Cash Buyer Recommended a Solicitor

MellowLedbetter

Ath_Wat said:

diystarter7 said:

Ath_Wat said:

diystarter7 said:

babyblade41 said:

Don't use these people , there are a very few reasons why people would use this type of company & from your OP you don't fall anywhere near this category.


Go the normal route with 3 agents valuing , this shouldn't be stressful as you aren't buying & selling, in a chain & emotionally invested in your next home.

Their normal MO is to keep you sweet then want simultaneous exchange & complete then drop the price drastically  on the morning of the transaction day 


Check comparable price properties (price sold not for sale) then probably drop a percentage to make it attractive for a quick sale and the  small downturn at the min

Maybe arrange  an open day rather than individual viewings 

Without re-reading OP, I take it all probate procedures have now been done ?

The highlighted bit, is that hearsay or do you have evidence about this relating to this company?

It's how all such companies operate.  It's how they have to operate to exist.

Do you think they make money by buying houses and reselling them for what they paid?  Or by making a couple of thousand pounds on two transactions of hundreds of thousands, with all the associated costs?

Then post the reviews indicating this for this co where people have said that.

"all"? I doubt it very much.
Not everyone is the same

All companies with a particular business model have the same business model.  If a "we buy any house company" make you a  very low offer in the first place, maybe they won't drop it.  If they have offered you "close to what you expect", then of course they will drop it.  What do you think they will do?  Go through with the deal and lose money?

Try and think about it.  You are asking me to post proof that recently deceased Nigerian billionaires' sons don't exist, and claiming that this recently deceased Nigerian billionaire's son might be different.

I understand your point of view, however I have to disagree.

I have 2 friends who are both painters and decorators - does this automatically mean that they have the same business model? According to the above, you are saying they do when in fact they do not.

I'm sure we've all seen Homes Under The Hammer - plenty of developers appear on that show having picked up a property "on the cheap". Not all of these are "we buy any house" merchants but they operate in a similar way. There is also the ones that can see the potential for big profit with a modest investment without the need to make a very low offer.

I understand that we could get to the final day about to sign contracts only for them to withdraw or reduce their offer. The simple answer to that is we reject and follow our backup plan which is to put the house on the open market and see what happens - our main fear is that the time of the year means we will have to wait (no problem - we aren't desperate for the money) which means there is a chance that the property market crashes.

MellowLedbetter

For the record, we have gone with our own solicitors, so thank you all.

However I will be sure to let the forum know the outcome, so that the thread can reverberate to the sound of "Told you so"
 
 

user1977

MellowLedbetter said:

Ath_Wat said:

diystarter7 said:

Ath_Wat said:

diystarter7 said:

babyblade41 said:

Don't use these people , there are a very few reasons why people would use this type of company & from your OP you don't fall anywhere near this category.


Go the normal route with 3 agents valuing , this shouldn't be stressful as you aren't buying & selling, in a chain & emotionally invested in your next home.

Their normal MO is to keep you sweet then want simultaneous exchange & complete then drop the price drastically  on the morning of the transaction day 


Check comparable price properties (price sold not for sale) then probably drop a percentage to make it attractive for a quick sale and the  small downturn at the min

Maybe arrange  an open day rather than individual viewings 

Without re-reading OP, I take it all probate procedures have now been done ?

The highlighted bit, is that hearsay or do you have evidence about this relating to this company?

It's how all such companies operate.  It's how they have to operate to exist.

Do you think they make money by buying houses and reselling them for what they paid?  Or by making a couple of thousand pounds on two transactions of hundreds of thousands, with all the associated costs?

Then post the reviews indicating this for this co where people have said that.

"all"? I doubt it very much.
Not everyone is the same

All companies with a particular business model have the same business model.  If a "we buy any house company" make you a  very low offer in the first place, maybe they won't drop it.  If they have offered you "close to what you expect", then of course they will drop it.  What do you think they will do?  Go through with the deal and lose money?

Try and think about it.  You are asking me to post proof that recently deceased Nigerian billionaires' sons don't exist, and claiming that this recently deceased Nigerian billionaire's son might be different.

I'm sure we've all seen Homes Under The Hammer - plenty of developers appear on that show having picked up a property "on the cheap". Not all of these are "we buy any house" merchants but they operate in a similar way.

