"Buy My House" company - has anyone had experience with them?

catw75

Thanks for the warning, but the programme is about quick sale estate agents. However, the company is not an estate agent and won't be listing the price anywhere, as they're offering to buy it themselves rather than advertise it to other buyers. So if they dropped their offer it wouldn't affect the flat's value if I walked away and advertised it for a decent price. I'm in a position to walk away if they dropped the offer and I would do so, and I'll make that clear to them from the start. They're a cash buyer and no estate agent will be involved. They're a property developer, and will presumably refurbish and modernise the flat to increase its value, and then sell it on for a profit.

MobileSaver

Densol wrote: »

https://uk.trustpilot.com/review/www.buy-myhouse.co.uk

https://www.reviews.co.uk/company-reviews/store/buy-my-house

Not used myself but if its the companies above they get predominantly good reviews

Most of those reviews look fake to me and I wouldn't trust them with a bargepole.

It's very telling that some of the Trustpilot reviews are obscured because "Buy Myhouse reported this review for breach of Trustpilot guidelines" which to cynical me suggests they are the genuine reviews which the company are trying to suppress.

One that BuyMyhouse was not able to censor says it all "Buy Myhouse ... dropped the offer by £15,000"; I would be very, very wary.

verybigchris

I doubt they do much renovation work to the properties, as there's little in their annual accounts to suggest they do. My guess is they are buying houses and sticking them immediately into an auction for a quick profit, like the rest of these "fast cash buyer" companies.

So you can auction the property yourself, or you can sell it to a middle-man who'll take a big cut of its value and then auction it off themselves. I know which option I'd choose.

Davesnave

People with even a very basic grasp of economics will understand that any business like this must buy at a much discounted price if they are to make sufficient profit to cover overheads etc. That figure is not 10% or even 20% below market value, but at least 30%, and even that might be too low for some hard-to-shift properties. How they arrive at this offer price is largely irrelevant, but it may well involve subterfuge if an owner has unrealistic expectations.

Given the above, some people might be willing to go ahead on those terms, but for the majority of owners, the 'bother' of EA marketing at, say, 10 -15% below normal prices to achieve a quick sale would be far the better option.

Marvel1

Densol wrote: »

https://uk.trustpilot.com/review/www.buy-myhouse.co.uk

https://www.reviews.co.uk/company-reviews/store/buy-my-house

Not used myself but if its the companies above they get predominantly good reviews and you have lots of plus points in your post too
I guess you are worrying - is it too good to be true ?

Top link, 78% give excellent, many have only given a review once on the site, compared to the ones who give a 1 star who have given more than 1 review

Davesnave

Marvel1 wrote: »

Top link, 78% give excellent many have only given a review once on the site, compared to the ones who give a 1 star who have given more than 1 review

And as for the second so-called review company, which I've never heard of, the number of excellent reviews is so high it can only be faked.

Due to the vagaries of human psychology, it never happens folks, simple as that!