Selling to quick sale company

TonyMMM

Was a will left ? - has probate/administration been applied for ( you won't be able to sell otherwise) ?

Woolsery

AMBERSHADOW said:

user1977 said:

AMBERSHADOW said:

His parents took out a lifetime mortgage in 2004 for £4.500 its now escalated to 92.000 which they are saying needs to be paid ASAP.. We don't have them funds..

You don't need to have the funds. It's payable by the estate. How much is the bungalow worth?

What they are saying is it will be in default.. Yeah that's fine but I don't want them just taking the property

This isn't the US. People can't just hand back the keys or the mortgagee take the house. There will be a punitive interest rate, but don't let it panic you. Is there no chance of you raising a mortgage on the property yourselves? That's what I did.

user1977

AMBERSHADOW said:

user1977 said:

AMBERSHADOW said:

His parents took out a lifetime mortgage in 2004 for £4.500 its now escalated to 92.000 which they are saying needs to be paid ASAP.. We don't have them funds..

You don't need to have the funds. It's payable by the estate. How much is the bungalow worth?

What they are saying is it will be in default.. Yeah that's fine but I don't want them just taking the property 

Lenders cannot "just take" properties, repossession is a long process and they'll view it as a last resort given the costs and risks involved. They'd much rather sit back and wait to collect the money once you sell the property.

It would be daft to throw away thousands by selling it to a quick-sale company.

london21

AMBERSHADOW said:

Good Morning All

I am not sure whether this is the correct place for this post but please move if not.

My husband inherited a bungalow from his parents and wants a quick sale.. It needs updating and things doing to it, so he has approached a quick sale company.. Now whilst this is what he wants I have read some awful stories regards these people.

Does anyone know of any reputable ones? or are they all the same 

Thanks in advance

Dont rush into anything desperate.

Even traditional auction is better than those qick sale companies. 

pinkshoes

The usual "quick sale" companies will agree a price, complete all the paperwork, then the day before exchange of contracts they will drop the price because they know you are desperate to sell so will have no choice but to agree.

Just spend a weekend sorting through the property, taking out anything of value. You can then use a house clearance company to sort the rest out.

As for selling it, then speak to a couple of estate agents ASAP to come and value it. Make it clear the property will be empty. Tell them you want it sold ASAP. At the right price they will be able to sell it quickly and get far more for it than a quick sale company.

We sold my Grandad's house for the full asking price using an estate agent who priced it to sell. It was in a very poor state of repair which was made clear in the advert. No issues. The whole sale went through within 28 days of it being listed.

TripleH

It sounds like the 'equity release' company might be using scare tactics to panic you into selling asap so they get their money. They won't care about best price as long as they get their money. I suspect however the aim is to nudge you that they need their money in case you decide to rent the property out or sit on it.

Traditional (not modern) auction or cash buyers with a sensibly priced house are best to get you your money.

I recall (posdibly wrongly?) that some of these cash companies might even hold payment to you until they find a buyer themselves, so it may well be just as quick to sell as per above.

newsgroupmonkey_

AMBERSHADOW said:

user1977 said:

AMBERSHADOW said:

His parents took out a lifetime mortgage in 2004 for £4.500 its now escalated to 92.000 which they are saying needs to be paid ASAP.. We don't have them funds..

You don't need to have the funds. It's payable by the estate. How much is the bungalow worth?

What they are saying is it will be in default.. Yeah that's fine but I don't want them just taking the property  we really have no idea what we are doing to be honest... The place needs emptying and its a mess, we don't live near so work stops us from being there to do it on an ASAP basis

If they want to try and repossess, they have to jump through some considerable hoops including going to court. Generally, repossession orders are only given when people bury their heads and don't communicate. Or simply, there is no other option. In this case, there is - the house is for sale.

As long as the executor keeps in contact with the mortgage company, they'll not repossess - it's far too much hassle and takes way longer than selling a house.

They're just trying to scare you to ensure that you don't muck them around.

EDIT: Just to add that I didn't read page 2 and everyone else has said the same

lisyloo

I would make sure you go through everything before getting a house clearance company in.
I’ve just been sorted out one and you find paperwork in handbags etc.

by all means get a company in once you’ve checked all bags, draws, pockets etc.

macman

You have inherited the property, which has a charge on it due to the mortgage. You have not inherited the mortgage and don't have to pay it! The estate will pay it when you have obtained probate and the assets are liquidated. 
They're not going to repossess it in less time than it would take to clear it and sell through a conventional EA, unless the place is ruinous.
By all means sell it to a 'quick sale' company if you wish, but if you do so you will have to accept a much lower price.

housebuyer143

AMBERSHADOW said:

His parents took out a lifetime mortgage in 2004 for £4.500 its now escalated to 92.000 which they are saying needs to be paid ASAP.. We don't have them funds..

Why don't you just take it to auction? You will probably get more than the cash people and will get the money in 28 days.