'Instant' property buying companies - has anyone had a good experience?

GDB2222

Herzlos said:

sclare said:

Speed of getting rid of this property is the most important thing for me. I'm prepared to lose a fair bit if it means a quick sale. I don't think that people wanting to flip will care  much about the state of the decor. But the garden could be a long and expensive job if it's as bad as I fear. And I'd have thought that would put off the flippers/landlords etc who want it sorted and earning quickly.

If that's the case I'd just get a local EA to list it at about 75% of the value and see what happens. Realistically a home buying company will try and get you down to more like 50% so anything above that is going to be a win. 

There's also a high possibility that the local EA will already know some flippers who'd snap it up. 

A buyer can get the garden landscaped for a few thousand. So, why are you suggesting knocking £50k off the value? 

This is a liveable house. We know that, because the tenants are fighting tooth and nail to remain. It can be sold to a local family, to live in themselves. They’ll be delighted with a bit off the price if it’s a bit down at heel. 

The OP needs to find a local agent, who can drive past and advise. There’s no need to wait until the tenants are evicted. 

RHemmings

GDB2222 said:

Herzlos said:

sclare said:

Speed of getting rid of this property is the most important thing for me. I'm prepared to lose a fair bit if it means a quick sale. I don't think that people wanting to flip will care  much about the state of the decor. But the garden could be a long and expensive job if it's as bad as I fear. And I'd have thought that would put off the flippers/landlords etc who want it sorted and earning quickly.

If that's the case I'd just get a local EA to list it at about 75% of the value and see what happens. Realistically a home buying company will try and get you down to more like 50% so anything above that is going to be a win. 

There's also a high possibility that the local EA will already know some flippers who'd snap it up. 

A buyer can get the garden landscaped for a few thousand. So, why are you suggesting knocking £50k off the value? 

This is a liveable house. We know that, because the tenants are fighting tooth and nail to remain. It can be sold to a local family, to live in themselves. They’ll be delighted with a bit off the price if it’s a bit down at heel. 

The OP needs to find a local agent, who can drive past and advise. There’s no need to wait until the tenants are evicted. 

In the post that @Herzlos quoted, @sclare said that they wanted to sell the house very quickly. "I'm prepared to lose a fair bit if it means a quick sale."  As in your own experience quoted elsewhere, if the price is right then quite a few things will become less of an issue for buyers. 

Herzlos

Exactly, the OP says they just want rid of the property and are willing to take a hit on it, so I'm recommending just listing it with a reputable local estate agent for under the market value in order to generate the quick sale. 

If the OP wanted, they could presumably get someone to tidy up the garden for less than £1k which would make it easier to sell, but that's more money and time going into it first. 

Also a tenants idea of livable and a buyers idea of livable may not be the same thing; I've lived in some pretty awf

GDB2222

RHemmings said:

GDB2222 said:

Herzlos said:

sclare said:

Speed of getting rid of this property is the most important thing for me. I'm prepared to lose a fair bit if it means a quick sale. I don't think that people wanting to flip will care  much about the state of the decor. But the garden could be a long and expensive job if it's as bad as I fear. And I'd have thought that would put off the flippers/landlords etc who want it sorted and earning quickly.

If that's the case I'd just get a local EA to list it at about 75% of the value and see what happens. Realistically a home buying company will try and get you down to more like 50% so anything above that is going to be a win. 

There's also a high possibility that the local EA will already know some flippers who'd snap it up. 

A buyer can get the garden landscaped for a few thousand. So, why are you suggesting knocking £50k off the value? 

This is a liveable house. We know that, because the tenants are fighting tooth and nail to remain. It can be sold to a local family, to live in themselves. They’ll be delighted with a bit off the price if it’s a bit down at heel. 

The OP needs to find a local agent, who can drive past and advise. There’s no need to wait until the tenants are evicted. 

In the post that @Herzlos quoted, @sclare said that they wanted to sell the house very quickly. "I'm prepared to lose a fair bit if it means a quick sale."  As in your own experience quoted elsewhere, if the price is right then quite a few things will become less of an issue for buyers. 

I was thinking maybe 10% below value. 25% seems extreme. Of course, the value figure needs to take the condition into account. 

RHemmings

GDB2222 said:

RHemmings said:

GDB2222 said:

Herzlos said:

sclare said:

Speed of getting rid of this property is the most important thing for me. I'm prepared to lose a fair bit if it means a quick sale. I don't think that people wanting to flip will care  much about the state of the decor. But the garden could be a long and expensive job if it's as bad as I fear. And I'd have thought that would put off the flippers/landlords etc who want it sorted and earning quickly.

If that's the case I'd just get a local EA to list it at about 75% of the value and see what happens. Realistically a home buying company will try and get you down to more like 50% so anything above that is going to be a win. 

There's also a high possibility that the local EA will already know some flippers who'd snap it up. 

A buyer can get the garden landscaped for a few thousand. So, why are you suggesting knocking £50k off the value? 

This is a liveable house. We know that, because the tenants are fighting tooth and nail to remain. It can be sold to a local family, to live in themselves. They’ll be delighted with a bit off the price if it’s a bit down at heel. 

The OP needs to find a local agent, who can drive past and advise. There’s no need to wait until the tenants are evicted. 

In the post that @Herzlos quoted, @sclare said that they wanted to sell the house very quickly. "I'm prepared to lose a fair bit if it means a quick sale."  As in your own experience quoted elsewhere, if the price is right then quite a few things will become less of an issue for buyers. 

