Housesale2day

lisa76

Some advice please. When something seems too good to be true then often it is but hubby doesn't agree and thinks this could be the answer to an unsold property!

A company called Housesale2day have said that they will purchase his house for the full asking price, but they will give £20000 today and then the rest in 3 years - the email goes like this.........

Based on our discussion, we would be happy to purchase your property for £140,000 over the next 3 years - we would get you £20,000 of the cash you've got tied up in the property up front and the balance when the sale completes - in the meantime we would babysit your existing mortgage, making the payments of £553 each month until the sale completes.
Our plan would be to rent the property to a tenant buyer i.e. someone who will buy it at some point over the next 3 years - they will pay us a lump sum up front to move into the property so that they have money invested and have an incentive to complete the purchase. If, for any reason, the tenant buyer is unable to complete the purchase, you will have the option to have the house back, in which case you will have had your mortgage paid for you for the 3 years and you will also get to keep the initial £20,000 paid to you.

Doesn't this just sound a bit too good to be true to you good people??? I mean my first thought is that they could go bust, they could default on mortgage payments, why isn't everyone doing this???? I am always the pessimist and because hubby wants to get rid of the property asap (for no real reason tbh other than the tenants leave in April and he doesn't want to rent it out again) - he thinks this is the perfect, no lose, situation.

Advice please - thanks in advance

lisa76

That's what I think but hubby says that he keeps the mortgage in his name therefore the deeds are his and so he wouldn't lose the house!

Googling brings up a Ben Rogers a lot who seems to be a property 'expert' - it's all got me doubting my gut!

Browntoa

Looking at the web site it's very vague and only a phone number , no address

Web site registration is hidden by the owner , why do that if legit ?

lisa76

The company is registered in Gillingham and definitly is linked to this Ben Rogers..........

Director Overview

Benjamin Rogers holds 2 current appointment, has resigned from 0 companies and held appointments at 0 dissolved companies. Benjamin began their first appointment at the age of 33 and their longest current appointment spans 9 years and 1 months at OPTIMUS PROPERTY MANAGEMENT LTD.

The combined cash at bank value for all businesses where Benjamin holds a current appointment equals £2,676, with a combined assets value of £13,519 and liabilities of £306,939. Roles associated with Benjamin Rogers within the recorded businesses include: Director

Registered Details

Short name Benjamin Rogers
Year of Birth: 1971
Director ID: 910197667
Registered Address

61 Rainham Road
Gillingham
Kent
England
ME7 5NG

G_M

lisa76 wrote: »

The combined cash at bank value for all businesses where Benjamin holds a current appointment equals £2,676, with a combined assets value of £13,519 and liabilities of £306,939.

How is he going to pay you £20,000?

Oh! Yes, I see. The 'tenant/buyer' will pay him £20,000.

This of course, is a 'premium' giving that tenant all sorts of rights. If when the sale to the 'tenant/buyer' falls through you'll be stuck with a sitting tenant.

If, by some miracle, the sale goes through after 3 years, it will be at 2018 prices so Benjamin will be quids in and you will get today's value only.

Other issues that briefly occur to me:
* who is the 'tenant/buyer's landlord? You? Who pays the LL costs? What about tax?
* who maintains the property? Insures it (landlords insurance)?
* etc etc

Clearly you have already followed up on this offer. How far have you got? How much have you paid so far......?

lisa76

We've paid nothing - hubby has only had 2 phone calls with a chap called Tony. I've just emailed Tony to ask for his company details etc before I even think about discussing it with my husband. I'm guessing if he thinks I have half a brain he will go silent, I will however wait and see.

You've raised some very good points that I will discuss with my husband tonight - sitting tenants is a very good point and given our previous experience with tenants we've had this will put hubby off!!

Thanks for the advice and guidance - it's all appreciated

teddysmum

To me this seems very fishy. There appears to be no advantage to the company, unless there is a hidden agenda.



Are they free to move anyone in, with you having no say in the matter,who may be difficult to remove ? Who owns the house between payments?


It is not unknown (examples on Watchdog) for people to whitewash their dealings by putting a person with a clean record up as a front to a new business.


I'd stay well clear.

teddysmum

Another point: What will be your mortgage provider's view ?

Grumpelstiltskin

Wonder if it's this guy?


http://uk.linkedin.com/in/benrogersproperty

G_M

teddysmum wrote: »

To me this seems very fishy. There appears to be no advantage to the company, unless there is a hidden agenda.

Actually it's a great business plan:
* Benjamin pays OP £20K
* which he gets from the 'tenant/buyer' as the 'up front lump sum'
* Benjamin pays OP's mortgage
* which he gets from 'tenant/buyer' as rent
* after 3 years, Benjamin pays OP the balance of the purchase price (base on 2013 vaue)
* which he gets from 'tenant/buyer' who purchases at 2017 value
* Benjamin keeps the difference in value.
* Benjamin may also make profit on the rent
* Benjamin will almost certainly pass tenancy risks to OP
* Not sure where the small print will benefit Benjamin if the deal collapses - but I guarantee he has that covered!

I also guarantee that there will be an upfront fee soon.
* admin fee?
* legal fee?
* survey/valuation fee?

and it will be non-refundable.

and the £140,000 he's agreed? that will be down-valued.......

Browntoa

The address it's listed at is a terraced house in a cheaper part of gillingham

Not the sort of place to run a million pound property business !!