Quick Sale

Loopy69

Hi, if anyone could offer any advice or information it would be very much appreciated.

I decided to sell my property through one of these agencies who offer to buy your property quickly (I know I can hear you all groaning), but as this was an ex council property the price offered gave me enough to pay all my debts, give each of my children something and put something in the bank for a rainy day and I was fairly happy with the offer. However things are running very slow and I have the feeling that they are delaying on purpose (I may be wrong).

Up to now I've filled in various forms ie fixtures and fittings and they sent someone to take photo's which they did very poorly and I then had to take them myself and send them in.

No surveyor has been as yet, I have heard from them today and they want to send a local agent round and also a couple of their investors to look at the property, (I don't have a problem with this but think this could have been done before now).

Now what I really want to know is this....I was given a 60 day option notice dated 26th November am I right in thinking that this will expire 26th January and either party can then pull out?

Any advice would be very much appreciated.

kayfaz

Not sure why would they want to delay it on purpose?

tain

kayfaz wrote: »

Not sure why would they want to delay it on purpose?

Ditto.

In fact I'd say that any delays was fundamentally detrimental to what they're trying to achieve. By it's very nature - if you can afford to wait for them to delay, then you don't actually need their 'quick sale' services and will go elsewhere for more money the first chance you get.

Grumpelstiltskin

The problem is how quick is quick?


Your idea of quick is obviously not the same as theirs.


Are you sure you couldn't have sold yourself for the price they are offering you?


You need to read carefully though any documents you have signed to be sure you know if you can pull out and whether they will charge you anything if you do.

eddddy

kayfaz wrote: »

Not sure why would they want to delay it on purpose?

tain wrote: »

Ditto.

It's because these companies look for sellers who are desperate - debt collectors knocking on the door etc.

They make you sign an exclusive contract, then they string you along for 60 days until you are really, really desperate - at which point they hope you will agree to accept a pittance for your home. (To get the debt collectors off your back etc.)



@Loopy69 - it doesn't sound as if you as desperate as they hoped, which is great.

Hopefully, you can pull out on 26th Jan - but the only way to find out is by carefully reading your contract.

I'm sure that some of these companies will put really nasty, vicious terms in their contracts. For example, there may even be a charge for withdrawing.

Loopy69

Thanks for the responses.

I was asked what time scale I would like to work to and I had said that I would like everything to be completed by the end of January, which I don't see happening now. I am just concerned as I feel that the local agent and the investors they are wanting to send out now, could have been sent before xmas or early in the new year.

So I am just wondering if anyone has any experience with quick sale agencies?

G_M

Loopy69 wrote: »

I decided to sell my property through one of these agencies who offer to buy your property quickly (I know I can hear you all groaning),
Yup - groan!

but as this was an ex council property the price offered gave me enough to pay all my debts, give each of my children something and put something in the bank for a rainy day and I was fairly happy with the offer.
you are assuming you will get it at the ed of the day. Very unlikely.

However things are running very slow and I have the feeling that they are delaying on purpose (I may be wrong).
Almost certainly you are right. They know that the slower they go, the more desperate you will get, and so the easier it will be to reduce the price and still persuade you to accept. Especially if you have commited or paid any money - have you?

Up to now I've filled in various forms ie fixtures and fittings and they sent someone to take photo's which they did very poorly and I then had to take them myself and send them in.
Well they aren't going to bother to pay a professional for good pistures are they?

No surveyor has been as yet,
Of course not. Part of the delaying tactic. And once he's been, the price will drop...... Have you had to pay for the surveyor in advance? Or pay anything at all yet?.........

I have heard from them today and they want to send a local agent round and also a couple of their investors to look at the property, (I don't have a problem with this but think this could have been done before now).
local agent? Could you not have arranged this yourself and cut out the middleman.........?

Now what I really want to know is this....I was given a 60 day option notice dated 26th November am I right in thinking that this will expire 26th January and either party can then pull out?
How the h*ll do we know? We can't see what you have signed? Why not try reading it?

Any advice would be very much appreciated.

From your final question, it is clear you have no idea what they are offering, what they are guaranteeing, what it will cost you, hat commitment you've made, what exit options you have, what commitment they have made or

Give me strength! You knew we would groan, cos you knew we'd think you were being rash, yet you have not investigated what you are getting into!!!!!!!

Loopy69

@eddddy

No i'm not desperate I just saw this as an easy option because I am away a lot, but think I may have made a wrong move and should have just gone through an estate agent.

I am trying to read through the option agreement but to be fair it seems like a lot of double talk, although it does state:

Option Period: the period of 60 days from the date of this agreement.

Option Sum: £1

On the date of this agreement the Option Holder will pay the Option Sum to the Owner. The Option Sum does not form part of the Purchase Price.

In return for the Option Sum, the Owner grants the Option Holder an option during the Option Period to buy the Property at the Purchase Price.

I know this might sound silly but do you think if they haven't paid the option fee all be it only £1 that this option agreement would be invalid?

Thanks for any help.

eddddy

Loopy69 wrote: »

@eddddy

No i'm not desperate I just saw this as an easy option because I am away a lot, but think I may have made a wrong move and should have just gone through an estate agent.

I am trying to read through the option agreement but to be fair it seems like a lot of double talk, although it does state:

Option Period: the period of 60 days from the date of this agreement.

Option Sum: £1

On the date of this agreement the Option Holder will pay the Option Sum to the Owner. The Option Sum does not form part of the Purchase Price.

In return for the Option Sum, the Owner grants the Option Holder an option during the Option Period to buy the Property at the Purchase Price.

I know this might sound silly but do you think if they haven't paid the option fee all be it only £1 that this option agreement would be invalid?

Thanks for any help.

There's no way I (or anyone else here) can guess the detailed terms of the contract.

A decent, honest company would draw up a fair contract.

A dishonest company might draw up an appalling one-sided contract.

An option agreement to sell your house is a seriously, major, big, important contract. You should really have shown it to a solicitor before signing it.


But... an honest, fair option agreement might be as follows:

- The contract should mention a 'purchase price'.

- The company has up to 60 days to agree to pay you that purchase price.

- If they agree to pay that price, you have to sell the house - you now have no choice

- You cannot sell to anyone else in those 60 days.

- If they decide not to purchase it, you just get to keep the £1

- If they don't buy it within the 60 days, you are free to do what you like (keep it, sell it to somebody else etc)

But all the above assumes they are a decent, honest company!


But to be completely frank with you - they have already shafted you. Unless there is something you're not saying, you should never have signed an option agreement.

It gives massive benefit to the company and zero benefit to you (except that you get to keep £1).


(I don't know the situation with them not actually paying the £1 - so I can't comment)

twuble

Not a lawyer.. but yes they should have paid the money. I know from being a semi photographer that to help make the contract valid for services rather than it just being free, you pay the person a minimal amount ie. £1and that confirms that the contract took place.

Though probably not correct.. Contact a Solicitor already or try Citizen Advice/Law Society.

jonathanrolande

Hey,

Potentially bad news I’m afraid. It sounds like you have not sold to an actual cash buyer, they are trying to broker your property and take a slice of profit for themselves ie agree to buy at say £100,000 and simultaneously sell it to someone else for £130,000.

They should have made this clear. Check if they are a member of The National Association of Property Buyers (NAPB) and the Property Ombudsman.

You should be able to pull out on the 26th Jan as you say but you should show any agreement you have signed your OWN solicitor, not the one they gave you.

Hope that helps.