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

Herzlos

It's an inherited property, no-one is talking about the price they paid or expecting houses to sell really quickly.

That's why the OP is willing to take a hit on price to sell quicker. 

I genuinely don't understand what you're point is here. 

RHemmings

ReadySteadyPop said:

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.

Any house will fly off the shelf at the right price. I was specifically talking about a house being marketed for less than true market value. Not talking about the general case. 

In the example of the OP, we don't know where they are and what the market is like there. If they are in a small, remote, village where the local main employer has just shut down, then things will be different than if they are a typical city or large town without anything unusual having happened to affect the local economy. 

In my case, I'm in a city and houses are clearly selling. My house, priced under market value, will fly off the shelf I believe. And, I know my local market and £20k less than I paid is definitely cheap and will sell. 

In the extreme example I made up, above, the house will still fly off the shelf at the right price, but that right price might be so low that it would be better to wait for a buyer. (If the OP can). 

In January, houses were typically going under offer after an average of 38 days on the market. https://www.zoopla.co.uk/discover/selling/how-long-does-it-take-to-sell-a-house/  That was before the end of the stamp duty holiday when the market was different. In June, it was about 45 days. https://www.zoopla.co.uk/discover/property-news/house-price-index/  However, note that the two numbers are different. The January figure appears to be the time to receive an offer, and the June figure is for a house going SSTC. However, even if the difference is exaggerated, 45 days is not very much longer than 38 days.

(Yes, I know that receiving an offer or going SSTC is not the same as selling the house. The Zoopla links discuss that.)

Returning to the OP, they will know the market the house is in, and whether there is something that may affect the situation. But, I see nothing that makes me think that the house would not 'fly off the shelf' at the right price. Same for my house (where I do know the market). Hence, I don't think your comment is useful to the OP. 

ReadySteadyPop

RHemmings said:

ReadySteadyPop said:

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.

Any house will fly off the shelf at the right price. I was specifically talking about a house being marketed for less than true market value. Not talking about the general case. 

In the example of the OP, we don't know where they are and what the market is like there. If they are in a small, remote, village where the local main employer has just shut down, then things will be different than if they are a typical city or large town without anything unusual having happened to affect the local economy. 

In my case, I'm in a city and houses are clearly selling. My house, priced under market value, will fly off the shelf I believe. And, I know my local market and £20k less than I paid is definitely cheap and will sell. 

In the extreme example I made up, above, the house will still fly off the shelf at the right price, but that right price might be so low that it would be better to wait for a buyer. (If the OP can). 

In January, houses were typically going under offer after an average of 38 days on the market. https://www.zoopla.co.uk/discover/selling/how-long-does-it-take-to-sell-a-house/  That was before the end of the stamp duty holiday when the market was different. In June, it was about 45 days. https://www.zoopla.co.uk/discover/property-news/house-price-index/  However, note that the two numbers are different. The January figure appears to be the time to receive an offer, and the June figure is for a house going SSTC. However, even if the difference is exaggerated, 45 days is not very much longer than 38 days.

(Yes, I know that receiving an offer or going SSTC is not the same as selling the house. The Zoopla links discuss that.)

Returning to the OP, they will know the market the house is in, and whether there is something that may affect the situation. But, I see nothing that makes me think that the house would not 'fly off the shelf' at the right price. Same for my house (where I do know the market). Hence, I don't think your comment is useful to the OP. 

The first thing that jumps out for me is that the OP is thinking of using a quick sale company, that implies that natural demand in the area isn`t very strong, and I also think there are far fewer willing property "investors" around who will just snap anything up than there would have been a few years ago.

RHemmings

ReadySteadyPop said:

RHemmings said:

ReadySteadyPop said:

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.

Any house will fly off the shelf at the right price. I was specifically talking about a house being marketed for less than true market value. Not talking about the general case. 

In the example of the OP, we don't know where they are and what the market is like there. If they are in a small, remote, village where the local main employer has just shut down, then things will be different than if they are a typical city or large town without anything unusual having happened to affect the local economy. 

In my case, I'm in a city and houses are clearly selling. My house, priced under market value, will fly off the shelf I believe. And, I know my local market and £20k less than I paid is definitely cheap and will sell. 

In the extreme example I made up, above, the house will still fly off the shelf at the right price, but that right price might be so low that it would be better to wait for a buyer. (If the OP can). 

