Is it a good idea to sell to WeBuyYourHome.Com and rent back?

I've looked at these We Buy Any House.Com etc type websites - are they for real? I realise they'll only offer around 90% if you're lucky but to stay in the house via rental is better than moving isn't it?

Asked on Sep 7 2010, Renting in Chislehurst | Report content

Answers (4)

Was this question useful? Yes 5 No 2

Sort by: Oldest | Recent | Highest rated

  • It works for some people which is why companies such as these exist, you need to establish how much the rent is and for how long this is set for, as for some people the monthly rent is higher than their mortgage meaning they sell their house for a lot less than could get, fall behind in the rent and are evicted so be very careful on what you decide. Also typically they will offer 90% OF THE FORCED SALE PRICE. this is the price that it is guaranteed the property wil sell in 4 weeks so much lower than the open market value, then subtract 10% It may be worth looking to see if your local council is offering the governments shared ownership scheme or any assistance should you be facing difficulties.

    Answered on Sep 9 2010, Report content
  • If they gave you 90% of the house value, you would see flying pigs. The catch could be a very high rent, way over it's worth and you could be tied in for a long period. Usually they give very little for properties. We considered this when moving from Essex and the offer on our house was 38% under the lowest valuation from 3 agents in area. If you need to stay where you are and can't afford the mortgage I would consider auctioning the house. These companies are there to give little for houses for maximum profit, depends on how desperate you are.

    Answered on Sep 9 2010, Report content
  • There are many fast sell companies out there, I suggest you Google search this and do some homework on a few of them, I do not know the company you have mentioned so cannot comment. Try and find out if they a regulated by the National Association of Estate Agents or the Ombudsman Scheme this should give you peace of mind if you decide to go down this route.

    Answered on Sep 9 2010, Report content
  • Thanks all - I believe that these places have to be regulated by the FSA now. They're basically - from what I can tell - people atfer making money from your own personal circumstances. You're down and they pounce. I'm sure some people benefit and are happy with their services, but I bet they would have prefered the extra few thousand if they'd had the time to sell through the usual channels.

    Answered on Sep 9 2010, Report content

Didn't find what you were looking for? Ask a question

More Renting in Chislehurst questions on AskMe

See more AskMe Q&A about Renting