Cash Buyers

35har1old

fiftythriftygirl said:

Hi

We are looking to sell our rental property and instead of looking at estate agents, we are considering a quick option of a cash buyers.  We realize the offer will be lower but there's enough equity to consider it.  However, there are so many stories of scammers, fraudsters etc we have on idea where to begin to look for reputatable or even if these exist?  Any advice would be welcome?

Had a cash buyer went over the asking price still took sometime to complete due to solicitors.
But it likely would have folded if not for the estate agent holding it all together by calling around everybody involved.
Estate agent also confirmed proof of money available.
Perphaps I was lucky with my choice of estate agent

dinosaur66

i used to be a house flipper always cash bar 2 times

makes no difference to the timeframe involved

i mostly bought probate propertys ,so cash buyer no chain either end

offer accepted to keys 4 months minumum and i have all proof of purchase /paperwork / video calls/messages done same day .

its the conveyencers who are slow

dinosaur66

meant proof of funds as i make the offer not proof of purchase

ReadySteadyPop

dinosaur66 said:

i used to be a house flipper always cash bar 2 times

makes no difference to the timeframe involved

i mostly bought probate propertys ,so cash buyer no chain either end

offer accepted to keys 4 months minumum and i have all proof of purchase /paperwork / video calls/messages done same day .

its the conveyencers who are slow

Can you still make money "flipping" property?

MeteredOut

ReadySteadyPop said:

dinosaur66 said:

i used to be a house flipper always cash bar 2 times

makes no difference to the timeframe involved

i mostly bought probate propertys ,so cash buyer no chain either end

offer accepted to keys 4 months minumum and i have all proof of purchase /paperwork / video calls/messages done same day .

its the conveyencers who are slow

Can you still make money "flipping" property?

Yes, but not much more than you do flipping burgers

Hoenir

fiftythriftygirl said:

The property is empty and ok (could do with a tidy up as rented for the last 13 years). We realise that the price will be considerably lower and have rented it out for 13 years so no emotional connection.  I'm assuming we can walk away if they start trying to pull a fast one or not? 

Then you aren't going to achieve a quick sale. Might as well market the property properly . Price it attractively. Chose  from the  offers you receive. EA can be contacting their client list within hours of viewing the property. 

AskAsk

cash buyers aren't as good as you think.  i have had many offers from cash buyers and often they offer silly low prices, that it is insulting.

then they can't pass the ALM test as solicitors are very strict these days with cash transactions.  then they can't raise the business capital loans if they are using this method, and they will still call it cash buyer.

forget selling to cash buyers only, just sell it like normal and consider cash buyers if they make an offer, but from my experience, they often turn out to be a waste of time.

it is better to sell to someone who doesn't have anything to sell and who is putting down a large deposit.

ReadySteadyPop

MeteredOut said:

ReadySteadyPop said:

dinosaur66 said:

i used to be a house flipper always cash bar 2 times

makes no difference to the timeframe involved

i mostly bought probate propertys ,so cash buyer no chain either end

offer accepted to keys 4 months minumum and i have all proof of purchase /paperwork / video calls/messages done same day .

its the conveyencers who are slow

Can you still make money "flipping" property?

Yes, but not much than you do flipping burgers

I don`t think it is that bad yet but "projects" got less popular as borrowing went up in price.

Grumpy_chap

fiftythriftygirl said:

Hi

We are looking to sell our rental property and instead of looking at estate agents, we are considering a quick option of a cash buyers.  We realize the offer will be lower but there's enough equity to consider it.  However, there are so many stories of scammers, fraudsters etc we have on idea where to begin to look for reputatable or even if these exist?  Any advice would be welcome?

fiftythriftygirl said:

The property is empty and ok (could do with a tidy up as rented for the last 13 years). We realise that the price will be considerably lower and have rented it out for 13 years so no emotional connection.  I'm assuming we can walk away if they start trying to pull a fast one or not? 

It is reasonable to consider the "we buy any house" companies, but why not simply get valuations from local EAs and say to them you want to be realistic in valuation for the property in the current state (needs updating) and a timely sale to verified Buyers. 
Suggest your timescale that you'd ideally like to be in receipt of offers - say 4 weeks?  You could even negotiate a short sole agency period so you are free then to go the "we buy any house" route.
EAs will have local buyers they know that seek such properties and will also list on Rightmove and such like to solicit any further interest.
EAs also like properties that can be listed at attractive prices as they can get the sale and commission for far less work than a property listed at above / top end market rate.

dinosaur66

ReadySteadyPop said:

dinosaur66 said:

i used to be a house flipper always cash bar 2 times

makes no difference to the timeframe involved

i mostly bought probate propertys ,so cash buyer no chain either end

offer accepted to keys 4 months minumum and i have all proof of purchase /paperwork / video calls/messages done same day .

its the conveyencers who are slow

Can you still make money "flipping" property?

no

 essex and london prices have risen too much

i paid stamp duty  around the 1.5 k to 2.5k per property usually up to 2016

capital gains relief taken away

price of materials gone up

price of trades i am not good at or cannot do like plastering /electrician have doubled

i specalised in bungalows which now fetch a premium

my other area is scotland west coast which is fine for rentals but the area has slow capital growth