QUICK BUY NEEDED - Companies who buy properties

Heidibag

Good afternoon.

I need to sell my property and whilst i am not in financial difficulties, divorce, etc, i want rid of it. It has a short lease remaining and I feel this could cause problems with the selling.

Does anyone have experience of those companies who buy your property? I understand that they may not offer the market value and ive also heard that some of them wait till your're about exchange contracts to then change their offer price. But are there any genuine companies out there that are safe to use? (don't want judging, just advice)

Slithery

Heidibag wrote: »

I understand that they may not offer the market value

That's an understatement and a half. Think around the 60% mark.

Just put it in an auction instead, you'll get more money.

davidmcn

This question seems to come up every few days, so search for previous answers - which are usually along the lines of why don't you auction it instead? You then at least have the prospect of buyers openly bidding for it, and a contractually-binding price when the hammer falls.

Yellow_mango

Might you be better off putting it in an auction?

Heidibag

No i never thought of auction, but then how does that work - would i have to get a surveyor to provide a standard valuation which i would then submit to the auction house?

Slithery

No. You can set the reserve at whatever you want.

davidmcn

Heidibag wrote: »

No i never thought of auction

Even though we suggested it the last time you asked exactly the same question?

https://forums.moneysavingexpert.com/discussion/5681454/companies-that-buy-your-house

Heidibag

Thankyou for pointing that out davidmcn, however as that was 2017 I thought i'd ask the question again.

Crashy_Time

The price drop threads don`t seem to be popular on here?

Yellow_mango

Heidibag wrote: »

Thankyou for pointing that out davidmcn, however as that was 2017 I thought i'd ask the question again.

So what happened in 2017? Did you get a quick sale? Go for one of those buy a house companies? Is this the same house you're still trying to sell? If so, whatever you've been doing for two years - do the opposite :rotfl:

eddddy

With an auction...

• The auctioneer will look at your property at propose a reserve price and a guide price.

• You can insist on a higher reserve if you want, but you'll have to pay a fee if it doesn't sell.

• How long is the lease? You might get a better price if you start a lease extension process before you sell.

• Is the property mortgageable? It's very difficult to get a mortgage on an auction property, so it might sell for much less at auction.

• You might get a better price (but slightly more risk) if it's marketed through an EA as an informal tender (sealed bids), with a lowish guide price.

• Depending on the timing of the next auction, it might be quicker to sell via informal tender with an EA, rather than through an auction.