Has anyone actually used a 'quick house sale' company?

floopnoodle

or had any dealings with any?

Just wondered what people's experiences were like.

jaylee3

floopnoodle wrote: »

or had any dealings with any?

Just wondered what people's experiences were like.

I think this has been gone over before on here, and it's always the same answer; avoid like the plague. They will promise you like 85% of the value and will drop it to 50-60% max at the eleventh hour. There will be something in the 'smallprint' that allows them to do this.

Just put it on the market at about 80% of the market value yourself if you're prepared to accept less. It will probably go quicker.

floopnoodle

Thanks Jaylee3 for your response.

Not sure if I'm having a dim day but I couldn't find any threads of people that had actually used these types of companies - any chance you can link me to some please?

jaylee3

I will have a look.

jaylee3

Here is one from last week:

https://forums.moneysavingexpert.com/discussion/4992025

And THIS is a link to some info about it, and the pitfalls.

http://www.theadvisory.co.uk/cash-buying-specialists.php

This bit (part way down the page) is helpful


How Quickly Can Specialist Homebuyers buy My House?

A reputable and professional cash homebuyer will be able to buy your house and put cash in your bank account within 7 - 28 days.

Many claim they can do this in 24hrs but in reality there are only one or two specialists that have the resources to make this happen.

If you have the misfortune to end up dealing with a less than genuine buyer, expect the process to be drawn out for months as they try to secure mortgage finance.

For your sale to stand a chance of meeting whatever timeframe you stipulate, your buyer has to be genuinely cash funded!

Be aware that 99% of the companies out there are not "genuine" cash buyers.

Although their websites may suggest otherwise, the vast majority of these firms are either small time investors, lead generators selling your details on to investors, or investment brokers passing your details on to investors.

All of these groups predominantly buy with mortgage finance and tie you in with an "option contract".

The option contract is needed to hold you in place (read: stop you being able to sell elsewhere) while a buyer and/or mortage funding is secured. This makes the process risky and your sale far from guaranteed!

From our research, we estimate that in fact over 70% of sales agreed to these types of buyers fail, because mortgage funding cannot be secured. In other words, a massive waste of your time.

eddddy

floopnoodle wrote: »

Has anyone actually used a 'quick house sale' company?
...
Just wondered what people's experiences were like.

Hi flopnoodle

I don't know if this is what you're getting at - but there are lots of 'scam warnings' and anecdotal stories around the internet, but very few detailed first-hand reviews from people who have actually used them.

I don't know if that's because: their clients tend to be unsophisticated and not the type to do internet reviews; their clients are too embarrassed to discuss their bad financial situation; or the companies put scary confidentiality clauses in their contracts.

If you do decide to talk to any of them, please come back and post your findings.

(FWIW - my assumption is that they are a rogues preying on vulnerable, unsophisticated people who are in financial difficulties.)

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ETA: And I suspect that if anyone posted details on this MSE board of how they were ripped-off by a 'quick house sale' company, they would just be ridiculed. So they probably wouldn't bother.

floopnoodle

eddddy wrote: »

I don't know if this is what you're getting at - but there are lots of 'scam warnings' and anecdotal stories around the internet, but very few detailed first-hand reviews from people who have actually used them.

That is exactly it - I'd love to hear some first-hand accounts from people who have actually gone through with it.