In January, houses were typically going under offer after an average of 38 days on the market. https://www.zoopla.co.uk/discover/selling/how-long-does-it-take-to-sell-a-house/  That was before the end of the stamp duty holiday when the market was different. In June, it was about 45 days. https://www.zoopla.co.uk/discover/property-news/house-price-index/  However, note that the two numbers are different. The January figure appears to be the time to receive an offer, and the June figure is for a house going SSTC. However, even if the difference is exaggerated, 45 days is not very much longer than 38 days.

(Yes, I know that receiving an offer or going SSTC is not the same as selling the house. The Zoopla links discuss that.)

Returning to the OP, they will know the market the house is in, and whether there is something that may affect the situation. But, I see nothing that makes me think that the house would not 'fly off the shelf' at the right price. Same for my house (where I do know the market). Hence, I don't think your comment is useful to the OP. 

The first thing that jumps out for me is that the OP is thinking of using a quick sale company, that implies that natural demand in the area isn`t very strong, and I also think there are far fewer willing property "investors" around who will just snap anything up than there would have been a few years ago.

This is completely something that you have just made up. We don't know any of that for the OP's area. Which is why people have been advising the OP to talk to local EAs who actually know what's going on. 

I know what is happening in my area, which is that houses are continuing to sell at fairly normal rates, apart from the stamp duty holiday making the pattern of sales across the year strange. So, even if there was suddenly 'far fewer property investors', that doesn't matter provided that there are people purchasing properties. E.g. private buyers, insitutional investors, and so on. 

Do you have any data to back up your claim that there are far fewer property investors around to buy properties? Or is it yet again something that you've just made up? 

It looks very much to me as if you just want to post random links about the economy and house prices in general and are just looking for random places to put them. Whether or not they fit the thread, or the post you are responding to. 

ReadySteadyPop

RHemmings said:

ReadySteadyPop said:

RHemmings said:

ReadySteadyPop said:

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.

Any house will fly off the shelf at the right price. I was specifically talking about a house being marketed for less than true market value. Not talking about the general case. 

In the example of the OP, we don't know where they are and what the market is like there. If they are in a small, remote, village where the local main employer has just shut down, then things will be different than if they are a typical city or large town without anything unusual having happened to affect the local economy. 

In my case, I'm in a city and houses are clearly selling. My house, priced under market value, will fly off the shelf I believe. And, I know my local market and £20k less than I paid is definitely cheap and will sell. 

In the extreme example I made up, above, the house will still fly off the shelf at the right price, but that right price might be so low that it would be better to wait for a buyer. (If the OP can). 

In January, houses were typically going under offer after an average of 38 days on the market. https://www.zoopla.co.uk/discover/selling/how-long-does-it-take-to-sell-a-house/  That was before the end of the stamp duty holiday when the market was different. In June, it was about 45 days. https://www.zoopla.co.uk/discover/property-news/house-price-index/  However, note that the two numbers are different. The January figure appears to be the time to receive an offer, and the June figure is for a house going SSTC. However, even if the difference is exaggerated, 45 days is not very much longer than 38 days.

(Yes, I know that receiving an offer or going SSTC is not the same as selling the house. The Zoopla links discuss that.)

Returning to the OP, they will know the market the house is in, and whether there is something that may affect the situation. But, I see nothing that makes me think that the house would not 'fly off the shelf' at the right price. Same for my house (where I do know the market). Hence, I don't think your comment is useful to the OP. 

The first thing that jumps out for me is that the OP is thinking of using a quick sale company, that implies that natural demand in the area isn`t very strong, and I also think there are far fewer willing property "investors" around who will just snap anything up than there would have been a few years ago.

This is completely something that you have just made up. We don't know any of that for the OP's area. Which is why people have been advising the OP to talk to local EAs who actually know what's going on. 

I know what is happening in my area, which is that houses are continuing to sell at fairly normal rates, apart from the stamp duty holiday making the pattern of sales across the year strange. So, even if there was suddenly 'far fewer property investors', that doesn't matter provided that there are people purchasing properties. E.g. private buyers, insitutional investors, and so on. 

Do you have any data to back up your claim that there are far fewer property investors around to buy properties? Or is it yet again something that you've just made up? 

It looks very much to me as if you just want to post random links about the economy and house prices in general and are just looking for random places to put them. Whether or not they fit the thread, or the post you are responding to. 

The OP will no doubt keep us updated about what is actually happening.

Herzlos

ReadySteadyPop said:

The first thing that jumps out for me is that the OP is thinking of using a quick sale company, that implies that natural demand in the area isn`t very strong, and I also think there are far fewer willing property "investors" around who will just snap anything up than there would have been a few years ago.

The very first line of this thread tells you why the OP wants a quick sale, and it's got nothing to do with demand in the area. It's been a messy probate that's left them drained and they just want rid.

