'I have a buyer for your home' letter...

SLightfoot1986

Hello all, first time poster long time admirer. Or something like that.
Quick question as have had a letter through the door from an estate agents (can I say who?) informing me that they have an investment buyer, looking to purchase my home for cash. We pay no fees to them and the they have quoted a price above and beyond the market value. It's also addressed to us (not by name, but not just a dear homeowner anonymous drop)
Looking online it seems it's quite common practice for this to happen but the fact that they've mentioned a figure and the fact they want no fees from us seems a bit odd. I did speak to the chap the letter was from and he said it was legitimate and that people are interested but it all sounds a bit too good to be true. We ARE looking at moving so this is of general interest but quite a few bits to do in the house first, so a lot of commitment to get it done urgently.
This has turned in to a ramble, sorry.
Has anybody had any experience of this sort of thing? Happy to provide any more info and grateful to anybody who takes the time to respond.




Thanks all.

ViolaLass

If it's real, why would you need to do the things round the house that you had planned? They're already willing to buy it as is.

SLightfoot1986

Well the estate agents haven't seen it and there are a few cosmetic issues that we could take care of - mostly that we'd plan for this year if we don't move - downstairs bathroom, re-do main bathroom floor etc. Best bet, I guess, if it's genuine would be to get the estate agents in and see what they say - was just after an idea if anyone had similar happen to them.

oneburge16

If it really is an investment buyer then they will likely be planning to rip everything out and overhaul, rent as is, or flatten it and rebuild. If it's the latter, I'd be worried they're trying to buy every house around you and that if one refused to sell the whole process would fall flat. But I'm just making guesses.

Either way you'd probably be wasting time and money to renovate.

mrginge

Standard marketing rubbish.

kilby_007

I know a very shady character who does this "we will buy your home for cash" business. He has a number of purchasers (my dad used to be one until the bottom fell out of the local market recently) who he knows will buy a house that needs doing up for renovation but never anywhere near the market value, it's usually more like 20% under the market value. He takes a 5% cut and then passes it on, usually never having to shell out any money.

I'd be surprised if yours is a genuine offer. You'll probably find that's an "estimate" and when they come to appraise it, they'll gauge how gullible you are and how many reasons they can find to knock the price down considerably.

AlexMac

SLightfoot1986 wrote: »

...there are a few cosmetic issues that ... bathroom, .. floor etc. Best bet, I guess, would be to get the estate agents in and see what they say - was just after an idea if anyone had similar happen to them.

Not happened to me but we get the more conventional; "we have just sold in your street and want more like yours..." letters from most of the agents round here as values are high (so good commission even on 1% fee) and there's a shortage...

The advice not to mess around with cosmetic improvements is good... and replicates that of our local agents; if (as it seems) a developer or BTL-er is buying, they would rather refurb themselves? We worried about a dated kitchen in our last flat but the EA just said, stick it on the market as is; and three weeks after completion there was a new kitchen under way!

However... "no fee" to you!? How does the agent make their cut? unusual for the buyer to pay... so if it sounds too good to be true....?

But worth a phone call.

After all, the worst that can happen is that the buyer is dodgy and, having offered and agreed the price, got you to engage a solicitor, got you to choose a new house and commit to legal, search, survey and mortgage arrangement fees, then tries to gazunder you at the last minute; in which case you cave in and drop by a few £k, or stick to your guns and possibly lose a few hundred quid lawyer fees and 4 months of your life messing about?

Gigervamp

An investment buyer won't pay "above and beyond" the market rate for the house.

I'd avoid this.

steampowered

If you are looking to sell soon, and they are offering to pay above the market rate, I'd at least give the agent a call and hear them out.

Sometimes you do have people who want to buy a property somewhere very specific, so it could be worth investigating.

Although as others have said perhaps they'll try to negotiate the price down. If that happens, just hold firm and don't sell until you are ready.

Hoploz

Why would a developer wish to pay above and beyond the market value?

It makes no sense whatsoever!

Intrigued how you get the impression it's addressed directly to you, but not by name???

However if you are thinking of selling then why not just contact the estate agent separately and ask for a market appraisal, (assuming it is a local office you'd contact anyway) then if he genuinely has this guaranteed buyer who wants to pay over the odds then I'm sure it'll pop up in conversation.

JP1978

Just go into this with your eyes very very open at every stage..... and if it progresses, ensure your solicitor is informed on how you came to sell the house so he can keep an eye on anything unusual.