Websites/Companies Buying Homes for Cash

ReadySteadyPop

MobileSaver said:

400ixl said:

They both got between 75 and 80% of the market value for theirs.

You have to wonder how desperate they must have been to give away up to 25% of their main asset in life - that has to be literally tens of thousands of pounds thrown away.

If there are no buyers at that price the 25% doesn`t exist, they have "thrown away" nothing.

ReadySteadyPop

Albermarle said:

OP
You are not the first poster to ask this question. 
The logical way forward if you want a quick sale is as said in a previous reply.

So why bother to use the house buying company? Why not reduce the asking price from £300k to £250k with a regular EA, and get a cash buyer within 10 days?

How could you know that a 50k reduction would bring a buyer within 10 days?

ReadySteadyPop

Herzlos said:

You missed the final step - towards the end of the process, declare that the computer has re-assessed it and they can now only offer £175k, knowing the desperate seller probably won't be able to say no.

There'd be no harm in getting a quote for what they'd pay you for it and listing it for sale on the open market for slightly above that. That's how I price cars

You are assuming that the demand exists in the local open market, the cash buying company will probably be claiming to have a database of investors from all over the UK and maybe overseas.

strawb_shortcake

A local house has just come on today with one of these companies, it has been on the market for some time with a different agent, unfortunately I can't remember what it was previously listed at. But it's now listed as a bargain - it's above our our price range so wouldn't like to comment on how well it's priced or not??

I really can't see the point as nowadays your market all views rightmove, they aren't introducing new buyers to you. 

This company in particular, my Brother listed his flat with them after they promised him a fixed price, and waiting buyers on their books. None of this happened, it got more complicated as he tried to cancel the contract and list with another agent. The eventual buyer spoke with both agents so both were trying to claim a fee. Only one got a fee, but I suspect there's been much correspondence on the second fee. 

They also ask the buyer for a £5k reservation fee to secure the property. 
Just price it accordingly with a regular agent and if it's going to sell its going to sell. Also avoid naming them, for some reason they don't like negative feedback and you may hear back from them in time...

If its anything like our way the market is a bit hit and miss at the moment, some sell quickly and others stay on for months

ReadySteadyPop

strawb_shortcake said:

A local house has just come on today with one of these companies, it has been on the market for some time with a different agent, unfortunately I can't remember what it was previously listed at. But it's now listed as a bargain - it's above our our price range so wouldn't like to comment on how well it's priced or not??

I really can't see the point as nowadays your market all views rightmove, they aren't introducing new buyers to you. 

This company in particular, my Brother listed his flat with them after they promised him a fixed price, and waiting buyers on their books. None of this happened, it got more complicated as he tried to cancel the contract and list with another agent. The eventual buyer spoke with both agents so both were trying to claim a fee. Only one got a fee, but I suspect there's been much correspondence on the second fee. 

They also ask the buyer for a £5k reservation fee to secure the property. 
Just price it accordingly with a regular agent and if it's going to sell its going to sell. Also avoid naming them, for some reason they don't like negative feedback and you may hear back from them in time...

If its anything like our way the market is a bit hit and miss at the moment, some sell quickly and others stay on for months

I think some of these companies are claiming to have databases of investors from around the UK and overseas who are using them to source properties, these "investors" are not necessarily scanning RM every other day like FTB`s? That is the story I think some of them like to present anyway.

strawb_shortcake

ReadySteadyPop said:

strawb_shortcake said:

A local house has just come on today with one of these companies, it has been on the market for some time with a different agent, unfortunately I can't remember what it was previously listed at. But it's now listed as a bargain - it's above our our price range so wouldn't like to comment on how well it's priced or not??

I really can't see the point as nowadays your market all views rightmove, they aren't introducing new buyers to you. 

This company in particular, my Brother listed his flat with them after they promised him a fixed price, and waiting buyers on their books. None of this happened, it got more complicated as he tried to cancel the contract and list with another agent. The eventual buyer spoke with both agents so both were trying to claim a fee. Only one got a fee, but I suspect there's been much correspondence on the second fee. 

They also ask the buyer for a £5k reservation fee to secure the property. 
Just price it accordingly with a regular agent and if it's going to sell its going to sell. Also avoid naming them, for some reason they don't like negative feedback and you may hear back from them in time...

If its anything like our way the market is a bit hit and miss at the moment, some sell quickly and others stay on for months

I think some of these companies are claiming to have databases of investors from around the UK and overseas who are using them to source properties, these "investors" are not necessarily scanning RM every other day like FTB`s? That is the story I think some of them like to present anyway.

The company my brother used claimed that, but it didn't materialise, so I think it's largely bunkum.
But rightmove is literally a hobby for so many people, whether people are moving or not.
I've seen a couple of what would be investment properties that aren't shifting. I think the increase in trade costs may be putting people off, though no idea if people are putting offers in. 
I do wonder now if all the stamp duty rumours people will bide their time before selling/offering

ReadySteadyPop

strawb_shortcake said:

ReadySteadyPop said:

strawb_shortcake said:

A local house has just come on today with one of these companies, it has been on the market for some time with a different agent, unfortunately I can't remember what it was previously listed at. But it's now listed as a bargain - it's above our our price range so wouldn't like to comment on how well it's priced or not??

I really can't see the point as nowadays your market all views rightmove, they aren't introducing new buyers to you. 

This company in particular, my Brother listed his flat with them after they promised him a fixed price, and waiting buyers on their books. None of this happened, it got more complicated as he tried to cancel the contract and list with another agent. The eventual buyer spoke with both agents so both were trying to claim a fee. Only one got a fee, but I suspect there's been much correspondence on the second fee. 

They also ask the buyer for a £5k reservation fee to secure the property. 
Just price it accordingly with a regular agent and if it's going to sell its going to sell. Also avoid naming them, for some reason they don't like negative feedback and you may hear back from them in time...

If its anything like our way the market is a bit hit and miss at the moment, some sell quickly and others stay on for months

I think some of these companies are claiming to have databases of investors from around the UK and overseas who are using them to source properties, these "investors" are not necessarily scanning RM every other day like FTB`s? That is the story I think some of them like to present anyway.

The company my brother used claimed that, but it didn't materialise, so I think it's largely bunkum.
But rightmove is literally a hobby for so many people, whether people are moving or not.
I've seen a couple of what would be investment properties that aren't shifting. I think the increase in trade costs may be putting people off, though no idea if people are putting offers in. 
I do wonder now if all the stamp duty rumours people will bide their time before selling/offering

What are the SD rumours this time?