing this on her house that has been valued at approx £320k, so she can combine with my family home and we all get a big house together.

I understand why she wants a quick sale timed to her requirements, but I really don't want her ripped off.

Any views on this?

ta ever so!

Browntoa

they typically only pay a maximum of 70% of the valuation , I classify that as a rip-off

alice's_mum

When we were stuck a few years ago, we got a couple of these companies to give us an idea of their prices, our house was valued at £130K and they both offered us £95k. So a big drop, not surprisingly we said "thanks but no thanks".

HugoSP

I strongly suggests she looks into auctions.

IMO the right houses can go for well above market value.

guapagirl

Thanks for the replies.

I suspected it would be a rip off. An auction would be a good idea, but her health isn't too good and I think she would find it stressful. I also think her house will take time to find the right buyer (big thing in the welsh mountains) so she may not get a good price either and we need to be able to have enough to pool from both houses to get something big enough for us all.

Oh well, it was worth checking out I guess!

HugoSP

guapagirl wrote:

Thanks for the replies.

I suspected it would be a rip off. An auction would be a good idea, but her health isn't too good and I think she would find it stressful. I also think her house will take time to find the right buyer (big thing in the welsh mountains) so she may not get a good price either and we need to be able to have enough to pool from both houses to get something big enough for us all.

Oh well, it was worth checking out I guess!

In which case there will be specialist auctioneers/agents in your area who will deal with these types of properties.

You can set reserves etc and if the hammer falls on the day then contracts are exchanged to be completed in 30 days. If it all falls through then the vendor keeps the 10% deposit. So in the unlikely event of that happening, you could afford to reduce the reserve the next time around.

Have a good look at the local property pages to find out which agents/auctioneers specialise in these types of properties, and in the right areas.

guapagirl

Thanks, I'll talk to mum about it. It may be the way to go

HugoSP

guapagirl wrote:

Thanks, I'll talk to mum about it. It may be the way to go

Best of luck!