Are property rescue companies legit?

Prodd

It's some years since this topic was discussed here - there are a number of companies who promise to buy your property quickly. Are they worth bothering with? Previous posts suggest not.
I have two small flats for sale. I've had numerous viewings over the past six months but they remain unsold. I have a Plan B which is to combine them into one bigger flat - but there are costs attached. Hence I could cut my losses and just take a hit on the price from one of these 'property rescue' firms. Yes or no??

Dan-Dan

Prodd wrote: »

It's some years since this topic was discussed here - there are a number of companies who promise to buy your property quickly. Are they worth bothering with? Previous posts suggest not.
I have two small flats for sale. I've had numerous viewings over the past six months but they remain unsold. I have a Plan B which is to combine them into one bigger flat - but there are costs attached. Hence I could cut my losses and just take a hit on the price from one of these 'property rescue' firms. Yes or no??

Some years as in last week?

societys_child

I could cut my losses and just take a hit on the price from one of these 'property rescue' firms.

. . . or take a hit by reducing the prices yourself?

Have you investigated selling at auction?

Prodd

I've only just signed up to this and the search didn't bring up anything that recent...2010. Can you tell me what I need to look for pls.

eddddy

Prodd wrote: »

I've only just signed up to this and the search didn't bring up anything that recent...2010. Can you tell me what I need to look for pls.

Here's a few recent ones:

https://forums.moneysavingexpert.com/discussion/5466713
https://forums.moneysavingexpert.com/discussion/5467905
https://forums.moneysavingexpert.com/discussion/5435372
https://forums.moneysavingexpert.com/discussion/5461153
https://forums.moneysavingexpert.com/discussion/5460603

You need to search for terms like 'quick sale companies', "house buying companies' etc

I don't think you'll find any positive comments.

eddddy

Prodd wrote: »

Hence I could cut my losses and just take a hit on the price from one of these 'property rescue' firms. Yes or no??

Briefly...

1) They will assess what price you must reduce them to to sell within two weeks.

2) They will offer you 80% of that price (they want to keep the other 20%)

3) They will try to sell them for you.

It's better if you just ask a regular EA to sell them at the price in point 1 - then you get about 98.5% of that price instead of just 80% of it.

(i.e. a regular EA will charge you about 1.5% instead of 20%)

ReadingTim

eddddy wrote: »

Briefly...

1) They will assess what price you must reduce them to to sell within two weeks.

2) They will offer you 80% of that price (they want to keep the other 20%)

3) They will try to sell them for you.

It's better if you just ask a regular EA to sell them at the price in point 1 - then you get about 98.5% of that price instead of just 80% of it.

(i.e. a regular EA will charge you about 1.5% instead of 20%)

Even more briefly...

No

Prodd

Thanks to all. I think there's a clear consensus: don't!


Somebody must say yes though...

ReadingTim

The desperate and/or the gullible mainly - it's a cynical, unpleasant and predatory business model.

Cakeguts

Put the flats into a local property auction then you can set a reserve.

HouseBuyer77

Do have any feedback on why people didn't put an offer in?

Anything will sell at the right price (imagine you offered the flats for £1 each, I imagine you'll get quite a few interested parties).

If the two flats can be converted into a nice single property then I'm sure a developer somewhere would be interested, provided they're cheap enough to make some profit on.

You may as well tell your EA to do a price reduction first, see what happens. Auction would be a possibility if you still have no takers after this.