We don't know anything about the area or how well properties are selling, just that this one is a doer-upper and the OP just wants it sold quickly. 

I also don't think there's any shortage of property investors. 

Scotbot

ReadySteadyPop said:

GDB2222 said:

@sclare What you haven't said is how much of a pasting you're prepared to take on price. Supposing that a sensible value for the property, given its condition, is £300k, how much less than this would you be prepared to sell it for in order to get a quick, fairly easy sale? 

If the answer is say £200k, I reckon someone will wrench it off your hands for cash, if only so they can sell it for closer to £300k.

If the answer is £250k as a minimum, then stick it in the auction, and it will probably sell.

If you want to get around £280k, then your best choice is to give it to a local estate agent to sell, but instruct them to put a guide price of £270k on it. At 10% below market value, you should get LOADS of interest. You don't want to choose the highest offer, just the one you think will complete with the least hassle.

I `m not sure this works so well anymore, there has been a noticeable dip in demand for property.

Not where I live (West Mids). Reasonably priced property is flying off the shelf at the moment. Two properties I liked sold within a week. Both were competitively priced. One was a fixer upper that had been renovated. Looking at the price they paid for it I doubt they made a profit unless they were in the trade and did all the work. So I guess they had to sell and indeed they did. Buyers know the market and know when something is a bargain.  Bargains always sell

I have also had 2 letters from EAs detailing buyers who are after a property in this postcode and can't find anything.  The market is certainly not in a dip

sclare

Scotbot said:

ReadySteadyPop said:

GDB2222 said:

@sclare What you haven't said is how much of a pasting you're prepared to take on price. Supposing that a sensible value for the property, given its condition, is £300k, how much less than this would you be prepared to sell it for in order to get a quick, fairly easy sale? 

If the answer is say £200k, I reckon someone will wrench it off your hands for cash, if only so they can sell it for closer to £300k.

If the answer is £250k as a minimum, then stick it in the auction, and it will probably sell.

If you want to get around £280k, then your best choice is to give it to a local estate agent to sell, but instruct them to put a guide price of £270k on it. At 10% below market value, you should get LOADS of interest. You don't want to choose the highest offer, just the one you think will complete with the least hassle.

I `m not sure this works so well anymore, there has been a noticeable dip in demand for property.

Not where I live (West Mids). Reasonably priced property is flying off the shelf at the moment. Two properties I liked sold within a week. Both were competitively priced. One was a fixer upper that had been renovated. Looking at the price they paid for it I doubt they made a profit unless they were in the trade and did all the work. So I guess they had to sell and indeed they did. Buyers know the market and know when something is a bargain.  Bargains always sell

I have also had 2 letters from EAs detailing buyers who are after a property in this postcode and can't find anything.  The market is certainly not in a dip

Interesting that you're in the West Midlands. The property is in the Black Country.

I will definitely get some valuations and views on the market from local agents when the property is available to market.

I just want to thank everyone for your help and opinions on here. I would still really appreciate getting this property off my back asap, for the reasons previously mentioned, but I'll now not rush into it too quickly, and will get some local agents' opinions first. 

ReadySteadyPop

Herzlos said:

ReadySteadyPop said:

The first thing that jumps out for me is that the OP is thinking of using a quick sale company, that implies that natural demand in the area isn`t very strong, and I also think there are far fewer willing property "investors" around who will just snap anything up than there would have been a few years ago.

The very first line of this thread tells you why the OP wants a quick sale, and it's got nothing to do with demand in the area. It's been a messy probate that's left them drained and they just want rid.

We don't know anything about the area or how well properties are selling, just that this one is a doer-upper and the OP just wants it sold quickly. 

I also don't think there's any shortage of property investors. 

If there was strong demand from investors you wouldn`t need the "Quick sale company".

Herzlos

ReadySteadyPop said:

Herzlos said:

ReadySteadyPop said:

The first thing that jumps out for me is that the OP is thinking of using a quick sale company, that implies that natural demand in the area isn`t very strong, and I also think there are far fewer willing property "investors" around who will just snap anything up than there would have been a few years ago.

The very first line of this thread tells you why the OP wants a quick sale, and it's got nothing to do with demand in the area. It's been a messy probate that's left them drained and they just want rid.

We don't know anything about the area or how well properties are selling, just that this one is a doer-upper and the OP just wants it sold quickly. 

I also don't think there's any shortage of property investors. 

If there was strong demand from investors you wouldn`t need the "Quick sale company".

Why do you think that?