Magic Roundabouts or Maybe Not...

Mustbeananswer??

I spend a lot of time travelling the country.

On roundabouts on my travels I have started to see hand written signs(with a contact number) saying we will buy your house at market value ....today??!!

Im pretty sure its a scam....I have rung a couple and they seem to be prattling on about them paying my bills etc etc....Quite frankly after a while I got bored with what they were saying...



I could probably find the numbers on my phone if anyone wants to ring them....but does anyone else have experience of this and could tell me what they do...and whether its legal??

Billie-S

They are not necessarily scams, but they will often promise near enough 'market value' for your house, and then drop it by 30% at the drop of a hat at the eleventh hour. Usually when you have probably arranged for somewhere else to live (paid deposit on a new house or a deposit and first month's rent on a rented house,) so you have to proceed or lose out on quite a few 1000.

If you are lucky, they will give you 55-60% of the market value.

There is nothing illegal about it as far as I know. You will probably even find that they 'can' drop the price they offer by another 30%: it will be in the (very very very) small print.

da_rule

Why wouldn't it be legal? If someone offers to buy your house and you accept then the deal is done. (Ignoring any trespass that may have been committed when putting up the signs)

Obviously a lot depends on whether you're dealing with a reputable person/company or not. And that wouldn't always be apparent until you (as the seller) employ a solicitor who will check out the offer (and potentially do various checks on the company/person making the offer).

Ultimately as long as they give you the money and you sign over the title then it's fine. It's just people advertising they want to buy houses, rather than the more traditional seller advertising that they want to sell. It may be investors looking to build up a portfolio in the hope that property will rise in price, or looking to develop their rental portfolio.

Of course it could also be criminals looking to launder proceeds of crime. But if they are represented by a reputable solicitor also then they should have undergone due diligence by the solicitor, which would include providing information on where the funds have come from.

G_M

Regularly comes up here.

Don't even consider. Just price your property low enough via an agent & it will sell....... for far more than they'll give you.

Mobeer

"Market value" is an awkward phrase. If you want to sell at 200k and they offer 120k, and no-one else is interested, then either:
- you sell, they buy at 120k. Market value is 120k and they have paid this amount in full
- you refuse to sell, nothing happens, no market value is ever established

Mustbeananswer??

Could I ask GM if it comes up regularly here what the crack is......what exactly are they doing please??

Mustbeananswer??

I have a number if anyone wants to check it out for me....01623 462223....I spoke to a guy called Henri....from a Newport Roundabout...

da_rule

Mustbeananswer?? wrote: »

Could I ask GM if it comes up regularly here what the crack is......what exactly are they doing please??

Everyone's motives will be slightly different, but to purchase the property under value (even though their adverts suggest otherwise), then sell it on/rent it out and make a profit.

Mustbeananswer??

I don't think its like that....these guys were offering me a price without even viewing it...would someone give them a call and report back to the forum what is happening....If its legit.....I'd have a go??

SerialRenter

Like a few of the guys said, their motive is money, which they get by buying houses off desperate people for significantly less than the house would likely sell for via the normal route.
Then they'll resell/rent at the going market rate.

Defiantly not worth it.

princeofpounds

have a number if anyone wants to check it out for me....01623 462223....I spoke to a guy called Henri....from a Newport Roundabout...

Do we have telephone trolls here?

You've already been given your answer; quick-buy companies will buy your house, but they will give you a bad price and often gazunder it for a terrible price just before exchange, hopefully after tying you in to various expensive legals and onwards commitments.