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gld73
Posts: 250 Forumite
Just wondering if anyone here has sold a property to Open Property Group, and if so, what their experience of the company was like?
I have a house rented out, let it go on to a periodic tenancy as I was intending to sell, but 3 years later I still haven't done anything about it - tenant pays their rent every month even if it is less than the market value rent now. Rather than go through the process to get the tenants out, redecorate and sell at full price, I'd be willing to accept less than the full price (within reason). I live a long way from the house now, so can't visit it more than once a year - the Open Property Group model would, in theory, suit me, but that's just going on their information rather than independent first hand experience.
(comments on experience, if any, of OPG specifically please not just general "companies buying houses for cash are the devil's spawn" comments)
I have a house rented out, let it go on to a periodic tenancy as I was intending to sell, but 3 years later I still haven't done anything about it - tenant pays their rent every month even if it is less than the market value rent now. Rather than go through the process to get the tenants out, redecorate and sell at full price, I'd be willing to accept less than the full price (within reason). I live a long way from the house now, so can't visit it more than once a year - the Open Property Group model would, in theory, suit me, but that's just going on their information rather than independent first hand experience.
(comments on experience, if any, of OPG specifically please not just general "companies buying houses for cash are the devil's spawn" comments)
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So long as you know
* what the vacant posession market price would be
* What you're prepared to accept to sell with tenants
* what this company will pay
Then why does it matter who they are? Treat them like any other buyer, agree a price, and sell.
The only issue is if they start
* imposing conditions
* asking for cash up front (for their valuation/whatever)
* getting you to sign anything before a sale contract
In those cases, walk away.0 -
As G_M suggests... it is certainly sensible to get valuations from 2 or 3 EAs, and perhaps even an opinion from an auction house.
And match those up against the offer made by the company you mention.
As an aside, it's interesting to contemplate the following:
- What is the business model of the company? How do they make money?
- Are they really just building up a stock of properties all over the country for themselves?
- If they want to build up a stock of property, why don't they buy properties through EAs and auctions?
- Do they have hundreds of thousands (or millions) of pounds sitting in instant access bank accounts, waiting for sellers to come along?0 -
Why is this more attractive to you than putting the property into an auction?0
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Why is this more attractive to you than putting the property into an auction?
Or just trying to get some local EA to put it up for sale with tenants in place? Someone local might be looking for a buy-to-let. Just make sure you negotiate a decent fee for this, so you're not chucking money away.
Can't imagine you'd get any less than from a company which offers this sort of fast-buy, or an auction, once you've paid their fees.Mortgage - £[STRIKE]68,000 may 2014[/STRIKE] 45,680.0 -
Or just trying to get some local EA to put it up for sale with tenants in place? Someone local might be looking for a buy-to-let. Just make sure you negotiate a decent fee for this, so you're not chucking money away.
Can't imagine you'd get any less than from a company which offers this sort of fast-buy, or an auction, once you've paid their fees.
I have spoken to local EAs, but because viewings would be a problem (tenant doesn't want people traipsing through the house, not surprisingly, and I'm not around to host viewings myself), they say it would be a hard sell. People tend to want to view before buying a house unfortunately!0 -
I have spoken to local EAs, but because viewings would be a problem (tenant doesn't want people traipsing through the house, not surprisingly, and I'm not around to host viewings myself), they say it would be a hard sell. People tend to want to view before buying a house unfortunately!
That problem won't go away with a house buying company.
They want a back-to-back contract. i.e. They will sell your house on the same day they buy it.
If their buyers can't view the property, they are likely to achieve a very low price.
You will get 80% of that very low price, and the house buying company will get 20% of it.0 -
I understand tenants not wanting to allow viewings, but would they really rather eviction/moving? You'd be well within your rights if you follow the procedure which they have to expect, but for them, looking for a new rental, upheaval with schools/work commutes, packing, moving costs, dealing with deposits/inventories, new neighbours.. If I were them I'd rather specify a couple of days/evenings a week for viewings and you instruct the EA to only suggest those times.
A BTL viewer is more likely to think of it on the basic facts, and not need to 'fall in love with the place.. so as generalising as this is, that means fewer / shorter / less intrusive viewings.0 -
Go round and see the tenants for a chat. Take a cake.
Explain that the best financial option for you is to end their tenancy, get vacant possession of the property, and then adveryise with an EA who will do viewings to sell the property with VP at the best market price.
Then tell them your don't want to evict them as they've been good tenants and you appreciate how difficult and costly it is for them to move.
So as an alternative you'll advertise it with local EAs but for sale with tenants. This means
* it will go to another landlord
* they'll get to stay
* you'll get less money so
* you'd need their cooperation over viewings.
You could also offer to give them a new 12 month fixed term tenancy which would bind the new owner/landlord - so they'd have at least 12 months security.
But don't issue the new tenancy until viewings have taken place and a BTL buyer been found, otherwise you'd be stuck with the tenants even if they did NOT cooperate over viewings!0 -
I have spoken to local EAs, but because viewings would be a problem (tenant doesn't want people traipsing through the house, not surprisingly, and I'm not around to host viewings myself), they say it would be a hard sell. People tend to want to view before buying a house unfortunately!
As others have said, any other way of selling doesn't necessarily prevent the need for viewings.
Suggest to the tenants just one open-afternoon. Then at least they only have to tidy up and hang about/go out for a few hours, rather than repeatedly over weeks. I had an open evening for my flat sale - 5.30pm until 7pm. 8 viewings, 5 offers, and I just went out for a cup of coffee. Really wasn't any hassle, and only had to hide the clutter once Mortgage - £[STRIKE]68,000 may 2014[/STRIKE] 45,680.0 -
Hmmmm.
Brand new poster resurrects a 12 month old thread in order to singg a company's praises......
Sceptical? Me?0
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