I was thinking maybe 10% below value. 25% seems extreme. Of course, the value figure needs to take the condition into account. 

I take your point, thanks. The OP started off talking about 'instant' house flipping companies which would probably be more than 25% less than true value (including condition). 

Surely a local EA would be able to predict a price where the property would fly off the shelf. And, if that's 10% less rather than 25% less, that would be great. My reading of the thread is that we're pulling percentages out of our posterior a bit. A good local EA should be able to come up with a good figure. 

In my mind (always full of future plans) I am believing that if I needed to sell my house, then at £20k less than I paid for it (less than 10% off) it would fly off the shelf. As it would be a 3 bed detached for the price of a 2 bed semi. At least, that's what I think. 

eddddy

It doesn't sound like the OP has spoken to any estate agents yet.

If the OP says to the estate agents something like either:...

• I want it advertised with a low guide price for 2 weeks - to see what offers come in

Or...

• I want it advertised at a price that is low enough to get it under offer within 7 days

.... the estate agents will be rubbing their hands with glee, because it's likely to be a quick sale for little work.


(It's the sellers who insist on listing their properties with unrealistically high prices that frustrate estate agents. They would love any seller who is prepared to list at a 'bargain' price.)

Herzlos

RHemmings said:

Surely a local EA would be able to predict a price where the property would fly off the shelf. And, if that's 10% less rather than 25% less, that would be great. My reading of the thread is that we're pulling percentages out of our posterior a bit. A good local EA should be able to come up with a good figure. 

We don't have any information to give an accurate estimate so all figures I'm quoting are wild guesses. 

Only an EA familiar with the area and has seen the property will be able to give an idea of (a) what it'd be worth normally and (b) what to price it at to sell quickly.

I'm assuming a house buying service will end up paying something like 50-60% of the value so selling for than that will give OP more money whilst still selling quickly, because realistically the house buying service will try to find a buyer between 70-100% value and only buy from OP once a sale is lined up and thus OP may as well cut out the middleman. 

GDB2222

Herzlos said:

RHemmings said:

Surely a local EA would be able to predict a price where the property would fly off the shelf. And, if that's 10% less rather than 25% less, that would be great. My reading of the thread is that we're pulling percentages out of our posterior a bit. A good local EA should be able to come up with a good figure. 

We don't have any information to give an accurate estimate so all figures I'm quoting are wild guesses. 

Only an EA familiar with the area and has seen the property will be able to give an idea of (a) what it'd be worth normally and (b) what to price it at to sell quickly.

I'm assuming a house buying service will end up paying something like 50-60% of the value so selling for than that will give OP more money whilst still selling quickly, because realistically the house buying service will try to find a buyer between 70-100% value and only buy from OP once a sale is lined up and thus OP may as well cut out the middleman. 

I totally agree with all that. I suggested that the op talks to a couple of local agents, as it may take a bit of the worry away.

Albermarle

 the estate agents will be rubbing their hands with glee, because it's likely to be a quick sale for little work.

In which case they may well offer a reduced fee, especially if they are aware you are asking around other agents as well.

ReadySteadyPop

RHemmings said:

GDB2222 said:

RHemmings said:

GDB2222 said:

Herzlos said:

sclare said:

Speed of getting rid of this property is the most important thing for me. I'm prepared to lose a fair bit if it means a quick sale. I don't think that people wanting to flip will care  much about the state of the decor. But the garden could be a long and expensive job if it's as bad as I fear. And I'd have thought that would put off the flippers/landlords etc who want it sorted and earning quickly.

If that's the case I'd just get a local EA to list it at about 75% of the value and see what happens. Realistically a home buying company will try and get you down to more like 50% so anything above that is going to be a win. 

There's also a high possibility that the local EA will already know some flippers who'd snap it up. 

A buyer can get the garden landscaped for a few thousand. So, why are you suggesting knocking £50k off the value? 

This is a liveable house. We know that, because the tenants are fighting tooth and nail to remain. It can be sold to a local family, to live in themselves. They’ll be delighted with a bit off the price if it’s a bit down at heel. 

The OP needs to find a local agent, who can drive past and advise. There’s no need to wait until the tenants are evicted. 

In the post that @Herzlos quoted, @sclare said that they wanted to sell the house very quickly. "I'm prepared to lose a fair bit if it means a quick sale."  As in your own experience quoted elsewhere, if the price is right then quite a few things will become less of an issue for buyers. 

I was thinking maybe 10% below value. 25% seems extreme. Of course, the value figure needs to take the condition into account. 

I take your point, thanks. The OP started off talking about 'instant' house flipping companies which would probably be more than 25% less than true value (including condition). 

Surely a local EA would be able to predict a price where the property would fly off the shelf. And, if that's 10% less rather than 25% less, that would be great. My reading of the thread is that we're pulling percentages out of our posterior a bit. A good local EA should be able to come up with a good figure. 

In my mind (always full of future plans) I am believing that if I needed to sell my house, then at £20k less than I paid for it (less than 10% off) it would fly off the shelf. As it would be a 3 bed detached for the price of a 2 bed semi. At least, that's what I think. 

Depends on demand for the area, people can`t expect that the price they paid is any sort of gold standard of "value", the days of houses "flying off the shelf" in most areas are over now.