Express House Selling

bigmootwo

Hi, any advice with signing up with a so called 'Express House selling agency?' We have our parents home to sell following a death and now dementia with the remaining parent.
My sisters are fairly keen to go ahead with 'Express Estate Agents' who allegedly can sell the house within 30 days, they've said they have buyers waiting, investors who buy without looking physically at the house. 
I'm feeling more than sceptical about the whole idea, whilst it would be great to sell the house quickly if this is even a possibility I feel these agents have hidden agendas. 
They've given my sisters all sorts of promises - I don't believe many of these as the housing market and buying/selling process is extremely fickle in my opinion.
The real question is; can these agents be trusted or best with a traditional estate agent.

p00hsticks

You almost certainly won't get anywhere near the same price as you would going through a traditional estate agent. Which would lead to a potential question as to whether you are acting in the best financial interest of the surviving parent in going straight for this option without first going through the normal route. 

This is assuming that you already have Power of Attorney in place to enable you to sell the property on behalf of the surviving parent ? 

theartfullodger

Sorry to read your story.

Only go that way if you are ALL happy to lose a lot of money.

What does land registry say about who owns the place now?? Sisters and you?? Or parents.  If paents do you have PoAs to permit you to sell?? Otherwise you're kinda stuck.

Good luck.

Albermarle

theartfullodger said:

Sorry to read your story.

Only go that way if you are ALL happy to lose a lot of money.

What does land registry say about who owns the place now?? Sisters and you?? Or parents.  If paents do you have PoAs to permit you to sell?? Otherwise you're kinda stuck.

Good luck.

Looking at the website of 'Express House selling agency' it is not clear that they are one of these typical ' We buy any House' operations, which is what I guess you have assumed ( I did when I first read the OP)

They promote themselves more as online only Super Estate agents, with a bigger digital reach than normal, more buyers on the books etc, more super motivated staff etc 

There is a review here ( main point to note is that the 30 days sale time is just a target, no promises)
Express Estate Agency Reviews - 2025 Critical Analysis | Property Sale Watchdog

Clive_Woody

I had a friend who was an estate agent who moved to work for a similar company who low-balled sellers who were desperate to sell and needed the money. He mentioned all sorts of tactics to keep driving down the price and the list of fees was eye watering. He quit after a few months as it felt wrong (yes he was an estate agent with morals  ).

ExEstateAgent

Depending on the condition of the home and the need for a quick sale, either list with a local EA or go to TRADITIONAL property auction (but you will probably get less at auction). 

Herzlos

I can't imagine what they'd do differently to any other quick house selling place, which is to make a painfully low offer and list / find a buyer at a discount then transact across. Often there's a change in valuation at the last minute meaning they need to knock another chunk off. 

For it to work out, they'd likely be offering something like 30% under market (knocked down to 40% later) and selling to to someone 10ppt above that. 

You'd be better just listing with a local estate agent at a figure between 30% below and market. The same buyers will see it anyway. 

Chief_of_Staffy

"they've said they have buyers waiting, investors who buy without looking physically at the house."

That sounds reasonable. I can imagine groups of buyers sitting beside their cash piles saying, "I hope Express House Selling Agency calls us soon so that we can give them money for a house we've never even seen. I just wish there was another way we could purchase property. In the meantime, who's up for another game of Scrabble?"

artyboy

Chief_of_Staffy said:

"they've said they have buyers waiting, investors who buy without looking physically at the house."

That sounds reasonable. I can imagine groups of buyers sitting beside their cash piles saying, "I hope Express House Selling Agency calls us soon so that we can give them money for a house we've never even seen. I just wish there was another way we could purchase property. In the meantime, who's up for another game of Scrabble?"

I think 'Monopoly' is more their sort of game...

bigmootwo

Thanks for the comments, I assumed pretty much what each of you has said, so thank you for your time. We have PoA and for me, there's really no rush to sell the house, I felt suspicious from the word go. I truly believe with sites such as Righmove, properties are seen nationwide anyway, as you said @Chief_of_Staffy, investers want good investments, they're hardly going to throw money around because an agent has suggested a 'possible good investment'
Overall thank you.

RAS

Remind your sister that you (both) have a legal duty to act in your parent's best interests. 

Reducing the money available to pay for care fees isn't in your parent's best interests.

If they can't stay in the house until it's sold, the LA will do an assessment and fund if necessary in the short-term, then recoup from the sale. 

Speak to the LA now if you think it's an issue.