House Buying companies

Merlin53

Has anybody used one of these house buying companies? I wan to sell my house very quickly so I can move move closer to family. I can see that Brexit is making selling a house difficult so was wondering about these companies. I realise you get much less than the market value but will this offset the Estate Agents fees.

need_an_answer

You'll get much less than the market value for the property.

Estate agent fees and selling at a lower price could still work out a better option

hazyjo

Loads of posts re this. There really should be a sticky it comes up so often.


Nobody will recommend one as they will all offer you a very low price. Sell realistically through an EA.


Here's another current thread: https://forums.moneysavingexpert.com/discussion/6009070/selling-house-fast

Comms69

Estate agent fees are 1-2%, these companies pay on average 60-65% of the value.

Exodi

Merlin53 wrote: »

Has anybody used one of these house buying companies? I wan to sell my house very quickly so I can move move closer to family. I can see that Brexit is making selling a house difficult so was wondering about these companies. I realise you get much less than the market value but will this offset the Estate Agents fees.

From a purely financial standpoint: madness. I've heard they typically pay 60% of market value. The Estate Agent fees you're trying to offset are typically 1-3%. It would make more sense to sell your house at 80% of market value on the provision that you will only accept cash buyers with funds in place.

I'll let someone that's used one of these services comment on the speed (though I think you'll be hard pressed to find one, this is a money saving forum after all!).

gary83

Merlin53 wrote: »

Has anybody used one of these house buying companies? I wan to sell my house very quickly so I can move move closer to family. I can see that Brexit is making selling a house difficult so was wondering about these companies. I realise you get much less than the market value but will this offset the Estate Agents fees.

No it will not offset the estate agent fees, if you want to sell your house quickly list it traditionally with a price that'll get it moved quickly, if you want to be on the hook to a low offer that will be revised downwards at the last minute because they know your desperate use a we buy any house type company

babyblade41

I think if money isn't a problem then go ahead, it can save you some hassle as long as you don't mid losing half of the property value

They serve a purpose but to very few ..

I have known of one person ( friend of a friend) who was desperate and they took advantage right on the last day before exchange .. it went through but at too big a cost IMO

Davesnave

" I realise you get much less than the market value but will this offset the Estate Agents fees."

OP, an agent might cost you, say, £2 - 3k on an average sort of house.

A quick sale company would want to offer you tens of thousands less for your house.

If you are really lucky they'll be up-front about it. If not, they'll string you along for a while till you are committed to something else.


Just go with an agent who sells lots of houses where you live and ask them to price for a quick sale. Because you're willing to sell at an attractive price, they should also offer you a good deal on fees, as your house won't be stuck on their books for a long time.

Merlin53

Thanks everyone for the advice. Estate Agents here I come!!

Markneath

Put it in an auction with a realistic reserve price,

System

Not all offer such low prices. I am one of those company owners and we offer 75% if in a good let-able condition as well as pay legal fees. We also offer other options. I personally wouldn’t write them off completely if you’re still struggling to get it sold, call around and see what they say.