SHOULD i SELL TO CASH BUYER COMPANY

Davesnave

SquatNow wrote: »

House prices have dropped at least 8% from the peak last august so 12% isn't a lot.

It is to me! I said 12% below last February's price and going lower, next week probably. That's a whole different ball game from 8% off last August, when I wasn't on the market.

I think, say, 15% drop in 6 months is quite a change, thank you. I was just indicating to the OP what kind of drop she would need to consider if going by the conventional route. She now says it's too late to do that, so I'd agree, it's between an auction and one of the cash buy companies. Pity nobody has been able to comment on the latter.

I'd also agree it is really sad that the care home system forces you into decisions like this.

Trollfever

The Buy Your Property for Cash VULTURES can string you along for weeks/months and then find that they are unable to raise the cash.


A professional property trading business will have banking facilities in place to enable them to exchange contracts and complete on the purchase within a week.

clutton_2

the credit crunch has made it exceptionally difficult for traders to get funding to buy and sell on property quickly. it is only the larger operators who will be left in the business. they will look at a realistic market value - - ie what they think a residential purchaser will pay for it - then they will offer 25% below that. But the bigger companies will buy quickly from you.

this sounds as if it is a very stressful situation for you, and that you are finding it hard to let go of your mums house for what you see as an unrealistic price.

sadly for you - it is true that houses dont sell for only 2 reasons

they are too expensive

or

there is something wrong wiht them

you seem to have upgraded the house as much as possible, so, i feel that you will have to bite the bullet and drop the price significantly to get a buyer.

EAs dont advertise every week - as they see that as counter productive - and that does make sense

its a tough decision

is the home charging you interest on un paid fees for your mum ?

bobby-boy_2

My mum is in a care home and we have to sell her house to pay the fees.

Hi Katykat sell it to the vulchers as your mum will end up with the same protected money in the end. Think its about 8K before she has to stop paying the fees.

She gains nothing by selling it for more.
Shame as if she had saved nothing she would get the care for free.

mightymouse

Hi

Just info really, a house near by sold to a 'we buy your house for cash' completed in April 08 (land registry) at 55% of estate agent advertised valuation.

I found out afterwards when the purchaser came to view his purchase!.

tom_thumb_2

You are allowed around 22k as your own money. Anything above that goes on care, If most of this money is going to be used as care money would it not just be best to sell it for what you are offered ? when the money is eaten up your mothers care will be paid for.

guppy

Who knows what might happen in the future. Why sell to someone that is effectively ripping you off. At least with an auction the property is marketed properly and there is open competition for it.

Arguably since the property is being sold for someone else there is a duty to get the best price for it. That's not to say I don't appreciate first hand how stressful the situation can be though.

Davesnave

tom_thumb wrote: »

You are allowed around 22k as your own money. Anything above that goes on care, If most of this money is going to be used as care money would it not just be best to sell it for what you are offered ? when the money is eaten up your mothers care will be paid for.

That's not necessarily true. It depends entirely on the care home and its fee structure. Obviously, many more people would choose the more expensive establishments if this were the case. What often happens is that patients are moved somewhere cheaper when the money runs out.

You can, however, buy a lump sum care package based upon your age, health etc. Once paid, this should mean the rest of your money is 'safe.' It isn't for everyone. I considered it for my Dad, who was 95 and therefore unlikely to need care for long.

The whole area is a nightmare, including deciding what should be NHS funded & what shouldn't.

mightymouse

guppy wrote: »

Who knows what might happen in the future. Why sell to someone that is effectively ripping you off. At least with an auction the property is marketed properly and there is open competition for it.

Arguably since the property is being sold for someone else there is a duty to get the best price for it. That's not to say I don't appreciate first hand how stressful the situation can be though.

There are dangers when selling at under value to benefit another party and therefore to sell at Auction seems to be the easiest, quickest and also provides reasonable security that the best price was obtained.

I was drawn to the nearby property when a number of drivers of prestige cars gathered there one day, presumably because the house was being sold on for a few thousand more.

maytaurus

I agree with guppy
'Those cash buyer companies generally offer a very poor deal'
without going into detail, my parents did this and the house was re-sold within 3 months for nearly £30,000 more money !!