Express Offers - house buying company?

Crashy_Time

I suppose any companies that get sellers to deal with reality should be considered a good thing?

NameUnavailable

It's a bit like selling your car. You ca go to 'we buy any old banger' type outfit and get an offer online (which they ususally drop when you take the car for them to see) and you'll get the lowest price, because they have to sell the car on at auction and earn a profit. You can trade the car in against a new one at a dealers and use it as a bargaining tool and should end up with a better return. Or, you can sell privately and get the highest return by waiting for the right buyer.

If someone offers to buy your home immediately for cash like this, they need to make a profit from it and know that they can sell it quickly (so not an optimistic home owners valuation).

Or am I missing something?

Crashy_Time

NameUnavailable said:

It's a bit like selling your car. You ca go to 'we buy any old banger' type outfit and get an offer online (which they ususally drop when you take the car for them to see) and you'll get the lowest price, because they have to sell the car on at auction and earn a profit. You can trade the car in against a new one at a dealers and use it as a bargaining tool and should end up with a better return. Or, you can sell privately and get the highest return by waiting for the right buyer.

If someone offers to buy your home immediately for cash like this, they need to make a profit from it and know that they can sell it quickly (so not an optimistic home owners valuation).

Or am I missing something?

Eventually there will be a proper valuation whoever is buying it, if the homeowner is daydreaming a price that bubble will be popped quite quickly with a professional valuation.

Crashy_Time

Did you go ahead OP?

Crashy_Time

NameUnavailable said:

80% for an immediate sale with no fees to pay would be pretty amazing if you were desperate for a quick sale.

When I enquired with a few it was more like 60% of market value. I sold at auction and acheived about 78% of full value.

They will do a lot of business with landlords probably?

https://www.telegraph.co.uk/property/buy-to-let/five-reasons-pandemics-impact-landlords-getting-worse/

buddyrichman

Absolute con! The letter I've received (addressed to 'The Homeowner') clearly says they have a multi-million pound property fund and can buy properties for cash in 7 days. Then they go on to say they will aim to find a buyer within 30 days for full market value. They are basically an estate agent!

Crashy_Time

The whole market is a con, they are just taking their slice it seems?

badboybint

The company has 2 directors (same surname)
Last accounts filed were to 31 March 2020 (so out-of-date)
The company is so small, it did not need to include a profit & loss statement
At the balance sheet date it had £405,000 in cash but owed £412,000, most of which debt was described as "other creditors"
Significantly, the company does not own any properties - it doesn't 'buy' your house, it takes control and sells it for you, taking a large slice of the purchase price for itself. 

It's like a pay-day-lender in residential property: it prays upon those so desperate for cash and/or so naïve, they'll drink from this poisoned chalice.

Avoid.

scotsman55_2

I have spoken with this company today.  on Trust pilot lots of good reviews regarding their information, etc. all seems good.  But no reviews from anyone who has successfully either received the cash they agreed with, or actually sold their house for market value within 30 days,  they tell me they have a 75% success rate of selling for market value.  I find find anyone to corroborate this?

Forester50

scotsman55_2 said:

they tell me they have a 75% success rate of selling for market value.  I find find anyone to corroborate this?

Think about that statement!  I can promise you a 100% chane of selling at "market value"

As a fellow Scot I refer you back to the laws of our son Adam Smith!