Get SoldUK - I don't understand how it could work?

socratez

I will be selling a property in the near future and a friend of a friend suggested Get SoldUk. Apparently they market and sell you your house for free and even pay the legal fees. In the past I have used the traditional estate agents route and Purplebricks, so I understand the normal selling routes.

I don't understand how this could work and don't want to make a complete hash of a house sale, but at the same time I'm intrigued (but not intrigued enough to get scammed). Doe anyone have any insight to this company?

MikeJXE

There's no such thing as a free lunch.

Obviously somewhere along the line someone pays 

propertyrental

You won't get full market value.

user1977

At a guess, they'll give a hard sell for all sorts of ancillary services (e.g. flogging mortgages to buyers, "enhanced" advertising for sellers...).

And I expect the "free legal fees" only cover something very basic, with lots of unavoidable "complications" requiring additional charges.

Company was only formed last August, so who knows whether it works or not...

Murphybear

I had a look at their website.  Tucked away in the FAQs was the following - “the buyer pays the fee”.  

Good for the seller, not so good for the buyer 

GDB2222

Well, if the buyer is paying the commission, they will knock it off the price. What’s more, it may come straight out of their deposit, meaning they can’t borrow as much. 

socratez

MikeJXE said:

There's no such thing as a free lunch.

Obviously somewhere along the line someone pays 

Agreed, but I can't see where? Why would a buyer pay to buy a house?

socratez

Murphybear said:

I had a look at their website.  Tucked away in the FAQs was the following - “the buyer pays the fee”.  

Good for the seller, not so good for the buyer 

Why would someone pay to buy a run of the mill house though? I would understand if it was a niche property.

socratez

propertyrental said:

You won't get full market value.

Why do you think that, it doesn't say they will take a fee?

GDB2222

socratez said:

Murphybear said:

I had a look at their website.  Tucked away in the FAQs was the following - “the buyer pays the fee”.  

Good for the seller, not so good for the buyer 

Why would someone pay to buy a run of the mill house though? I would understand if it was a niche property.

Say the buyers think the house is worth £200k, but the fee is £5k, then they will offer £195k. 

Sarah1Mitty2

propertyrental said:

You won't get full market value.

These companies prey on people who don`t understand what "market value" is, you cut them out of the equation by reducing your asking price.