We buy any house or similar

datlex

Query Three:  Has anyone had any experience of selling through an organisation such as we buy any house or similar?  How much lower than the home value do they tend to offer?  What are the pros and cons? 

BonaDea

Out of interest, did you search for any other threads on this topic before posting?

sammyjammy

Not sure there are any benefits, they'll offer you a very low price for your house then drop their offer after you've spent time and money on the transaction in the hope you feel forced to accept it.

sammyjammy

I see your other queries now and I don't think you can use one of these companies if the property is shared ownership, the transaction has to be agreed with the housing association concerned.

datlex

BonaDea said:

Out of interest, did you search for any other threads on this topic before posting?

I couldn't see anything relevant but if you know of any please post.

RHemmings

datlex said:

BonaDea said:

Out of interest, did you search for any other threads on this topic before posting?

I couldn't see anything relevant but if you know of any please post.

If you type 'we buy any house' (without quotes) into the forum search box, then there are pages of threads on the topic. 

datlex

sammyjammy said:

Not sure there are any benefits, they'll offer you a very low price for your house then drop their offer after you've spent time and money on the transaction in the hope you feel forced to accept it.

Houses seem to be taking a long time to sell here.  In the mean time have to keep paying rent on a shared ownership property.  My concern would be whether the valuation would be sufficient.

datlex

sammyjammy said:

I see your other queries now and I don't think you can use one of these companies if the property is shared ownership, the transaction has to be agreed with the housing association concerned.

I am not sure on that. They say they buy any house.  The housing association does have to agree to a sale.  There is the option to sell 100% of the property in the information provided by the housing association.  My concern would be whether the valuation given by such a company would be sufficient to cover the housing associations share. Currently the property is a financial drain.  Even to walk away with nothing would be better!!

eddddy

datlex said:

Houses seem to be taking a long time to sell here. 

Typically...

•  A house buying company will want to re-sell your house immediately - i.e. re-sell it on the same day they buy it from you. (It's called a back to back transaction.)

• They won't buy your house from you unless/until they've found a cash buyer for your house whos is ready to purchase.

(And the house buying company will want to keep a big chunk of profit for themselves.)

As I mentioned I another thread:

eddddy said:

When you understand how most of the companies work, you realise it's illogical to use them.

For example:

• You're struggling to sell your house with an asking price of £300k

• The house buying company might decide that the house would sell to a cash buyer within 10 days if it was priced at £250k

• So they'll offer you 80% of £250k - i.e. £200k

• Assuming they find a buyer who will pay them £250k, they'll go ahead and pay you £200k (in a back-to-back transaction)

• (If they can't find a buyer, they'll walk away without buying your house)

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?


... and maybe pay the EA a 1% fee of £2.5k - instead of giving £50k to the house buying company.

ReadySteadyPop

datlex said:

Query Three:  Has anyone had any experience of selling through an organisation such as we buy any house or similar?  How much lower than the home value do they tend to offer?  What are the pros and cons? 

The "home value" is what someone is willing to pay, if you are using a "quick sell" company in many cases this will mean no other interest, meaning that the house is overpriced to start with, but if you read the many threads about these companies they are going to drop the price at the last minute to get the absolute best value they can get. Just avoid these companies by pricing sensibly in the first place.