House buying companies

Wibblewobbleping

Has anyone sold their house to Home House Buyers Ltd, based in Harrogate?

Is there a company that you have used that you would recommend.

Albermarle

There are regular threads on here about similar ' we buy any house' type companies. The consensus advice is .

Firstly avoid them like the plague.

Instead either,
Tell the estate agents to drop the asking price significantly. Then it should sell via the normal route.
Or
If it is an unusual property/location and/or has lots of issues sell it in a conventional auction. ( not a modern method of auction)

eddddy

The problem is that these companies don't really 'buy your house' in the way you probably imagine.

What they generally want to do is buy your house and sell your house on the same day - and keep 20% of the price for themselves.

So it might work like this:

• You're currently asking for £300k for your house

• The company thinks "If the asking price was reduced to £250k, it would sell in a few days"

So they do this...

• They offer you £200k

• They find a buyer who is prepared to pay £250k

• They buy the house from you for £200k and sell it for £250k - all on the same day

• They walk away with £50k profit

(Or if they can't find a buyer prepared to pay £250k - they walk away and don't buy from you.)

So you'd be better off reducing the price to £250k yourself (and paying an estate agent 1.5%), instead of giving away £50k to the house buying company.

ReadySteadyPop

Just reduce the price until you get offers, the base rate cut may encourage people to buy.