Property Selling market advice query

cymruchris

bery_451 said:

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?

As above - you just instruct your solicitor to handle the sale, and sign the appropriate paperwork to allow them to do so.

Selling an Iphone for a quick sale isn't anywhere near the same as selling a house for a quick sale.

I can understand that you're asking questions to try and gain knowledge here, and that's a good start - but seems like there's a lot that at the present time you don't seem to understand about the house buying process. In your position I would tread very carefully that you don't end up with a complete disaster on your hands through inexperience and a lack of understanding as to how things work.

How the money is paid to an overseas seller will depend on how they want it processed. Between the property seller and the solicitor a process will be agreed, and it's something that's fairly straightforward for them to do, so this isn't really something you need to worry about. If you're buying, you pay the solicitor, you get the property, and what happens to the money after that isn't your concern.

A surveyor could wear anything they want - whether it's a suit and shiny shoes or a pair of overalls. You would get the service that you paid for. They don't check every inch of every property with a magnifying glass unless you pay them to do so. Most surveys will look at the basics, and won't pull anything apart for testing or knock anything with hammers. You might need to read up on the different survey types, and their associated costs.

The various searches that take place when buying a property can also be very variable in the time it takes to get the info. Which searches you need will depend on where the house is situated. For example, if the property is at the top of a mountain with no river within 10 miles - it's unlikely you'd need to check for flooding risk. If the property was in the middle of a city away from any coal seams, it's unlikely you'd need to check for previous coal mining activity. But as I say, depending on where the property is will then result in which checks you need to make.

If you want to buy a property for 'cheap' - you need to be aware of the potential pitfalls you'll encounter, so that you don't end up buying a lemon.

MeteredOut

OP, to badly mix metaphors, I think you're looking for a unicorn in a haystack.

It sounds like you want a get-rich-quick scheme based on property; it does not exist.

bery_451

Nearlyold said:

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.

Okay sounds like a expensive service!

bery_451

RHemmings said:

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. 

Okay the difference between a traditional auction and modern auction is? Modern is online biding am I right?

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? What is this forbidden knowledge of properties?

bery_451

cymruchris said:

A surveyor could wear anything they want - whether it's a suit and shiny shoes or a pair of overalls. You would get the service that you paid for. They don't check every inch of every property with a magnifying glass unless you pay them to do so. Most surveys will look at the basics, and won't pull anything apart for testing or knock anything with hammers. You might need to read up on the different survey types, and their associated costs.

The various searches that take place when buying a property can also be very variable in the time it takes to get the info. Which searches you need will depend on where the house is situated. For example, if the property is at the top of a mountain with no river within 10 miles - it's unlikely you'd need to check for flooding risk. If the property was in the middle of a city away from any coal seams, it's unlikely you'd need to check for previous coal mining activity. But as I say, depending on where the property is will then result in which checks you need to make.

If you want to buy a property for 'cheap' - you need to be aware of the potential pitfalls you'll encounter, so that you don't end up buying a lemon.

Okay there's different survey types, which survey type do Banks accept? 

Anyone can search quickly on Google Maps correct to see if there is a river or Volcano next to the house right? These searches have to be paid for to be recognised by banks?

user1977

bery_451 said:

RHemmings said:

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. 

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? 

Literally nobody has suggested you don't view the properties before bidding.

user1977

bery_451 said:

Nearlyold said:

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.

Okay sounds like a expensive service!

Why does it sound expensive? It's a very straightforward and standard deed, it's a fairly trivial additional part of the process.

Surely you are aware that there are foreign owners of many properties in the UK? And people in the UK buying and selling remotely from the properties and/or their solicitors? How did you think that works?

cymruchris

bery_451 said:

cymruchris said:

A surveyor could wear anything they want - whether it's a suit and shiny shoes or a pair of overalls. You would get the service that you paid for. They don't check every inch of every property with a magnifying glass unless you pay them to do so. Most surveys will look at the basics, and won't pull anything apart for testing or knock anything with hammers. You might need to read up on the different survey types, and their associated costs.

The various searches that take place when buying a property can also be very variable in the time it takes to get the info. Which searches you need will depend on where the house is situated. For example, if the property is at the top of a mountain with no river within 10 miles - it's unlikely you'd need to check for flooding risk. If the property was in the middle of a city away from any coal seams, it's unlikely you'd need to check for previous coal mining activity. But as I say, depending on where the property is will then result in which checks you need to make.

If you want to buy a property for 'cheap' - you need to be aware of the potential pitfalls you'll encounter, so that you don't end up buying a lemon.

Okay there's different survey types, which survey type do Banks accept? 

Anyone can search quickly on Google Maps correct to see if there is a river or Volcano next to the house right? These searches have to be paid for to be recognised by banks?

I'm not sure where banks come into it? You stated it would be a cash purchase.

The searches are made to ensure you don't buy a lemon.

If you're buying 'cash' - there may be searches and surveys that are recommended that you choose not to pay for - but then when you realise you have bought a lemon, it'll be too late. There are no refunds.

bery_451

user1977 said:

bery_451 said:

Nearlyold said:

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.

Okay sounds like a expensive service!

Surely you are aware that there are foreign owners of many properties in the UK? And people in the UK buying and selling remotely from the properties and/or their solicitors? How did you think that works?

Sounds like these foreign owners are rich who can afford to pay management fees. Yeah in London for example a lot of rich Chinese owned properties or properties owned by Russian oligarchs the BBC has told us & most Russian owned properties have been confiscated and liquidated to pay for some of the expensive war expenses in Ukraine. Just saying if the owner is not present then management can get very complicated to satisfy the owners instructions and these services just sound expensive or you know any such cheap services for the average joe public like us?

bery_451

user1977 said:

bery_451 said:

RHemmings said:

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. 

Okay what is the trick to tell which properties are okay at auction without viewing the properties before bidding? 

Literally nobody has suggested you don't view the properties before bidding.

And literally nobody has suggested to view the properties before bidding.