Houses bought for cash - What's the catch

stopsmoking

Has anyone sold there house this way and if so how far off the market value was there offer.

Squidgy

Not personally but estate agent husband says the difference is usually about 15%

HTH

sneekymum

Mother bought her bungalow cash. She didn't get it any cheaper - there were three others trying to buy it at the time but it did make the sale hers - especially as she didn't need to spend any time getting a mortgage valuation sorted out.

stopsmoking

Thanks. I may not have made myself clear. i was refering to these companies that advertise to buy your house for cash. I am spliting up from my Wife and have large debts to pay off so i need to sell quickly but cannot go too low under the value

Fairdo_2

Get 3 Estate Agents around and listen to what they can do, as well as their view of market value, then get this company in and ask what they would offer you.

GDB2222

stopsmoking wrote:

Thanks. I may not have made myself clear. i was refering to these companies that advertise to buy your house for cash. I am spliting up from my Wife and have large debts to pay off so i need to sell quickly but cannot go too low under the value

Is this the sort of firm you have in mind? http://www.mpginvestments.co.uk/help.html

I assume these guys are traders who will buy your property for cash with a view to selling it on at a profit. My guess is that they will offer at a discount of around 25% to 35% off market value. That's just a guess but it allows them to reoffer the property on the market at a discount of say 10% to 15%, so it will sell quite quickly, plus also make a profit for themselves.

Is there a problem with simply asking them what they would offer? Then compare with advice from estate agents on the normal sale route.

theGrinch

there are many of these companies springing up. not sure about all of them though. I think most are one man bands. typically they will offer 75% of open market value.