Property Selling market advice query

bery_451

Hello,

What is the quickest liquid way to sell a property closest to current market prices at the cheapest fees/expenses? I know there's home cash buyers out there who post leaflets through letterboxes offering to buy houses quickly but they offer stupid offers like they offer 50% half price of the market value. Stemming from this out of my curiosity, cash buyers who do not need a mortgage to buy can buy properties at excellent discounts from market prices? So lets for example there a property in London for £500k on RightMove and the property owner wants to sell quick and get out of the UK quickly and don't want to wait months for a sale. If I have lets say £350k cash, is it possible to buy that £500k property at a discounted £350k bypassing the banks & the middlemen? If so how do I find and search for such properties online that as advertised as Urgent quick cash buyers only (non-auction) so I can understand and get a better idea on how the property market works and usually these properties are much cheaper than market prices because of a urgent quick sale for cash or is it because these properties have problems that will fail a surveyor report?

Or can the property owner take out a 1:1 equity loan against the current market value home using the home as collateral and if the loan is failed to be paid back the home is lost however will the owner get blacklisted on his/her credit rating as well? Do lenders nowadays lend out 1:1 against a property meaning you have a home for example currently market valued at £250k, will the lender give out a £250k loan? I was told in America States some lenders there give you more than what your home is worth and I was told this method of liquidating your home taking a debt against it is tax free correct?

Thanks,

_Penny_Dreadful

bery_451 said:

Hello,

What is the quickest liquid way to sell a property closest to current market prices at the cheapest fees/expenses? I know there's home cash buyers out there who post leaflets through letterboxes offering to buy houses quickly but they offer stupid offers like they offer 50% half price of the market value. Stemming from this out of my curiosity, cash buyers who do not need a mortgage to buy can buy properties at excellent discounts from market prices? So lets for example there a property in London for £500k on RightMove and the property owner wants to sell quick and get out of the UK quickly and don't want to wait months for a sale. If I have lets say £350k cash, is it possible to buy that £500k property at a discounted £350k bypassing the banks & the middlemen? If so how do I find and search for such properties online that as advertised as Urgent quick cash buyers only (non-auction) so I can understand and get a better idea on how the property market works and usually these properties are much cheaper than market prices because of a urgent quick sale for cash or is it because these properties have problems that will fail a surveyor report?

Or can the property owner take out a 1:1 equity loan against the current market value home using the home as collateral and if the loan is failed to be paid back the home is lost however will the owner get blacklisted on his/her credit rating as well? Do lenders nowadays lend out 1:1 against a property meaning you have a home for example currently market valued at £250k, will the lender give out a £250k loan? I was told in America States some lenders there give you more than what your home is worth and I was told this method of liquidating your home taking a debt against it is tax free correct?

Thanks,

Generally, when properties are advised as "cash buyers only" it's because there is something wrong with the property meaning no mortgage lender will touch it with a 10' barge pole rather than the vendor being in a desperate hurry to sell.  Things like a short lease or non-standard construction or a flat on the 15th floor of an ex-LA building.

If a property is genuinely worth 500k I don't see anyone being so desperate that they let it go for 350k.  You're not going to get a 100% LTV mortgage either.  Yes, some do exist for FTB but the criteria is very strict and often requires a family member to act as guarantor or to use their own home as security.  I don't know what the mortgage market is like in the USA but if 100%+ LTV mortgages are being offered again the it gives off "The Big Short" vibes.

cymruchris

bery_451 said:

Hello,

What is the quickest liquid way to sell a property closest to current market prices at the cheapest fees/expenses? I know there's home cash buyers out there who post leaflets through letterboxes offering to buy houses quickly but they offer stupid offers like they offer 50% half price of the market value. Stemming from this out of my curiosity, cash buyers who do not need a mortgage to buy can buy properties at excellent discounts from market prices? So lets for example there a property in London for £500k on RightMove and the property owner wants to sell quick and get out of the UK quickly and don't want to wait months for a sale. If I have lets say £350k cash, is it possible to buy that £500k property at a discounted £350k bypassing the banks & the middlemen? If so how do I find and search for such properties online that as advertised as Urgent quick cash buyers only (non-auction) so I can understand and get a better idea on how the property market works and usually these properties are much cheaper than market prices because of a urgent quick sale for cash or is it because these properties have problems that will fail a surveyor report?