I doubt any of them are. They'll be selecting which properties they want to develop. The "WBAH" outfits may well sell on to somebody who wants to develop.

But if the property is ripe for doing up - why not take it to the market and get some competition among everyone who might be interested? If your logic is correct, the original buyers aren't going to walk away, are they?

Ath_Wat

MellowLedbetter said:

Ath_Wat said:

diystarter7 said:

Ath_Wat said:

diystarter7 said:

babyblade41 said:

Don't use these people , there are a very few reasons why people would use this type of company & from your OP you don't fall anywhere near this category.


Go the normal route with 3 agents valuing , this shouldn't be stressful as you aren't buying & selling, in a chain & emotionally invested in your next home.

Their normal MO is to keep you sweet then want simultaneous exchange & complete then drop the price drastically  on the morning of the transaction day 


Check comparable price properties (price sold not for sale) then probably drop a percentage to make it attractive for a quick sale and the  small downturn at the min

Maybe arrange  an open day rather than individual viewings 

Without re-reading OP, I take it all probate procedures have now been done ?

The highlighted bit, is that hearsay or do you have evidence about this relating to this company?

It's how all such companies operate.  It's how they have to operate to exist.

Do you think they make money by buying houses and reselling them for what they paid?  Or by making a couple of thousand pounds on two transactions of hundreds of thousands, with all the associated costs?

Then post the reviews indicating this for this co where people have said that.

"all"? I doubt it very much.
Not everyone is the same

All companies with a particular business model have the same business model.  If a "we buy any house company" make you a  very low offer in the first place, maybe they won't drop it.  If they have offered you "close to what you expect", then of course they will drop it.  What do you think they will do?  Go through with the deal and lose money?

Try and think about it.  You are asking me to post proof that recently deceased Nigerian billionaires' sons don't exist, and claiming that this recently deceased Nigerian billionaire's son might be different.

I understand your point of view, however I have to disagree.

I have 2 friends who are both painters and decorators - does this automatically mean that they have the same business model? According to the above, you are saying they do when in fact they do not.

I'm sure we've all seen Homes Under The Hammer - plenty of developers appear on that show having picked up a property "on the cheap". Not all of these are "we buy any house" merchants but they operate in a similar way. There is also the ones that can see the potential for big profit with a modest investment without the need to make a very low offer.

I understand that we could get to the final day about to sign contracts only for them to withdraw or reduce their offer. The simple answer to that is we reject and follow our backup plan which is to put the house on the open market and see what happens - our main fear is that the time of the year means we will have to wait (no problem - we aren't desperate for the money) which means there is a chance that the property market crashes.

Painters and decorators are not a "we buy any house company".  These people are not property developers.   They are entirely different things.

"We buy any house companies" do not improve the house and sell it on.  They buy it from you then sell it to a developer for the price the developer was willing to pay in the first place.

By all means sell to a developer.  If you can prove to your satisfaction that this company is a legitimate property developer, go ahead.  It however looks like a "cash for homes" outfit.

diystarter7

MellowLedbetter said:

Ath_Wat said:

diystarter7 said:

Ath_Wat said:

diystarter7 said:

babyblade41 said:

Don't use these people , there are a very few reasons why people would use this type of company & from your OP you don't fall anywhere near this category.


Go the normal route with 3 agents valuing , this shouldn't be stressful as you aren't buying & selling, in a chain & emotionally invested in your next home.

Their normal MO is to keep you sweet then want simultaneous exchange & complete then drop the price drastically  on the morning of the transaction day 


Check comparable price properties (price sold not for sale) then probably drop a percentage to make it attractive for a quick sale and the  small downturn at the min

Maybe arrange  an open day rather than individual viewings 

Without re-reading OP, I take it all probate procedures have now been done ?

The highlighted bit, is that hearsay or do you have evidence about this relating to this company?

It's how all such companies operate.  It's how they have to operate to exist.

Do you think they make money by buying houses and reselling them for what they paid?  Or by making a couple of thousand pounds on two transactions of hundreds of thousands, with all the associated costs?

Then post the reviews indicating this for this co where people have said that.

"all"? I doubt it very much.
Not everyone is the same

All companies with a particular business model have the same business model.  If a "we buy any house company" make you a  very low offer in the first place, maybe they won't drop it.  If they have offered you "close to what you expect", then of course they will drop it.  What do you think they will do?  Go through with the deal and lose money?

