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Property buyers
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jesmin45
Posts: 172 Forumite
Has anyone had any dealings with these property buyers for cash? I have a property which I rent out, its now empty and on market for sale/let. Had a few viewers but no offers. I am now getting desperate as I am paying the mortgage on 2 properties, House is on market for £140k even though valued at £150k. Really nice house and area so cannot understand why no takers. I have had a verbal cash offer of £127,500 from a company off the internet, which a quick completion which I am tempted to accept.
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Comments
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The usual MO is to make you a just about acceptable offer, then just before exchange, to hit you with a request for another £5k or £10k reduction.
Avoid.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
I agree. You would be better offering an incentive to attract a FTB like 5% deposit paid or stamp duty paid, I think you will get more interest and give away less money.0
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Auction? Or a raffle(Those were the days)It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0 -
who valued the house at 140/150 and how does that compare to similar properties or sold prices. i think thats one of the first things to look into.
heres another thread about one of these internet buy your house type companies, they seem to run to a similar model to the car buying equivalents
https://forums.moneysavingexpert.com/discussion/29898720 -
kingstreet wrote: »The usual MO is to make you a just about acceptable offer, then just before exchange, to hit you with a request for another £5k or £10k reduction.
Avoid.
That does not sound like much of a hit, to be frank.
I'd expect them to want to get the OP down to around £100k, which is about a 30% discount from 'value'. I can't see them going ahead at £127k, or even at £10k off that figure.No reliance should be placed on the above! Absolutely none, do you hear?0 -
From what I've heard about them, it sounds like you should be wary of a huge drop in the initial offer price as things proceed.
One case in my area recently:
House on for 130k. Good price for area, but market slow.
Vendor getting increasingly desperate to sell quickly, approaches one of these companies.
Offered 100k. Accepts their offer as far from ideal, but worth it for speed of sale required.
Vendor thinks it's nearly a done deal, company comes back saying they are unwilling to offer more than 75k, best and final offer.
Vendor has no choice but to pull out or suffer a huge loss.
Scandalous! As above, avoid!0
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