British Homebuyers - approached me to sell my house for me - anyone have experience of them?

Andthen07

isplumm said:

[Quoted post removed by Forum Team]

Why? They buy the house off you - but I suspect at a price far lower than market price - that's not a scam ...

isplumm said:

[Quoted post removed by Forum Team]

Why? They buy the house off you - but I suspect at a price far lower than market price - that's not a scam ...

Precious little information about the company with a companies house check.

GDB2222

It’s interesting that some people are prepared to stick their neck on the chopping block like this. A libel action is unlikely, but it would be ruinously expensive if it happens. MSE would disclose the poster's details, under a court order, so posting anonymously doesn’t help.  

eddddy

I can't speak for the company mentioned here, because I don't know them.

But I'll mention some tactics that some House Buying companies use - so you should look out for them, in general.

Sometimes, the House Buying company requires you to sign an "Option to Purchase", which might last 12 months. That means you can't sell to anyone else for 12 months. So the House Buying company has 12 months to 'grind you down' on price.


The House Buying company don't usually have any money to buy your house - so they do "back-to-back" contracts.

• A normal estate agent might want to sell your house at £300k
• The house buying company offer it to people "on their list" at £270k
• The house buying company then offer you £230k
• The house buying company then do a "back to back" transaction (or reassigned contract)

That means they buy from you at £230k and sell it for £270k at exactly the same time. (So they don't need any money.)

The house buying company then keeps the £40k difference as their profit.

badger09

Several of this type of company approached us when our previous home was on the market in 2020. They all suggested our house was worth £xxx, which was always spookily close to the advertised price, despite it being an unusual house.

In the blurb on one of them, it described our home as being within walking distance of Bilbrook station. To walk to Bilbrook station would have taken us only 3.5 hours. We were in fact within 20 min walk of a station 4 stops up the line. That didn't inspire me with confidence.  

Sadly, they are aimed at people desperate to sell.

london21

With such companies you might not get the full market value.

Why not contact the EA to find out why just 1 viewing, have you checked the properties in the area you are selling at, is your price too high?

Snookie12cat

If you have only had one viewing your house is probably listed too high. Any property will sell at the right price and you can believe this company will be offering you less than market value

IamWood

Estate agency is less relevant in the current market. Everything is done online I believe.

Please also note: there is no free lunch in the current market either.

RS2OOO

I have read many reviews of homebuying firms of a similar nature revising their offer price lower on the morning of exchange citing a change in market conditions.

If you are emotionally tied to an onward purchase you are then faced with the decision to accept the lower offer to avoid loss of onward purchase or have to walk away.

michael1234

GDB2222 said:

It’s interesting that some people are prepared to stick their neck on the chopping block like this. A libel action is unlikely, but it would be ruinously expensive if it happens. MSE would disclose the poster's details, under a court order, so posting anonymously doesn’t help.  

Once thousands had been paid to the solicitors, the next step would be for a simple retraction. Happy days for the lawyers and the OP. For that reason it won't happen.

peterhjohnson

Snookie12cat said:

If you have only had one viewing your house is probably listed too high. Any property will sell at the right price 

Agree 110%. In the market I know, correctly priced houses go to SSTC within a week or two. When I look at those that have stuck on the market for months, they're listed at at least 10% over the "correct" price. 
If you now reduce price, it may still be difficult to sell and a sale at a bit under correct price is more likely.  Another option you have is to remove it from the market for 3-6 months and try again - having determined what is a sensible price then.