selling house for quick cash??

Pinnypinpin

Has anyone here used or have experience of the companies that buy a property quickly for cash (obviously at a much lower than market value).
I have a small flat I've inherited and the only offer/sale has fallen through. Its been on the market for 10 months. The flat is almost 300 miles from where I live and in good condition.

davidmcn

Have a search of previous posts here. The general consensus is that they're all cowboys. Put it into auction if you want a reliable way of selling quickly at a vaguely competitive price (or just slash your asking price and see if there is more interest).

Mutton_Geoff

Pinnypinpin wrote: »

Has anyone here used or have experience of the companies that buy a property quickly for cash (obviously at a much lower than market value).
I have a small flat I've inherited and the only offer/sale has fallen through. Its been on the market for 10 months. The flat is almost 300 miles from where I live and in good condition.

I personally think you'd be better off with an auction. Savills run regular national auctions at all price ranges.


https://auctions.savills.co.uk/

ReadingTim

I don't think you'll find anyone who has anything good to say about them - if they're not an outright scam, then their business model seems to consist of finding ways to suddenly lower their offer at the last minute, leaving sellers with little option.

If you want shot of the place, ask the agent what they'd market it at 'priced to sell' by a 'motivated seller'. Alternatively, put it on at auction - either way will leave more in your pocket than these 'quick sale' companies

steampowered

I have come across someone who used one of these companies and they seemed to be fine.

Of course, the price you will get will be at a substantial discount to the market. It is probably best to go with a company which is up-front about this.

Personally, I would keep the flat on the market. Drop the price if you want a quick sale.

WestonDave

Have a friend who used QuickmoveNow to shift her house quickly when she wanted to move - seemed happy enough with them and as a solicitor herself, not totally naïve when it comes to these sorts of things. In her case she knew she would be taking a financial hit but speed was more important to get hold of a house she really wanted.


Obviously as you say, the speed comes at a price but even an auction won't turn it around that quickly because of the advertising period, time to the next auction and then the time taken for the conveyancing process.


No personal experience though.

davidmcn

WestonDave wrote: »

even an auction won't turn it around that quickly because of the advertising period, time to the next auction and then the time taken for the conveyancing process.

But at least with an auction, the "conveyancing process" all has to be completed within the period stated in the auction conditions (typically 28 days from the auction), rather than being dragged out for months on end.

Comms69

Just drop the price down 10%, rather than the 20-25% the quick sell company will drop it, followed by the further 15% just before exchange

Margot123

davidmcn wrote: »

But at least with an auction, the "conveyancing process" all has to be completed within the period stated in the auction conditions (typically 28 days from the auction), rather than being dragged out for months on end.

That is so true.
In hindsight I would have put my property into auction. OK, a couple of months wait for the auction day, and then 28 days to complete but that is far quicker than the nearly 6 months I have waited so far on a local EA sale having accepted a lowish offer for a quick sale. Buyer is stalling constantly, even keeping their own solicitor waiting weeks for responses.

Pinnypinpin

davidmcn wrote: »

But at least with an auction, the "conveyancing process" all has to be completed within the period stated in the auction conditions (typically 28 days from the auction), rather than being dragged out for months on end.

yeah, the sale I lost was agreed in June and it fell through in December.

Thrugelmir

Now is the time to remarket the property at a lower price.