Try and think about it.  You are asking me to post proof that recently deceased Nigerian billionaires' sons don't exist, and claiming that this recently deceased Nigerian billionaire's son might be different.

I understand your point of view, however I have to disagree.

I have 2 friends who are both painters and decorators - does this automatically mean that they have the same business model? According to the above, you are saying they do when in fact they do not.

I'm sure we've all seen Homes Under The Hammer - plenty of developers appear on that show having picked up a property "on the cheap". Not all of these are "we buy any house" merchants but they operate in a similar way. There is also the ones that can see the potential for big profit with a modest investment without the need to make a very low offer.

I understand that we could get to the final day about to sign contracts only for them to withdraw or reduce their offer. The simple answer to that is we reject and follow our backup plan which is to put the house on the open market and see what happens - our main fear is that the time of the year means we will have to wait (no problem - we aren't desperate for the money) which means there is a chance that the property market crashes.

Great post.
I wish you luck and you are right re markets, Anything can happen and  ATM, its more likely a negative turn than a good turn.

If by any chance they do try it on, walk away and I'm sure they will come after you and most likely won't let you walk away.
Its different but we have sold our cars a few times to those lot that buy the car the same day. Recent three years, one actually gave us a couple of hundred quid more than the price they offered as I had not noted I had put the wrong mileage in and she did.
The other tried to knock us down a little and I was happy with that but Mrs Diy said no and as I said sorry, no thanks we will go the otthers (ther were no otheres in our minds at the time) the chap decided to give us the full whack. 

As we all know, individuals can try it on at the last moment, we never have but have heard from others were they were caught out and others that tried it on at the last minute.

It's a long thread and as per my suggestion, I'm not sure if you guys had considered/investigated an auction.

Good luck

Ath_Wat

MellowLedbetter said:

silvercar said:

Every business is entitled to make money, otherwise why would they exist? Some options:

a) they are getting the property cheap and will resell it
b) they have builders and trades lines up to improve the property and sell at a good profit
c) the land is worth something to them as part of a bigger scheme

Having a solicitor they have worked with previously helps them encourage you in the right direction.

I agree with this and think (b) is the most likely. It's something that we are not in a position to do, even if we would like to. 

I don't know why you think b is most likely when what you've done is gone to a website run by people who do a, put your details in, and had a phone call.

MellowLedbetter

Ath_Wat said:

MellowLedbetter said:

silvercar said:

Every business is entitled to make money, otherwise why would they exist? Some options:

a) they are getting the property cheap and will resell it
b) they have builders and trades lines up to improve the property and sell at a good profit
c) the land is worth something to them as part of a bigger scheme

Having a solicitor they have worked with previously helps them encourage you in the right direction.

I agree with this and think (b) is the most likely. It's something that we are not in a position to do, even if we would like to. 

I don't know why you think b is most likely when what you've done is gone to a website run by people who do a, put your details in, and had a phone call.

This stems from the discussions that have had with the potential buyer. They stated that they renovate and sell for a profit.
-
I don't disagree with your cautious attitude and appreciate your input.

I've recently bought a house the conventional way and that was not a pleasant experience - it's possible this has affected my view and my appetite to jump back in to that business.
I've also used WBAC for quotes on cars and been surprised that the valuation was close to or better than I expected. The truth is, my sister entered the same details in a different website and they came back with an offer that was £50k less than we accepted.

As I said, we will be cautious, thank you.

MellowLedbetter

diystarter7 said:

MellowLedbetter said:

Ath_Wat said:

diystarter7 said:

Ath_Wat said:

diystarter7 said:

babyblade41 said:

Don't use these people , there are a very few reasons why people would use this type of company & from your OP you don't fall anywhere near this category.


Go the normal route with 3 agents valuing , this shouldn't be stressful as you aren't buying & selling, in a chain & emotionally invested in your next home.

Their normal MO is to keep you sweet then want simultaneous exchange & complete then drop the price drastically  on the morning of the transaction day 


Check comparable price properties (price sold not for sale) then probably drop a percentage to make it attractive for a quick sale and the  small downturn at the min

Maybe arrange  an open day rather than individual viewings 

Without re-reading OP, I take it all probate procedures have now been done ?

