Are there any good companies that buy your home without ripping you off?
We were in touch with a few companies looking to sell our home, our house is worth £130000 but some of the companies are offering us £70000-£73000 we feel like we are being ripped off.
Asked on Jul 13 2011,
Selling in Craigavon |
These companies who buy property for cash are capitalising on people desperate to sell. You won't find a company who will give you anywhere near market value. My advice would be to steer clear of these companies and market your property just under what other similar properties are marketed for in your area. Accepting a little bit less than what you want, rather than upwards of 30-40% less.
Answered on Jul 13 2011,
I agree with the answer above, put your property on the open market for between 5 and 10% below what you believe it is worth and somebody will buy it. Ensure that you keep the houses tidy and clutter free to maximise your chances.
Answered on Jul 13 2011,
You are and you aren't. Ask them all for £85k and they'll all say no. Why? Turn down a £130k house for £85k. They must be mad? ......
The reality is that your house may not be worth £130k. Clearly it has failed with estate agents otherwise you wouldn't be using these companies. What do EAs say it's worth? Here's a quick and safe way to find out. Put it in an auction, with a reserve of the lowest price you WOULD accept (whether that is £129,000 or £95,000 or whatever). It will cost you about £200 - and another £2,000 if it sells - and attend the auction and watch the bidding. Then you'll know.
Answered on Aug 17 2011,
I actually work for one of these companies and feel like I could give an insight to how the industry is today.
Here are some statistics of our research against Estate Agents:
> Sale Period - Cash buying companies 7 – 28 Days. Estate agents 6 – 9 Months (Obviously these can vary - but cash buying companies complete in under a month).
> Fees - Cash buying companies always take less in terms of fees when selling your house. You must take into account that even though Estate Agents can offer you a higher selling price, there will be a lot of hidden fees that don't appear until you agree to sell.
> Solicitor Fees - Cash buying companies do not charge solicitor fees and will pay these for you, MANY Estate Agents do not.
You should always look for members in schemes such as The Property Ombudsman (http://www.tpos.co.uk/) or The National Association Of Property Buyers (http://napb.co.uk/). These organisations offer you advice and help when enquiring about these companies, if they are not a member of either, I would stay well clear.
In the end it all boils down to whether you want to achieve a quick sale in under a month or take a risk and have your property sitting on the market for months hoping you make a few extra thousand.
Again sorry for bumping this old thread but I felt like I needed to clarify a few points.
Answered on Jun 16 2014,
I always ask myself this! I helped my mum sell her house last year and we looked in to quick sale companies. The best option we found was a rent to sell scheme where you get a tenant buyer for your house they put an upfront deposit down, pay you rent each month and a portion of that goes towards the end price. After an agreed term (ours was 3 years) they would have built up a deposit towards the house (through their initial deposit plus the monthly equity payments) and then get a mortgage. House was marketed at £75k with agents and we sold it for £85k :)
Web reference: http://www.homeswithoptions.co.uk
Answered on Jan 15 2015,
There are plenty of reputable companies out there that have volunteered to be members of the NAPB and The Property Ombudsman.
I would suggest looking at the members page on http://napb.co.uk and then you would at least have a good starting point.
These companies will not charge you or tie you into any contracts so its worth at least enquiring to a few and seeing what they can offer.
The nature of the property buying sector means that offers will always be below market value, so its always up to the seller to weigh up their options.
They can provide a very useful service for people in sticky situations, or just those who cant stand estate agents!
Web reference: http://speedpropertybuyers.co.uk
Answered on Feb 18 2015,
If you are open to selling your house for cash at a discount or willing to allow the buyer to take over the mortgage this is a good strategy to sell your house fast. Make sure you go with a reputable company though. I'd recommend https://www.wanttosellnow.com/ they have an A+ rating with the BBB and lots of testimonials to back them up.
Web reference: https://www.wanttosellnow.com/
Answered on Jun 11 2016,
As many others have said: do your research prior, if you are after a quick sale some of the quick property buyers will buy your property but with the cost of speed comes a reduced offer.
Answered on Jun 29 2016,
I recently sold my property using National Property Trade.
I was quite concerned about using an online property buying company but really had nothing to worry about. I think as long as you understand that you are essentially paying for a quick sale, the percentage I was offered wasnt at all bad.
If you look at placing your house on the market - it doesnt sell straight away so you end up paying mortgage and utility bills. This continues for months. The estate agent then asks you to reduce your price. It then still doesnt sell, so your ongoing costs just keep adding up.
I bet when it comes to the end of it, the amount you acutally receive after their fee is too different to a genuine cash offer sale.
Just something to bear in mind.
I found National Property Trade very professional and explained the whole process from the start to finish.
Answered on Aug 19 2016,
As you mentioned your property is worth £130,000 - has this been valued independently or is this your own valuation?
Companies within our industry base an offer against the actual property value that has been determined by a RICS chartered surveyor. If the company that has quoted this price against anything else, I would strongly avoid.
Again, I can't comment on their margins or why they have offered that - but what I can do is offer some free friendly advice. The internet is full of useful websites where you can gather enough evidence about a company and whether they are to be genuinely trusted.
All the best with the sale.
Answered on Sep 20 2016,
Why not contact property professionals and let them talk you through any of your questions.
Answered on Oct 11 2016,
No in short.... Don't go there.. You could try lease to buy.... Advertise this and you will get a fast sale..
You allow a purchaser to rent your home for up to 2 years until they either sell or are in a position to progress with the sale. They pay a £10k -£ 20k deposit then sign a contract promising to buy the house within the allotted time frame.... If they back out of the sale they lose their deposit if you back out you pay them double the deposit so safeguards are in place for both sides....