Or can the property owner take out a 1:1 equity loan against the current market value home using the home as collateral and if the loan is failed to be paid back the home is lost however will the owner get blacklisted on his/her credit rating as well? Do lenders nowadays lend out 1:1 against a property meaning you have a home for example currently market valued at £250k, will the lender give out a £250k loan? I was told in America States some lenders there give you more than what your home is worth and I was told this method of liquidating your home taking a debt against it is tax free correct?

Thanks,

Just because someone is in a rush to move overseas doesn't mean they have to sell their property before they go. Yes, they might prefer to, but a property transaction could take place from anywhere in the world.

Sellers that want cash buyers do so for a number of reasons, as outlined by the previous poster - so they may not always be the 'bargain' they seem.

I don't think you'll get a £500k property for £350k, unless the property really is worth £350k, and needs work to get it back to a £500k property.

You mention things that happen in America - what happens there doesn't necessarily happen anywhere else in the world. You need to focus on the country you want to buy in, and see what options are available there.

If you don't know what you're doing, by cutting out the 'middlemen' as you put it, you put yourself at risk without the checks and balances of a regular sale. I'm sure if you waved your £350k about saying you wanted to buy a house cheap and without all those pesky solicitors and estate agents you'd attract a few people offering their bargain property - but I think you might soon be £350k down with no property to show for it.

If it was that easy to just waltz up and buy a £500k house for £350k every single day of the week - there'd be queues of people doing it.

Of course - you might come across an attractively priced property - and you might end up saving a bit of money - but you really need to do your homework so that you don't get your fingers burned.

user1977

Why are you asking?

bery_451

_Penny_Dreadful said:

bery_451 said:

Hello,

What is the quickest liquid way to sell a property closest to current market prices at the cheapest fees/expenses? I know there's home cash buyers out there who post leaflets through letterboxes offering to buy houses quickly but they offer stupid offers like they offer 50% half price of the market value. Stemming from this out of my curiosity, cash buyers who do not need a mortgage to buy can buy properties at excellent discounts from market prices? So lets for example there a property in London for £500k on RightMove and the property owner wants to sell quick and get out of the UK quickly and don't want to wait months for a sale. If I have lets say £350k cash, is it possible to buy that £500k property at a discounted £350k bypassing the banks & the middlemen? If so how do I find and search for such properties online that as advertised as Urgent quick cash buyers only (non-auction) so I can understand and get a better idea on how the property market works and usually these properties are much cheaper than market prices because of a urgent quick sale for cash or is it because these properties have problems that will fail a surveyor report?

Or can the property owner take out a 1:1 equity loan against the current market value home using the home as collateral and if the loan is failed to be paid back the home is lost however will the owner get blacklisted on his/her credit rating as well? Do lenders nowadays lend out 1:1 against a property meaning you have a home for example currently market valued at £250k, will the lender give out a £250k loan? I was told in America States some lenders there give you more than what your home is worth and I was told this method of liquidating your home taking a debt against it is tax free correct?

Thanks,

Generally, when properties are advised as "cash buyers only" it's because there is something wrong with the property meaning no mortgage lender will touch it with a 10' barge pole rather than the vendor being in a desperate hurry to sell.  Things like a short lease or non-standard construction or a flat on the 15th floor of an ex-LA building.

If a property is genuinely worth 500k I don't see anyone being so desperate that they let it go for 350k.  You're not going to get a 100% LTV mortgage either.  Yes, some do exist for FTB but the criteria is very strict and often requires a family member to act as guarantor or to use their own home as security.  I don't know what the mortgage market is like in the USA but if 100%+ LTV mortgages are being offered again the it gives off "The Big Short" vibes.

Can leases be extended?

How does the Banks know that the house at the end of the corner on whatever street has a Structural problem for example? Are postcodes and door numbers are on a national database similar to cars that have been written off in the past like CAT S or CAT N for example? Property owner made home insurance claim in the past that is recorded on the national housing register you mean?

What is FTB?

About the Big Short Vibes, why would the banks give 100% LTV when the short vibes indicate the V Value from that LTV will go down because shorting mean Value will go down.

