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House buying companies

Househelpneeded
Househelpneeded Posts: 9 Forumite
in House buying, renting & selling
Hi,
My property has been on the market for a year and only one viewing. It’s holding me back from moving on in life as it’s a 1 bedroom apartment. I have lowered the price and looked at other partners in the area and none of them seem to be moving and have been on the market even longer then mine. Has anyone had any experiences with companies who purchase your home? How was it? Any info or recommendations would be appreciated. Thank you
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Comments

  • Out,_Vile_Jelly
    Out,_Vile_Jelly Posts: 4,842 Forumite
    First Post First Anniversary
    General consensus with these companies is that they'll offer you a number, then drastically reduce it at the last minute, knowing you're desperate. Time to look into auctioning the property.
    They are an EYESORES!!!!
  • hazyjo
    hazyjo Posts: 15,470 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Search the forum as it gets mentioned frequently.


    Nobody here will recommend them. They will give you much less than its value and will (more than likely) drop the price before exchange.


    Just lower the price (again) or auction it. Everything will sell at the right price. One viewing in a year? What's wrong with it (apart from price)? Must have a compromise. Lease length, motorway, bus/train stop, ex-LA, high rise... what are we missing?
    2023 wins: *must start comping again!*
  • Househelpneeded
    Househelpneeded Posts: 9 Forumite
    Honestly nothing, it’s a 8 year old 1 bedroom well kept apartment with a private car parking space. Close to bus stops, not far from motorway. I rented it in 2 weeks a few years ago and had plenty of interest to be rented out but I don’t want to get hit by extra stamp duty hence why I do t want to rent out again. The laws have changed since I rented it out. I’ve compared with apartments in the area and they all seem to be stuck.
  • wesleyad
    wesleyad Posts: 754 Forumite
    First Post First Anniversary
    The house buying company will offer you 30% less than market value. For 1 viewing in a year, you are clearly pricing it much higher than current market value. So the offer from them will make you cry.

    Sorry to say, but you are going to either properly price it or auction it.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Two factors.
    Property market has slowed considerably.
    Prices are falling in most areas.
    In your case, add a third, one bed flats the least desirable apart perhaps from studio flats..
    If it's been on for a year with one visit there's something wrong with it and that something will definitely include the price because whatever the other issues, if it's the right price, someone will buy it .
    I suggest you take it off now and readvertise it much cheaper after Xmas.
  • Househelpneeded
    Househelpneeded Posts: 9 Forumite
    It’s the cheapest in area tbh. Only £60k and the rent I got was £425 a month so good yield. I’ll have a look at auction options.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Househelpneeded wrote: »
    It’s the cheapest in area tbh. Only £60k and the rent I got was £425 a month so good yield. I’ll have a look at auction options.


    Why do you think no one is buying? is this a dodgy area? The flat has a major repair bill pending?

    If you can sell it in an auction, you can surely sell it for more privately, unless (a) you are in a desperate rush which doesn't seem to be the case or (b) its unmortgageable, which also doesn't seem to be the case.

    If its advertised at £60k why not drop to £50k now and if nothing by say end Jan then auction, when maybe you'll only get £40k. Presumably you'll have a minimum at auction so advertise it now for more than that minimum say £52k to allow a fall back to £50k.
  • hazyjo
    hazyjo Posts: 15,470 Forumite
    First Anniversary Name Dropper First Post Photogenic
    Would you be willing to post a link? Drop the www bit as you're a newbie and can't post links. Be prepared for honesty though... but at least it might help you see something you're missing.
    2023 wins: *must start comping again!*
  • Househelpneeded
    Househelpneeded Posts: 9 Forumite
    It’s mortgageable, no repairs, it’s modern, clean, recently painted white and no harsh furnishings. I just don’t think anyone wants to buy a 1 bedroom apartment. Area is okay, not the worse but not the best. No troubles and I lived their on my own before my partner moved in. I’m a professional and like a nice standard of living so honestly nothing bad. Apartments just don’t seem to budge. It does have service charge which may be a factor when people compare to a terraced house in the area I suppose. I want to move next year so my partner and I can have a bigger place. No major rush but ready to move on In life. Yeah I think I’ll reduce again slightly and then think of auction in jan/feb.
  • Househelpneeded
    Househelpneeded Posts: 9 Forumite
    Rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE%5E941527&insId=1&googleAnalyticsChannel=buying
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