How "safe" are the cash-buyer businesses?

london21

For a quick sale will say go for the traditional auction. 

theartfullodger

CARBr6 said:

How "safe" are the cash-buyer businesses?

I'd never do business with these blood-sucking people.  They have a reputation for reducing price as the deal gets close to closing...

GDB2222

I'll buy your house for 30% below MV. In a week. Cash. (Honestly. DM me if you like.)

All I'll do is finish the extension (or knock it down!) and sell the house on ASAP. As long as I make a surefire 10-20% profit after costs, I don't care much about anything else.

Now, think rationally, and decide whether that 30% discount won't be better off split between the two of you. Then work out a modus vivendi, so you can finish the extension and sell the house. If you really, really can't work it out, I'll happily take it off your hands. At the right price!

And, of course, if there's a virtually guaranteed profit in it for me, I'm 100% safe. 

cymruchris

I wouldn't touch those companies with a bargepole.

I'd also add to those that say move out and rent for a few months, get the extension finished, and sell for a decent price. Not sure what stage you're at - or what was planned to go in there, but you could minimise your costs if you just decorate it neutrally and put in the basics if needed (not sure if there's a bathroom or kitchen planned) - but you could certainly scale back a bit on costs that might offset your rental if that was important.

CARBr6

I wish that were possible. There is absolutely no way to afford the bills and mortgage AND rent on top of that.
80-90% of my salary goes on the mortgage, bills food etc.
I have also been doing the extension myself, for the most part, as we never had the kind of finances required to get builders in.

I am thinking that auction is probably the way to go.
Thank you.

GDB2222

You should get a much better price at auction than from one of the BIN companies.  

How far off completion is the extension? Is there a hole in the side of the house, for example, or is it liveable in?

CARBr6

GDB2222 said:

You should get a much better price at auction than from one of the BIN companies.  

How far off completion is the extension? Is there a hole in the side of the house, for example, or is it liveable in?

It's watertight, upstairs is plastered, the large downstairs room is plasterboarded and needs UFH pipes installing and screed floor poured. The back section still needs boarding. Externally the finish brickwork is happening at the moment. No facias or soffit. So it's not livable, but with a cash injection and a number of bodies on site it wouldn't take long.

GDB2222

That’s well beyond my DIY abilities, so I take my hat off to you. A buyer could see what needs doing to finish it, and could see roughly what they’d be getting. 

You could try selling it through the local estate agent, as long as it’s mortgageable. That would probably get the best price. 

cymruchris

CARBr6 said:

GDB2222 said:

You should get a much better price at auction than from one of the BIN companies.  

How far off completion is the extension? Is there a hole in the side of the house, for example, or is it liveable in?

It's watertight, upstairs is plastered, the large downstairs room is plasterboarded and needs UFH pipes installing and screed floor poured. The back section still needs boarding. Externally the finish brickwork is happening at the moment. No facias or soffit. So it's not livable, but with a cash injection and a number of bodies on site it wouldn't take long.

Have you spoken to a good estate agent to say 'what's it worth now' and 'what's it worth with all the basics complete'?

If the difference is more than £20k and it would cost £5k to complete (just as an example).

Then a straightforward pragmatic conversation would be useful - yes we want this settled asap - we both want out - it's what's best for both of us - but realistically if we get this work done - it'll mean £x more in our pockets to start our new lives. As much as we want everything settled like yesterday - can we work a way through this to get to a conclusion as quickly as possible to both of our benefits?

CARBr6

cymruchris said:

CARBr6 said:

GDB2222 said:

You should get a much better price at auction than from one of the BIN companies.  

How far off completion is the extension? Is there a hole in the side of the house, for example, or is it liveable in?

It's watertight, upstairs is plastered, the large downstairs room is plasterboarded and needs UFH pipes installing and screed floor poured. The back section still needs boarding. Externally the finish brickwork is happening at the moment. No facias or soffit. So it's not livable, but with a cash injection and a number of bodies on site it wouldn't take long.

Have you spoken to a good estate agent to say 'what's it worth now' and 'what's it worth with all the basics complete'?

If the difference is more than £20k and it would cost £5k to complete (just as an example).

Then a straightforward pragmatic conversation would be useful - yes we want this settled asap - we both want out - it's what's best for both of us - but realistically if we get this work done - it'll mean £x more in our pockets to start our new lives. As much as we want everything settled like yesterday - can we work a way through this to get to a conclusion as quickly as possible to both of our benefits?

We just don't have the money to finish it, our financial circumstances are now very different so we don't have what a bank would want to be willing to lend us more against it, and me to finish it on my own would take far too long.

The other issue is that I am the one ending, she is very much not on hoard with the separation, at least not yet.