British Home Sellers

daz_79 · 1 November 2017 at 9:10PM

Hi, has anyone used British Home Sellers before to see their property? After our recent sale has fallen through we have reduced our asking price but are despairing at the lack of interest from both prospective buyers and seemingly now our Estate Agent. I noticed a property nearby sold pretty quick with British Home Sellers so gave them a ring. It seems they have 2 services. 1 for an immediate sale at 85% market value so more of a we buy your house service but the other service seems more like a conventional Estate Agency. Hey say for a target 2-4 sale take 5% off market value and they have contacts who may buy it. Their fee is £2995 plus VAT so not much more than an Estate Agent. I asked questions to see if there were any catches and it all appears legit. Please let me know if you have used or dealt with this company. Thanks in advance.

eddddy · 2 November 2017 at 8:45AM

I haven't used this company, but my main suggestion would be to look very carefully at the contract they ask you to sign.

Is it a marketing agreement like you would get from a regular EA? Or is it some kind of 'option to purchase', which is binding on you?

Or does it allow them to create some kind of 'back-to-back' or assignable contract. e.g. The company finds a buyer. You sell to the company for £120k, and the company sells to the buyer for £150k.

Obviously, if they expect to sell within 4 to 6 weeks - you should only be tied into the contract for 6 weeks max. (If they ask for more, it suggests that they have misled you.)

Do you have total control over setting the selling price - all the way to exchange of contracts? (i.e. No terms that force you to reduce the price.)

Then there's all the usual stuff that you should check in any EA's contract, for example:

What fees do I pay if you can't find a buyer?
What fees do I pay if I decide not to sell - before accepting an offer?
What fees do I pay if I decide not to sell - after accepting an offer?
What fees do I pay if the sale falls through?

G_M · 2 November 2017 at 12:36PM

Take what they say with a pinch of salt and read every single word of the contract.

Make sure you understand every single word.

daz_79 · 2 November 2017 at 1:51PM

I’ve Googles reviews and spoke at length with the advisor on the phone. They do have a house buying service where they admittedly offer less than MV due to the nature of a quick sale and profit required for the company but their selling service seems very similar to that of an EA. The fees are higher at 3k plus VAT but they said offers received can be accepted or declined just as with a normal EA. They seem to have an extensive contact list of property buyers and investors and can achieve a quicker sale. They have all of the normal industry body memberships etc. I just need a quick sale but without compromising the asking price. Having my cake and eating it some of you will say I’m sure.

Cakeguts · 2 November 2017 at 2:10PM

You are probably going to be better to put the property into an auction.

troffasky · 2 November 2017 at 2:19PM

daz_79 wrote: »

They seem to have an extensive contact list of property buyers and investors and can achieve a quicker sale.

Call me naive, but I think the quickest way to get your property in front of an extensive list of property buyers and investors would be a listing on Rightmove/Zoopla, which you can do with any estate agent. Perhaps an "extensive list" made sense before the internet, but not now.

daz_79 · 2 November 2017 at 3:44PM

The property is already on Rightmove and Zoopla via my EA and although I appreciate they can’t force people to view it and buy it, I don’t feel they are too responsive or proactive with resulting queries

davidmcn · 2 November 2017 at 3:47PM

daz_79 wrote: »

I just need a quick sale but without compromising the asking price. Having my cake and eating it some of you will say I’m sure.

Indeed. Their "contacts" will be wanting to make a quick buck, rather than interested in paying at or close to the asking price.

hazyjo · 2 November 2017 at 5:03PM

Their 'market value' will not be its current price, it will be their own 'market value'. If you are happy to drop significantly, do so with the current EA.

If you're feeling brave, give us a link and we can make suggestions (presuming it's still available to view online).

Gwendo40 · 2 November 2017 at 5:53PM

Agents do tend to lose interest and develop a lack of motivation to be proactive when they realise certain vendors are just too greedy and deluded to accept that their property is overpriced, they'll just give up on them and concentrate their time and effort on the more realistic and genuine vendors on their books.

hazyjo · 2 November 2017 at 6:30PM

Gwendo40 wrote: »

Agents do tend to lose interest and develop a lack of motivation to be proactive when they realise certain vendors are just too greedy and deluded to accept that their property is overpriced, they'll just give up on them and concentrate their time and effort on the more realistic and genuine vendors on their books.

The OP had a buyer and have dropped their price since, and are looking at taking a much lower offer. Really don't see how your comment is relevant.

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