Breaking a chain with cash for house offer?

exasperated_2

A good idea or not?

We have had our house on the market over a month now, not a viewing at all. Deader than a doornail. The price is competitive (and well lower than what we were told it would eventually go for). We have found a house we want to go for, but the seller wants to tie things up quickly (can't blame them, their house has been on the market for too long too). So, do we take advantage of those companies that offer to pay cash for your house within 7 days of accepting their offer, or are they dodgy?

Any advice totally appreciated.

Thanks

Doozergirl

If you want 20% knocked off your asking price, go for it

(or even 30% according to one rather excitable poster here)

You need to concentrate on selling your house and getting best price for it. Why do you think that no-one has viewed it?

AndrewSmith

As Doozer says, caution.

They are not dodgy as such, but will insist on their own valuation being carried out which you generally pay for, and will then only offer on average 75% of that valuation.

Absolute last resort in my opinion.

exasperated_2

Thanks. No one has viewed it, I believe, cause the market here has screeched to a halt. If people were viewing it and not bidding, I could say, well, maybe it's not presented right, or whatever, and be more proactive. But no houses are shifting in the area at all, and that comes down to prices being too high, as the market here shot up over the last year and people have copped on. So it's not just my house, it's the same with other houses in the area. Lots of property for sale, nothing selling.

So I am going to lower the price to get things moving, I figure if I am ahead of the pack in lowering the price, it may put me in a better position than lowering it later.

So if I lower it now, does that mean these companies will offer less than the lowered asking?

Which means I may be better off waiting for the buyers to take the lower price and bid a wee bit up from it?

ehs_3

Hi exasperated

An ethical quick sale company should *NOT* charge you to give you a valuation. Avoid any company which tries this on. They will normally offer you 80-85% of their own valuation of the property. Their own valuation is made regardless of the asking price, as these are often not reflective of the true market value. Although in your case it seems you have priced it competitively so I'm sure you are around or even below perhaps the market value.

Have you had any experience contacting anyone so far?

Doozergirl

If the OP dropped the asking price by 20% you can guarantee they'd have buyers crawling over it and offers well over that price. Quick sale companies are pointless if a vendor has any time or common sense.

ehs_3

Yes as long as the vendor has the time, then generally selling on the open market is a better option. However, time is an important component of a house sale. I know a lot of estate agents who give valuations to mortgage companies for a property in the following way

£200,000 to sell in one week
£220,000 to sell in four weeks
£240,000 to sell in three months or longer

These are just example figures, but you get the general idea...