quick house sale

[nekrum]

Hi all,

I currently have a house on the market which ideally we need to sell quickly, does anyone have any experience with or would recommend any of the companies that buy houses. I understand they offer below valuation etc but on initial search they seem to have a bad reputation?!.. would they still be in business if they're that bad?!..

Thanks in advance..

[williaa68]

My wife had a client who used one of these companies. The children then found out and tried to unwind the deal but to no avail - there was no real suggestion that the parties hadn't completed an arms length bargain she had just sold the property cheaply. My understanding is that, generally, they do what they say - they will complete a speedy sale but they will do everything to screw you on price - gazundering you at the last minute for example. If you go in with your eyes open expecting to get screwed then you may be ok.....

[Ozzie Osmond]

You could consider sale at auction. Buyers usually have to pay 10% deposit immediately and then pay the balance within 28 days. It would take a couple of months to work through the whole process though.

I can't help thinking the "quick buy" people know they are dealing with a desperate seller and can get away with low ball offers. You know, like a certain car buying company which advertises heavily WBAC .....

If quick cash is needed, might it be possible to borrow against the security of the house? Obviously if it's already mortgaged that might be a challenge. But if it is mortgaged and cash is the problem, it might be possible to agree something with the bank to stop/reduce monthly payments in the short term pending sale. You have a good hand to negotiate this because one thing the bank doesn't want to have to do is foreclose on the mortgage and sell the house itself.

Clearly if you need to sell one house to buy another the "quick buy" people may be your only route. I've never used them but expect a substantial discount would be involved.

Edited by Ozzie Osmond on Tuesday 12th January 10:28

[nekrum]

Thanks for that guys..

Essentially we're selling two houses to buy one. The first sold quickly, but the second is proving harder and annoyingly where a good chunk of our equity is. We've found a house to buy which is perfect for our needs (granny annex etc) but don't want everything to fall through if the other takes too long to sell.. catch 22

[Charlie1986]

My FIL is a solicitor and would advise not to go down that route, look at the price your on now and take 10-20% off that and then be prepared to get gazumped once you have fees etc so go in with your eyes wide open.

Maybe reduce through the agent and instruct another agent so they have to work for the sale or go to auction with a reserve price set

On another note my FIL had over 150 files for completion before Xmas now its down to 70 with only 5 instructions so far this month so the market is not properly up and running as of yet.

[nekrum]

Sounds pretty much as thought - stay well clear!.. thanks..

[nikaiyo2]

As others have said, those companies do what they say, they buy your house very quickly, they offer a reasonable price at offer, say 5-10% under reasonable market value, then at the last minute reduce by a further 10-15%. To be honest a reduction of 10% may see the property sell quickly on the open market.

The other option is auction, I sold 2 BTLS last year with tenants in place, via auction (Fox and Sons) and got slightly more than I would have expected on the open market. I think things have slowed a bit, but lots of auctions are getting very very strong prices at the moment.

[anonymous-user]

If it's the kind of place that an investor might buy, then i'd stick it on with a good local agent at an attractive price and instruct the agent that only genuine chain free, cash offers will be accepted.

Lots of investors looking to buy quickly at the moment with the new pension freedoms and the incoming stamp duty changes.

[fido]

Get a free quote from the scumbags, then use this as a reserve price in an auction. You could also put it on the market at the same time in case someone wants to buy through EA.