Buyer pulled out 1 day before proposed exchange date: should I go with 'We Buy Any Home.com'?

Sunshine_of_your_Dyf

powerful_Rogue said:

Have you considered remortgaging to a 'Let to Buy' mortgage?

We did this via a broker when we saw the house we really liked and wanted to get an offer in asap. The LTB released enough money for the 20% deposit. We have since gone SSTC on our house, which will then clear the LTB mortgage. There will however be a £2000 early repayment charge, but a small price to pay to get the house we really wanted.

My estate agent recommended this straight after we lost our buyer, but the maths was done and we'd still need a fair amount of money in order to afford this (I think it was around £20,000?) - I might call up my mortgage advisor today to see if my increased mortgage offer from TSB makes this any more doable! I'm confident we can sell our flat, but it's just having the monthly costs to pay before that happens which is a bit offputting - how are you finding it/found it?

MFWannabe

Sunshine_of_your_Dyf said:

MFWannabe said:

Why not just advertise flat at a reduced price of £125,000 for quick sale? If you’re willing to take that much less than you should get a buyer. 
How quickly do properties sell in your area? 

That's what I think we're going to do today. Advertise the properties for O.I.E.O £120,000 to start with, and see if that has any impact on viewing bookings, because I think we would accept £120,000 if that offer was made soon.

Property is in the city, excellent location, with beautiful, historic grounds, free parking, etc, and I'd even chuck in a free dishwasher and fridge! I'd like to think it would sell quickly, but it can't come quickly enough at the moment haha!

If any of you guys fancy a punt?....  

By the sounds of it someone could grab a bargain then! 
Good luck and let us know how you get on 

Crashy_Time

Sunshine_of_your_Dyf said:

MFWannabe said:

Why not just advertise flat at a reduced price of £125,000 for quick sale? If you’re willing to take that much less than you should get a buyer. 
How quickly do properties sell in your area? 

That's what I think we're going to do today. Advertise the properties for O.I.E.O £120,000 to start with, and see if that has any impact on viewing bookings, because I think we would accept £120,000 if that offer was made soon.

Property is in the city, excellent location, with beautiful, historic grounds, free parking, etc, and I'd even chuck in a free dishwasher and fridge! I'd like to think it would sell quickly, but it can't come quickly enough at the moment haha!

If any of you guys fancy a punt?....  

Obviously demand isn`t there at your price, or because of the ongoing situation, price drop might attract some kind of buyer though.

bamgbost

Sunshine_of_your_Dyf said:

My question is, can these companies be trusted? Can we rely on them to release the funds on an agreed completion date? Are we 'making a pact with the devil' if we go with them? My parents our wholeheartedly against the idea, but we are so desperate to keep the chain alive and sell quickly so we don't miss out on our dream house.

Any advice would be greatly appreciated - we're young, and inexperienced in the housing market, so we want to make sure we don't get shafted in our desperation!

TO answer the OPs question. I have used webuyanyhome.com. And the way it works is they offer you a flat price. For example in your case £108k. And from that they will take their fee also. Say for example £5k. This would then leave you at £103k.

If anyone makes a lowball offer, e.g. £100k. They will stay want their same £5k regardless, therefore leaving you with £95k.

In my experience, it worked out ok. Funds were released as agreed,etc. No issues. They were transparent from the start and stuck to the agreement. The service has its purpose, and serves it.

NameUnavailable

Where's the flat? Post a link up here, you never know!

If you had an offer at £130K and would be happy to take £22K less then if you remarket at something like £115/120K you should find another buyer and presumably they'll be FTB's or investors.

NameUnavailable

Of course it also depends on exactly what the 'service charge issue' means, as if it is a fundamental problem then it might cause problems with your next buyer too.

powerful_Rogue

Sunshine_of_your_Dyf said:

powerful_Rogue said:

Have you considered remortgaging to a 'Let to Buy' mortgage?

We did this via a broker when we saw the house we really liked and wanted to get an offer in asap. The LTB released enough money for the 20% deposit. We have since gone SSTC on our house, which will then clear the LTB mortgage. There will however be a £2000 early repayment charge, but a small price to pay to get the house we really wanted.

My estate agent recommended this straight after we lost our buyer, but the maths was done and we'd still need a fair amount of money in order to afford this (I think it was around £20,000?) - I might call up my mortgage advisor today to see if my increased mortgage offer from TSB makes this any more doable! I'm confident we can sell our flat, but it's just having the monthly costs to pay before that happens which is a bit offputting - how are you finding it/found it?

Certainly speaking to your mortgage broker and seeing what they say. We should exchange Thursday and complete on Friday. The LTB is interest only, so quite low monthly mortgage payments for a few months before the sale completes.

Crashy_Time

bamgbost said:

Sunshine_of_your_Dyf said:

My question is, can these companies be trusted? Can we rely on them to release the funds on an agreed completion date? Are we 'making a pact with the devil' if we go with them? My parents our wholeheartedly against the idea, but we are so desperate to keep the chain alive and sell quickly so we don't miss out on our dream house.

Any advice would be greatly appreciated - we're young, and inexperienced in the housing market, so we want to make sure we don't get shafted in our desperation!

TO answer the OPs question. I have used webuyanyhome.com. And the way it works is they offer you a flat price. For example in your case £108k. And from that they will take their fee also. Say for example £5k. This would then leave you at £103k.

If anyone makes a lowball offer, e.g. £100k. They will stay want their same £5k regardless, therefore leaving you with £95k.

In my experience, it worked out ok. Funds were released as agreed,etc. No issues. They were transparent from the start and stuck to the agreement. The service has its purpose, and serves it.

According to some posters the market is booming though, why would you need these companies?

socratez

@Sunshine_of_your_Dyf Where is the flat based? Someone on here might buy it if the price is right? Could you post the Rightmove advert?

Sunshine_of_your_Dyf

NameUnavailable said:

Of course it also depends on exactly what the 'service charge issue' means, as if it is a fundamental problem then it might cause problems with your next buyer too.

Good point, but I made a VERY generous offer which any other person would have accepted to compensate for this (the estate agent even said this herself). Like someone said before, he may well have had cold feet and decided that he wasn't ready to take the leap. Who knows.