Nearlyold

bery_451 said:

_Penny_Dreadful said:

bery_451 said:

Hello,

What is the quickest liquid way to sell a property closest to current market prices at the cheapest fees/expenses? I know there's home cash buyers out there who post leaflets through letterboxes offering to buy houses quickly but they offer stupid offers like they offer 50% half price of the market value. Stemming from this out of my curiosity, cash buyers who do not need a mortgage to buy can buy properties at excellent discounts from market prices? So lets for example there a property in London for £500k on RightMove and the property owner wants to sell quick and get out of the UK quickly and don't want to wait months for a sale. If I have lets say £350k cash, is it possible to buy that £500k property at a discounted £350k bypassing the banks & the middlemen? If so how do I find and search for such properties online that as advertised as Urgent quick cash buyers only (non-auction) so I can understand and get a better idea on how the property market works and usually these properties are much cheaper than market prices because of a urgent quick sale for cash or is it because these properties have problems that will fail a surveyor report?

Or can the property owner take out a 1:1 equity loan against the current market value home using the home as collateral and if the loan is failed to be paid back the home is lost however will the owner get blacklisted on his/her credit rating as well? Do lenders nowadays lend out 1:1 against a property meaning you have a home for example currently market valued at £250k, will the lender give out a £250k loan? I was told in America States some lenders there give you more than what your home is worth and I was told this method of liquidating your home taking a debt against it is tax free correct?

Thanks,

Generally, when properties are advised as "cash buyers only" it's because there is something wrong with the property meaning no mortgage lender will touch it with a 10' barge pole rather than the vendor being in a desperate hurry to sell.  Things like a short lease or non-standard construction or a flat on the 15th floor of an ex-LA building.

If a property is genuinely worth 500k I don't see anyone being so desperate that they let it go for 350k.  You're not going to get a 100% LTV mortgage either.  Yes, some do exist for FTB but the criteria is very strict and often requires a family member to act as guarantor or to use their own home as security.  I don't know what the mortgage market is like in the USA but if 100%+ LTV mortgages are being offered again the it gives off "The Big Short" vibes.

Can leases be extended?

How does the Banks know that the house at the end of the corner on whatever street has a Structural problem for example? Are postcodes and door numbers are on a national database similar to cars that have been written off in the past like CAT S or CAT N for example? Property owner made home insurance claim in the past that is recorded on the national housing register you mean?

What is FTB?

About the Big Short Vibes, why would the banks give 100% LTV when the short vibes indicate the V Value from that LTV will go down because shorting mean Value will go down.

FTB means First Time Buyer

Yes leases can be extended however the shorter the current lease is, the more it'll cost.

No vendor with their house on the market at a  realistic £500k  is going to publicly advertise that they'll accept £350K.

Lenders will insist on a valuation/survey of any property that a buyer requires a mortgage on.

bery_451

cymruchris said:

bery_451 said:

Hello,

What is the quickest liquid way to sell a property closest to current market prices at the cheapest fees/expenses? I know there's home cash buyers out there who post leaflets through letterboxes offering to buy houses quickly but they offer stupid offers like they offer 50% half price of the market value. Stemming from this out of my curiosity, cash buyers who do not need a mortgage to buy can buy properties at excellent discounts from market prices? So lets for example there a property in London for £500k on RightMove and the property owner wants to sell quick and get out of the UK quickly and don't want to wait months for a sale. If I have lets say £350k cash, is it possible to buy that £500k property at a discounted £350k bypassing the banks & the middlemen? If so how do I find and search for such properties online that as advertised as Urgent quick cash buyers only (non-auction) so I can understand and get a better idea on how the property market works and usually these properties are much cheaper than market prices because of a urgent quick sale for cash or is it because these properties have problems that will fail a surveyor report?

Or can the property owner take out a 1:1 equity loan against the current market value home using the home as collateral and if the loan is failed to be paid back the home is lost however will the owner get blacklisted on his/her credit rating as well? Do lenders nowadays lend out 1:1 against a property meaning you have a home for example currently market valued at £250k, will the lender give out a £250k loan? I was told in America States some lenders there give you more than what your home is worth and I was told this method of liquidating your home taking a debt against it is tax free correct?

