Selling through "property cash buyers" on the Web

thomastt371

Hi..I was wondering if anyone on this forum has had any experience of this type of transaction,and whether its a viable option,to selling using a Local Estate Agent .After filling in an On Line Valuation form I have been contacted by " a private buyer" based in the Leeds area,he seemed very knowledgeable,and explained that although he could not offer full Market Price,he worked on 80%.He said that he would cover all fees and charges etc.He also told me that I could get a better price if I allowed him to sell my property through a Web based Agent as he said that he had a lot of Property Investor Contacts overseas,and that if I got interest and a sale he would be only looking for a low commission.I am very wary of being scammed,but it does sound quite genuine?
Any help or advise would be appreciated as my wife and I are in our 70's and looking to downsize and move closer to our daughter,who lives 120 miles away from us..Thanks for reading this...Michael

googler

What do you reckon the full market price would be for your property, and what would the fees be in your area?

If you take the fees off the price above, does this result in less than 80% of the full market price?

If not, you're better off selling through your local agent, as this will get you more money

teddysmum

This kind of sale has been discussed on here, before, and was not recommended.


Like the car, used phone and jewellery buyers, they undervalue, then nearer the time find an excuse to cut the price further. The buyers of other items, usually find a non-existent 'fault ' requiring a price reduction (though returned goods show no fault or ere in good condition when dispatched).


A house may suddenly need new drains, a rewire or something the layman would be unaware of no not realise the lies they were told.

hazyjo

Also often based on 'their' valuation, not yours/your EA's.


If he's a 'private buyer', why does he want you to sign up with another agency?!


Don't touch with a bargepole.

G_M

He'll offer 80% of his market value

His market value will be 70% of your estate agent's.

Once you're signed up, his survey will find a problem, resulting in his offer dropping by another 20%

If you enjoy putting matches to £20, then follow this up. If not, use an estate agent (traditional or online) or an aucttion.

eddddy

thomastt371 wrote: »

I am very wary of being scammed,but it does sound quite genuine?

Well... scammers that trick people always sound genuine.

If they didn't sound genuine, they wouldn't be able to trick people.

thomastt371 wrote: »

...and explained that although he could not offer full Market Price,he worked on 80%

If you're happy to sell for that kind of price, ask an EA to value your property - then instruct them to sell at 85% of their valuation. It will probably sell very quickly.

thomastt371 wrote: »

...as he said that he had a lot of Property Investor Contacts overseas

What real proof to you have of that? Sadly, some people tell lies - especially if it helps them make money.