The highlighted bit, is that hearsay or do you have evidence about this relating to this company?

It's how all such companies operate.  It's how they have to operate to exist.

Do you think they make money by buying houses and reselling them for what they paid?  Or by making a couple of thousand pounds on two transactions of hundreds of thousands, with all the associated costs?

Then post the reviews indicating this for this co where people have said that.

"all"? I doubt it very much.
Not everyone is the same

All companies with a particular business model have the same business model.  If a "we buy any house company" make you a  very low offer in the first place, maybe they won't drop it.  If they have offered you "close to what you expect", then of course they will drop it.  What do you think they will do?  Go through with the deal and lose money?

Try and think about it.  You are asking me to post proof that recently deceased Nigerian billionaires' sons don't exist, and claiming that this recently deceased Nigerian billionaire's son might be different.

I understand your point of view, however I have to disagree.

I have 2 friends who are both painters and decorators - does this automatically mean that they have the same business model? According to the above, you are saying they do when in fact they do not.

I'm sure we've all seen Homes Under The Hammer - plenty of developers appear on that show having picked up a property "on the cheap". Not all of these are "we buy any house" merchants but they operate in a similar way. There is also the ones that can see the potential for big profit with a modest investment without the need to make a very low offer.

I understand that we could get to the final day about to sign contracts only for them to withdraw or reduce their offer. The simple answer to that is we reject and follow our backup plan which is to put the house on the open market and see what happens - our main fear is that the time of the year means we will have to wait (no problem - we aren't desperate for the money) which means there is a chance that the property market crashes.

Great post.
I wish you luck and you are right re markets, Anything can happen and  ATM, its more likely a negative turn than a good turn.

If by any chance they do try it on, walk away and I'm sure they will come after you and most likely won't let you walk away.
Its different but we have sold our cars a few times to those lot that buy the car the same day. Recent three years, one actually gave us a couple of hundred quid more than the price they offered as I had not noted I had put the wrong mileage in and she did.
The other tried to knock us down a little and I was happy with that but Mrs Diy said no and as I said sorry, no thanks we will go the otthers (ther were no otheres in our minds at the time) the chap decided to give us the full whack. 

As we all know, individuals can try it on at the last moment, we never have but have heard from others were they were caught out and others that tried it on at the last minute.

It's a long thread and as per my suggestion, I'm not sure if you guys had considered/investigated an auction.

Good luck

Auctions? 

Personally, I dismissed this option (again probably thanks to Homes Under The Hammer) as a 'lose/lose' situation.

Truth is we haven't investigated this properly. What are the benefits please (apart from the obvious bidding war that everyone hopes for)?

For the record the house is in the part of the country that H.U.T.H. features a great deal, because prices are so low in general.

diystarter7

MellowLedbetter said:

Ath_Wat said:

MellowLedbetter said:

silvercar said:

Every business is entitled to make money, otherwise why would they exist? Some options:

a) they are getting the property cheap and will resell it
b) they have builders and trades lines up to improve the property and sell at a good profit
c) the land is worth something to them as part of a bigger scheme

Having a solicitor they have worked with previously helps them encourage you in the right direction.

I agree with this and think (b) is the most likely. It's something that we are not in a position to do, even if we would like to. 

I don't know why you think b is most likely when what you've done is gone to a website run by people who do a, put your details in, and had a phone call.

This stems from the discussions that have had with the potential buyer. They stated that they renovate and sell for a profit.
-
I don't disagree with your cautious attitude and appreciate your input.

I've recently bought a house the conventional way and that was not a pleasant experience - it's possible this has affected my view and my appetite to jump back in to that business.
I've also used WBAC for quotes on cars and been surprised that the valuation was close to or better than I expected. The truth is, my sister entered the same details in a different website and they came back with an offer that was £50k less than we accepted.

As I said, we will be cautious, thank you.

The highlighted bit, all wee heard is 'avoid..avoid' WBAC etc
However, as the car/s were a bit older we put in accurate info and on one i got the mileage slightly mixed.
WBAC paid us spot on for one car and the other couple of hundred more as the lady pointed it out, she did not need to - pleasant surprise we did pay, I cant recall the amount but 30/40 quid i think for quicker money transfer as I did not want to risk the thousands just in case WBAC went belly up.

IMO, if you know what you are doing, go for it.