URGENT - Selling house

G_M

houseselluk wrote: »

Sorry to sound blunt but I have spoken with a financial advisor and this appears the best step for me. I just want to know, roughly what the process is and if its valued at the same an estate agent has at £145k how much will I get.

70% of 145K is £101K

However I guarantee you will not get this.

The process is - they will value the property (they'll say 2 days but it will take longer. They'll give excuses. Apologise. reassure you)

Then you'll get the valuation. £ £120K

Then you'll get an offer of 70% of 120 = £84K

You'll object. Time will pass. Eventually your time will run out and you'll have no choice.....

If you are happy with this, go for it. Let us know how you get on.

houseselluk

G_M wrote: »

70% of 145K is £101K

However I guarantee you will not get this.

The process is - they will value the property (they'll say 2 days but it will take longer. They'll give excuses. Apologise. reassure you)

Then you'll get the valuation. £ £120K

Then you'll get an offer of 70% of 120 = £84K

You'll object. Time will pass. Eventually your time will run out and you'll have no choice.....

If you are happy with this, go for it. Let us know how you get on.

GM thank you, sorry to push your advice off but its partly related to ill health etc which Id rather not discuss here.

IF I accepted £84k which I hope would be more however, how fast would payment follow? Im guessing someone will attend my home to pay in cash? as stated on there website

Mojisola

If you put the house on the market with an EA at 70-75% of its value for a quick cash sale, I can't see it taking long to sell.

Most EAs would have contacts with people who would snap it up.

G_M

houseselluk wrote: »

IF I accepted £84k which I hope would be more however, how fast would payment follow? Im guessing someone will attend my home to pay in cash? as stated on there website

Imposible to say but I would take with a pinch of salt any timescale they promise.

Yours will be in some way 'complicated' or 'exceptional' and take longer.

Attend your home with cash? You really think they'll turn up with a suitcase? :rotfl:

I would also be very cautious what you sign. These companies are out for profit, they are not charities. Get any documents checked by a solicitor (your solicitor, not the one they recommend 'for speed') before you sign.

Sorry to be negative, but you need to be careful you don't end up

* missing your deadline anyway
* getting far less than you expect
* getting nothing but losing the property ("the cash is in the banking system......")

eddddy

It sounds fairly obvious, but go through their contract with a fine-tooth comb. Look for the loopholes - because they are almost certainly planning to exploit them.

Ask them for names of past 'happy customers' you can speak to. (And ignore the carp they give you about 'data protection' and 'client confidentiality' - if they've done a good job in the past, there will customers who are happy to enthuse about them.)


And just a quick example of the type of tactics these companies use...

- They say they will buy the house by the end of the week...
- But first, they ask you to sign their contract (which actually gives them exclusive rights to buy your house for a period of 12 weeks - "but that's just the standard contract... you don't need to worry about that")
- They now have you trapped for 12 weeks, and as you get more desperate, they offer you less and less money.

Good luck!

Owain_Moneysaver

Print up an estate-agent-like description of your property and circulate the local letting agents. They will usually have clients who are property investors and who will want to obtain property below market value.

However I think you will be unlikely to get a completed sale and funds in 2 weeks. Even in Scotland a trouble-free conveyance would take 3 weeks. If you need cash more quickly than that then a secured loan might be possible, to be cleared when the house does sell.