"We buy any house" companies

zaksmum

Friend has been trying to sell her house for a while without success.

She rang one of the quick sale companies and they sent someone out to see her and value the house.

She's asking £115K and the guy said that's no problem, we will give you the asking price.

She was surprised, having heard they are more likely to make a low offer.

Then the guy explained how it works... they will give £30K upfront, £30K in three years, the next £30K in another 2 years and a final payment of £25K in year 7...!!!!

Needless to say, she rejected his very kind offer:(

robatwork

All I can say is I was glad to read the last line!

In reality: 30k upfront then.... disappear completely.

paddyrg

What a rubbish deal! Terrible! Time value of money - giving them a free loan for upto 7 years, but I'll best they want the deeds/property pronto.

The other way some of these companies work is to call you up on the day the sale is completing, all your stuff is packed into the Van and you've just paid a huge deposit on a rental property - they call you that morning and drop the deal by maybe 10k once they have you over a barrel.

Not a market sector that had attracted the best of people to be honest

zaksmum

I'm wondering if this kind of shady dealing is common with these companies now.

I can't imagine anyone being desperate enough for a sale that they would consider getting their house paid for over 7 years though.

The chances of getting even the second payment - let alone the third and fourth - are probably zero.

ihateyes

There was a company on watchdog a few years ago.....

they bought loads of houses, some people sold them to the company then rented.... the company got mortgages on the properties to buy them, then failed to keep the payments, and the tenants were then evicted

sharnad

Stay far far away from these companies