Quick sale web sites. Anybody used them?

Pixie5740

If you are determined to go down the quick sale company route then MAS have some advice about the pros and cons.

https://www.moneyadviceservice.org.uk/en/articles/quick-house-sales

A few years ago the OFT opened investigations about how (some of) these companies operate.

http://www.thisismoney.co.uk/money/mortgageshome/article-2385482/Watchdog-probes-quick-house-sale-firms-unfair-practices.html

I still think you'd be better cutting out the middle man and either pricing it to sell quickly with an estate agent or putting it up for auction. In fact putting it up for auction with a reserve price of the minimum you'd be prepared to sell it for would be a good indicator of whether it really is worth what some estate agent has told you it's worth. If it doesn't sell then you will know the valuation was over-egged.

AdrianC

samo8076 wrote: »

I do have time on my side, but it will mean my financials will be super tight until it's sold. The reason I'm selling is to clear my debt (i have had the house valued 40k more than what I paid for it after some renovations).

Speak to a real EA, and explain you'd like to price it for a fast sale. If it's priced sensibly, it WILL sell quickly.

If you really need to sell it FAST-fast, then auction.

Fast-sale companies are, quite simply, a scam. They will take that priced-to-sell value, and take a big chunk off, to give them room to resell it profitably. Then they'll take their costs off. Then they'll leave themselves a bit more for luck, just because they know you're desperate (after all, why else would you go to them?).

steeeb

samo8076 wrote: »

Thanks guys.

I do have time on my side, but it will mean my financials will be super tight until it's sold. The reason I'm selling is to clear my debt (i have had the house valued 40k more than what I paid for it after some renovations).

With time on your side via and estate agent priced to sell might be the better option? If you're even more desperate then an auction.

Do note:

"i have had the house valued 40k more than what I paid for it after some renovations"

Priced to sell, auction and quick sale company will lessen this, don't forget the fees etc. involved.

I'd be surprised if a quick sale company came within 40k of the valuation you had - and even more so if by the time the whole thing came through it was still within that.

armchaireconomist

Exploitative, capitalistic vultures preying on other's misfortune to secure a huge mark-down on what is people's home/life investment/pension.


No, I wouldn't recommend them.

csgohan4

samo8076 wrote: »

Thanks guys.

I do have time on my side, but it will mean my financials will be super tight until it's sold. The reason I'm selling is to clear my debt (i have had the house valued 40k more than what I paid for it after some renovations).

Priced by who? EA, of course they will price high so you will use them thinking you will get it for that money.


Now a realistic price that is something people actually will look at your house for. If you house is 40k more than similar houses, good luck getting viewings.

eddddy

As a starting point:

- Ask 2 or 3 EAs what price they think they can achieve for a super-quick sale

- Ask 2 or 3 house buying companies what they would pay you

- Ask an auction house what reserve price they would recommend

Bear in mind that some/all of the above may say misleading things, in order to get your business.


Here's a bit of unscientific sounding research on House Buying Companies done by the Daily Mirror.

(Note that these appear to be first offers from the companies. Based on my knowledge of a seller who contacted house buying companies, the offer prices drop dramatically as time progresses. Similarly, the EA's valuation may be over optimistic.)

Test home in Cheshire

Local estate agent valuation £180,000

7-day sale at https://www.pureacquisitions.co.uk £122,000, loss of £58,000

28-day sale from same site £135,000, loss of £45,000

15-day sale at https://www.quickbuyers.co.uk £135,000, loss of £45,000

'A few days' at https://www.propertyrescue.co.uk £140,000, loss of £40,000

28-day sale at https://www.webuyanyhouse.co.uk £145,000, loss of £35,000


Link: http://www.mirror.co.uk/money/personal-finance/websites-sell-homes-fast---1143771