Can anyone recommend a company for quick house sale ?

Totallyconfused_2

I have had my flat on the market since August. Originally put on for
£135000 and gradually reduced to £100000. one issue is the lease is 61yrs but think I have reduced enough to take this into consideration. I have done as much to property as poss to make it sellable and asked the EA to redo photos as I feel it looks much better now than when original pics taken. The EA have messed this up and put two old photos that are dreadful but because their admin did it I've now had to have these on until it can be dealt with tomorrow.
I'm out of money have borrowed to keep up payments for the last 4months but can't borrow anymore. I have given myself two weeks to see if EA sells it if not I need to find a company who will buy it fast. I know I will get under the market value but the price I have it on for now is under market value. Would just like anyone who may have used one of these companies and things worked out to recommend them. PLEASE .

G_M

You'll not get replies as no will recommend these copanies.

Either change estate agents at same or further reduced price or
Get on top of current agents and insist they market properly and/or reduce price again.

System

rather than trying to sell for a ridiculous loss by going to one of these companies, why dont you talk to your mortgage lender and see if you can reduce your payments (e.g. increase term?).

phoebe1989seb

Or try putting it up for auction........

poppysarah

Auction your best bet.
Let someone else take on the short lease that is going to be hard to mortgage.

GDB2222

A question for you Totally Confused: Can you afford to sell for £70k, because that's around what one of these companies will pay you?

They may offer more to begin with, but when it comes to contract exchange they'll chip you down some more.

Really sorry, but that's how they operate.

cattie

What area are you in? Only there have been a few recent sales of flats with short leases in my area (London Suburbs) and the lease has been low enough for them to be unmortgagable so suitable for cash purchase only.

They have been nice spacious flats with garages in a couple of local sort after developments, so that may make a difference.

As others say here, these buying companies will offer peanuts, so far better to try to reduce price further yourself rather than line pockets of such rip off merchants.

theGrinch

auction and it will find a more competitive (aka realistic) value for a quick sale.

sariebeth

(sticking strictly to the rules so have taken out the post)

Sarie x

sariebeth

Can I just say that I appreciate that there are a lot of companies out there who are happy to rip off vulnerable and desperate people, but they're not all like that. A company may offer between 70 and 75% of the market value - as valued by a RICS surveyor. So in this instance, assuming the flat would value up at £130,000 they would offer 70% of that. And there are no additional costs to the seller, unlike with an auction or EA.

Ok I know someone is probably going to shoot me down, but please don't assume all quick sale companies are the devil incarnate because it's simply not true.

GDB2222

sariebeth wrote: »

Can I just say that I appreciate that there are a lot of companies out there who are happy to rip off vulnerable and desperate people, but they're not all like that. My OH's company are up front about what they offer, which is between 70 and 75% of the market value - as valued by a RICS surveyor. So in this instance, assuming the flat would value up at £130,000 they would offer 70% of that. And there are no additional costs to the seller, unlike with an auction or EA.

Ok I know someone is probably going to shoot me down, but please don't assume all quick sale companies are the devil incarnate because it's simply not true.

But the flat is now on the market, unsold, at £100,000. There's no way that an RICS surveyor will value it at £130,000. Much more likely, he will come in at below £100,000, as he'll look at the fact it has been exposed to the market and not sold for £100k. So, say he values at £90k, then your husband's company will offer 70% of that, ie £63,000.

Also, the RICS valuation figure depends a lot on the instructions given to the surveyor. "We want the value it will achieve within 4 weeks marketing" will give a lower value than "We want the value it will achieve within 16 weeks".

To be frank, if the OP is worried about being repossessed and has some equity in the property, she may be MUCH better off to let the lenders repossess than to offer a 30% discount to a quick sale company. At least, the lenders will sell the property for its full market value, take out whatever they are owed, and give any balance to the OP.

Better still, the OP needs to contact her lenders, tell them her situation, and explain that she cannot continue the repayments. She can then agree with them a plan for selling the property quickly without them having to repossess, and without having to give a 30% discount.