Companies that buy your house below market value - anyone have any experience?

hostie

Hello, my property is on the market and I am considering selling it to one of the companies that buy below market value. I spoke to one of them today and he said they could potentially offer 85% of market value.
I just wondered if anyone had had experience with these companies and if there are scamming companies out there.
I realise that they pray on people with debt and other problems. That isn't my situation. It might just be a good idea for me to sell below market value rather than hold onto a house I no longer live in just to wait for someone to pay market value.

Don't want to get scammed though!

kidmugsy

You seem to be confused. If what they pay is all you can get, that is market value.

davidmcn

Why not sell at auction? You should get a better price, and a definite timescale for completion, rather than (anecdotally) having things dragged out and then presented with a last-minute price drop.

G_M

Oh dear. Again?

1) there is usually an upfront fee (for the Valuation? Survey? Admin?.....)
2) they will determine 'market value' - usually around 20% below what you think it is
3) they then offer you 85% of that
4) time passes and they'll reduce from 85% (of their market value) to 75% (or 65%....)
5) by this time you a) are really desperate and b) have forked out so much in non-refundable upfront fees that you will sell for........peanuts

run like hell. These companies are in business to make money out of desperate people.

2010

hostie wrote: »

Hello, my property is on the market and I am considering selling it to one of the companies that buy below market value. I spoke to one of them today and he said they could potentially offer 85% of market value.

---

Don't want to get scammed though!

Why don`t you scam yourself and cut the current asking price by 15%?

Alias_Omega

Ever seen the "We buy houses for Cash" adverts at Traffic Lights.

"erm..your house is worth £100,000, we will give you £60,000 cash..."

Annie1960

If you require a quick sale, either:

drop your price and only sell to a cash buyer, or

sell at auction with a low reserve.

Paully232000

Why not stick it on here so people can see and give take it or leave it advice on why not selling yet.
Also I would drop the price dramatically before i would sell to one of these buy my house places as there will nearly always be a buyer for a house, and you wont have to pay all these fees, wont have to potentially look forward to a drop in offer at the last minute, and any of the other issues that have been noted on here about buy my house companies.

2010

At the moment it`s a sellers market, so why anyone would be thinking of dropping the price doesn`t add up.
It must have been "valued" too high in the first place if it`s not selling.
The "chancers" that called themselves estate agents are only going by what the last similar property sold for to value yours.

hostie

Paully232000 wrote: »

Why not stick it on here so people can see and give take it or leave it advice on why not selling yet.

It's here:

http://www.rightmove.co.uk/property-for-sale/property-44712037.html

Things are very slow in the North of Scotland at the moment. I have thought about advertising it in places like Metro in case there are people looking for a holiday cottage but it would cost a few hundred pounds to do that and I'm not sure if it is worth it.

If anyone has any advice, I would be interested to hear it.

hostie

G_M wrote: »

Oh dear. Again?

1) there is usually an upfront fee (for the Valuation? Survey? Admin?.....)
2) they will determine 'market value' - usually around 20% below what you think it is
3) they then offer you 85% of that
4) time passes and they'll reduce from 85% (of their market value) to 75% (or 65%....)
5) by this time you a) are really desperate and b) have forked out so much in non-refundable upfront fees that you will sell for........peanuts

run like hell. These companies are in business to make money out of desperate people.

Thank you G_M and everyone else who has responded to my original question. I will probably heed your advice and avoid these companies.