Thanks,

Just because someone is in a rush to move overseas doesn't mean they have to sell their property before they go. Yes, they might prefer to, but a property transaction could take place from anywhere in the world.

Sellers that want cash buyers do so for a number of reasons, as outlined by the previous poster - so they may not always be the 'bargain' they seem.

I don't think you'll get a £500k property for £350k, unless the property really is worth £350k, and needs work to get it back to a £500k property.

You mention things that happen in America - what happens there doesn't necessarily happen anywhere else in the world. You need to focus on the country you want to buy in, and see what options are available there.

If you don't know what you're doing, by cutting out the 'middlemen' as you put it, you put yourself at risk without the checks and balances of a regular sale. I'm sure if you waved your £350k about saying you wanted to buy a house cheap and without all those pesky solicitors and estate agents you'd attract a few people offering their bargain property - but I think you might soon be £350k down with no property to show for it.

If it was that easy to just waltz up and buy a £500k house for £350k every single day of the week - there'd be queues of people doing it.

Of course - you might come across an attractively priced property - and you might end up saving a bit of money - but you really need to do your homework so that you don't get your fingers burned.

You mean before the property owner goes overseas the owner leaves the property keys with someone in the UK and can be sold transacted later from abroad anywhere in the world? If this is the case then how the sale possible if the owner is not present in the UK to sign important docs/paperwork for the sale to continue and what about owner's contents/possessions in the property and who manages the taxes from sale if owner not present? Also the cash from the sale, how is for example £500k in cash be sent to the property owner bank account in the USA, is it converted to $dollars first then sent or will KYC Know your Customer & AML Anti Money laundering Laws Agencies in America USA intercept that £500k transaction from the UK and the owner face possible Interrogation? I cant understand when you say a illiquid non-portable asset like property transaction can take place anywhere in the world like liquid bitcoin? What about counterparty risks if owner not present?

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Yes of course I will do the checks on the property before handing the cash over, what are these checks and how long does these checks take? Will a Surveyor come down to the property smartly dressed in a suit & tie & wearing oxford shoes climb the ladder to the roof at the top to check every inch of that roof for any leaks or will dig the ground to check the drainage pipes or not clogged or take samples from the property to check for mould/damp/asbestos with his/her clean hands? What exactly are these checks and I'm thinking how the hell most of these new build properties are passing checks fit for sale when they not fit for sale? Will these so called surveyors/checkers/inspectors reimburse me later a problem was discovered but wasn't mentioned mentioned in their reports? Where the victims of Grenfell Tower properly compensated by the Negligence from these agencies who have our best interests at heart?

Albermarle

Considering you are wanting to buy property, you seem very badly informed about all aspects of the processes involved ?

Yes of course I will do the checks on the property before handing the cash over, what are these checks and how long does these checks take

What is FTB?

Can leases be extended?

Perhaps better to spend your money on something you understand better?

Nearlyold

Property Owners can grant an Ordinary Power of Attorney to a solicitor  which allows them to deal with the property sale as if they were the donor.

RHemmings

OP - there are plenty of guides online about buying houses that explain the process. It might be a good idea if you spend some time reading some before asking further. 

E.g. https://www.equifax.co.uk/resources/mortgage/how-do-mortgage-applications-work.html

https://www.nationwide.co.uk/mortgages/mortgage-valuation-and-home-surveys/

https://www.gov.uk/government/publications/how-to-buy-a-home/how-to-buy

bery_451 said:

I just want to find sellers who just want a quick sale nothing wrong with the property. For example I can list a Iphone 15 for sale on Gumtree for £1000 that might take weeks or months to get my asking price but if someone offers me £750 the next day after I advertised it on gumtree I might accept it because as they say 'time is worth more than money'.

Sellers who want a quick sale nothing wrong with the property may sell at auction. Traditional auction, not modern method of auction. However, as mentioned above, people who have a property with something seriously wrong with it will also sell at auction. The trick is to tell which properties have something wrong with them and which don't. That requires knowledge, and in an auction you will be competing with people who know how to do this much better than you do. 

EssexHebridean

Documents can also be signed overseas and sent to the UK by courier service - that happens a fair amount.
I would agree with others though - property probably isn't something you want to get into without a good deal of knowledge first, and by "knowledge" I don't mean asking a few questions on a forum!