Express offers on our house

missyb91

Hi all 

we have had our house on the market from December 2023 we have struggled to sell it due to the size and market with it being a 7 bedroom with large garden and great parking facilities. 

We have had a letter through from express offers to guarantee selling the property in 30 days myself and sister both own the property and need the equity in it for another property for our families we currently live in the property together. Had endless of viewings leaving to no results of an offer. 

Have you got any insight if they are trustworthy and we would t be scammed due to both having families to support but feel like we are never going to see sight of a sale regardless of what the estate agents are trying. 

Have you got any insights or information on these buy your house for cash schemes and if they are worth considering? 

Thank you 

mebu60

Express Offers - house buying company? — MoneySavingExpert Forum

DullGreyGuy

missyb91 said:

Hi all 

we have had our house on the market from December 2023 we have struggled to sell it due to the size and market with it being a 7 bedroom with large garden and great parking facilities. 

We have had a letter through from express offers to guarantee selling the property in 30 days myself and sister both own the property and need the equity in it for another property for our families we currently live in the property together. Had endless of viewings leaving to no results of an offer. 

Have you got any insight if they are trustworthy and we would t be scammed due to both having families to support but feel like we are never going to see sight of a sale regardless of what the estate agents are trying. 

Have you got any insights or information on these buy your house for cash schemes and if they are worth considering? 

Thank you 

You won't be "scammed" but what it sells for will be a significant reduction from its current asking price. Most claim to buy at 80% of the value, can't say if it's true or not, but would that work for you? They probably will offer higher and drop the offer at exchange. 

There's always the question of why not drop the price yourself but inevitably if you did than and it still didnt work the cash buyers offer will then be lower too. 

Where their tactics tend to be worse is in the buy and rent back model, rental payments tend to escalate very rapidly. 

Herzlos

They'll basically drop the price until they can sell it, and then knock you down further for profit. Sellers who aren't desperate won't touch them.

You'd be better off just knocking 10-20% off the asking price and selling through a proper estate agent.


Did your estate agent say why you were getting viewings but no offers? You may want to look into that first.

saajan_12

May not be a scam, but there's usually only so many ways to skin a fish. Why do you think this is likely to be any better? These online companies would never take long term risk and fund the cost of actually buying and holding property. (think how many products does ebay own, how many cars does uber own, how much food does deliveroo own, etc)

So they have to sell the property around about when they buy from you. That means advertising, holding viewings, selling to the same buyers market you're looking at. Plus they have to make a profit, so the sale price to the end buyer has to be £x lower. 

Why don't you just lower the price considerably - like 20% and sell normally? 

ReadySteadyPop

saajan_12 said:

May not be a scam, but there's usually only so many ways to skin a fish. Why do you think this is likely to be any better? These online companies would never take long term risk and fund the cost of actually buying and holding property. (think how many products does ebay own, how many cars does uber own, how much food does deliveroo own, etc)

So they have to sell the property around about when they buy from you. That means advertising, holding viewings, selling to the same buyers market you're looking at. Plus they have to make a profit, so the sale price to the end buyer has to be £x lower. 

Why don't you just lower the price considerably - like 20% and sell normally? 

Best advice.

Albermarle

Similar thread
Companies who sell your house quickly — MoneySavingExpert Forum

ReadySteadyPop

Albermarle said:

Similar thread
Companies who sell your house quickly — MoneySavingExpert Forum

Yes, there are dozens of threads about these companies because the market appears to have frozen up.

https://propertyindustryeye.com/completion-rates-continue-to-fall-despite-a-surge-in-housing-supply/