Sell Property to Investor

missile

https://forums.moneysavingexpert.com/discussion/comment/82042530#Comment_82042530

Good point. I chose selling to an investor as a "quick" hassle free option. It has cost me time hassle money and I am no nearer to a completion date. This has been a lesson for me, which I hope others may learn from.

poseidon1

https://forums.moneysavingexpert.com/discussion/comment/82042783#Comment_82042783

The lesson is to do deep due diligence on the investor looking to buy your property.

I sold my house to a developer that had been pursuing me for a few years by way of letter approaches, I relented when he tracked me down by phone and made a direct approach at my work place.

He represented two development companies whose accounts I was able to examine at Companies House as well as see a couple of their local developments in progress. I was sufficiently happy with the deal and their bona fides that I did introduce a relative to them who also concluded a lucrative deal for their house. However we are talking London properties in each case over 10 years ago.

artyboy

Meanwhile, here's a separate discussion of a company that buys houses and certainly has a website. Not only that but there's even a helpful 5* Trustpilot testimonial on their homepage.

https://forums.moneysavingexpert.com/discussion/6585909/duped-by-house-sales-direct-we-buy-any-house

Wouldn't be at all surprised to find they had more than £1 in share capital, but hopefully I don't need to labour the point any more!

HobgoblinBT

OP, how far has you due diligence gone?

Your buyer’s Facebook page has an entry several years ago referring to his first investment property transaction. Also, although it is not linked under “people” on companies house, he also hold a directorship of a groundswork company of which several years ago he was reported as having a controlling interest in. This other company’s accounts show reasonable retained profits and also undisclosed debtors ( not trade debtors) in the hundreds of thousands. This to me, as a retired banker, suggests directors loan accounts. So 5 minutes in google show your buyer is most likely a man of means, involved in construction, whose property investment company has the same accountants as his day job company. What more do you want in a buyer as an investor?

I suggesting a polite chaser as to why the original 4 week timescale has not been met and how long is the transaction likely to take.

On the other hand you could always put the property back on the market.

missile

"OP, how far has you due diligence gone?"

I am aware of all you stated and more. A retired banker ought to be aware that a limited company has limited liability. Being director of another more profitable company and/or a man of means matters not a jot.

missile

https://forums.moneysavingexpert.com/discussion/comment/82043890#Comment_82043890

Wow, wish that I had read that before

missile

I am pleased to report the buyer reacted to my notification that I would reject his offer if completion by Wed 24th. I am very relieved that the property has sold.