Answered on Oct 11 2016,
Yes there are a few good companies out there. I have recently sold my house to Home House Buyers who were helpful and ethical they helped me every step of the way.
Web reference: http://www.homehousebuyers.co.uk
Answered on Oct 26 2016,
Yeah I would agree that the peace of mind for a quick sale seems to come with a cost. I called lots of them and seemed mostly the same but was recommended a online one that were straightforward on the phone and gave me 90% of what I want and it took about 2.5 weeks.I will try and find the name as would recommend them.
Answered on Oct 27 2016,
At present there are around 100 companies online all claiming to be 'cash house buyers'. These companies will often make statements like, “We can offer you 100% of market value” and “Genuine Cash Offer” or “We can buy your house in 7 days”. These declarations are generally lies to entice you in! In actually fact, there are only three companies in the whole of the UK who can purchase your house directly for cash, of which Quick Move Now are one! Read our full guide of how to identify a genuine cash buyer:
Answered on Nov 23 2016,
Have you really only been offered 65% of the value of your home? If so, is this a fair value/ trade off considering a quick house sale is needed? Have you considered fully the true cost of alternative selling methods, factoring in time delays, costs, and possible loss of opportunity in buying another property?
First I'd try to establish how much your house is really worth. A house is worth what someone is prepared to pay given a reasonable marketing timescale. If you've based your valuation of £130,000 on what's sold previously or what's selling currently near you, and is similar to your home, then this could be flawed? Many estate agents use desk top valuations or 'over value' just to win your business and then when you've listed, progressively reduce the price to a point at which it sells.
Other variables also need to be factored in, such as, is your home modernised, does it have any special features which has make it more (or less) desireable? Time of year can make a difference when selling, demand falls in August & December, therefore if your selling time scale is really short then the price will have to be reduced to attract a buyer.
So assuming all the above has been considered and £130,000 is a fair valuation to sell in say 6/9 months, then what value do you put on a quick sale company Like us (Flying Homes) arranging a sale in only 7 days?
This is the crux of the matter. It's what value you or any other house seller, needing to sell fast, puts on the time saving that can be achieved by using property buying companies. If you don't really need to sell fast then market your home the conventional way, and wait maybe 6/9 months to achieve a sale, but accept the risk of your sale falling through, chain delays etc.
Some sellers who approach the quick sale sector will have experience different priorities to you i.e., those facing repossession, divorce, ill health, bankruptcy etc. They don't have the luxury of waiting. Neither do some sellers who need to sell fast to secure the purchase of another property. And then of course there's mortgage costs to consider as well as some high street estate agents who charge exorbitant fees which will reduce the cost of using a quick sale company.
Answered on Nov 26 2016,
It depends on who you go with I think. I tried to sell my mum's house in May called a few companies but went with the fast house buyers net. They offered over the phone and without seeing it (alarm bells should have gone off I know) gave me a 'Cash Price' of £80000. It was on the market for £89995 and the other offers that we received were between £63500- £71000, so we sold it to them.
After three weeks of chasing, they advised us 'there is little interest in the property'. I questioned them as I thought they were buying it and they replied with "We have sent it out to our panel of investors and we have had little to no interest'. I asked to speak to a manager, who then came back and advised me he has found a buyer willing to pay £52500. I won't tell you my response.
I called back a few of the other previous firms and Home House Buyers said there offer still stood but they would need to see it. They came out the next day and offered £71000 and said they would pay the legal fees. I explained my previous experience and they advised me that they would complete in 14 days and they were happy to only tie me in for three weeks. Legal paperwork came out the next day and they had a survey done by the end of the week. It didn't complete in 14 days (it was closer to 20) but they paid the price so can't grumble.
If something looks too good to be true it is and make sure they see it otherwise they will probably just mess you about.
Web reference: http://www.homehousebuyers.co.uk
Answered on Nov 28 2016,
Well I rang around a few of these and settled on Flying Homes as they got me a few comparison quotes from four companies. Hope to complete before Xmas watch this space!
Answered on Dec 10 2016,
Are there companies that will buy my house for what it's worth?
Answered on Dec 14 2016,
In short, yes. I consider Open property group to be one of the leading genuine house buying companies in England. In the first instance I would ask the company that you are speaking to for their "limited company name" and then search their accounts on companies house.
You can also google the companies name to read their reviews, and ask to speak to previous customers before making a decision.
Also ensure that the company is part of a redress scheme such as the property ombudsman, and ideally that they are members of national association of property buyers too.
In my opinion do not believe any companies who are claiming to offer 90% of market value.
We offer 80-85% of the genuine market price, however there are no delays, no hassle and certainly no agents fees. We pay your legal costs too. Jason - Open Property Group
Answered on Dec 20 2016,
In short they are definitely worth considering, as long as you do your homework. As with any industry there are many reputable companies out there, as well as those who couldn't careless.
Clearly if you are desperate to sell then taking a lower offer may well be your only option, if you have time then clearly this will give you more chance of getting the best price.
Where agents fail, a home cashier buyer can be a worthwhile alternative.
Web reference: http://www.homecashbuyer.co.uk
Answered on Jan 24 2017,
In reply to the original post and assuming it's a genuine case.
The main point is you feel you are getting ripped off as your valuation and that of these fast buying companies is vastly difference, in this case nearly 60K!
Its hard to be specific about the house valuation in this post as there are too many unknowns for example.
What condition is the house in?
Does it need extensive work to modernise?
Has the area deteriorated in recent times?
Is this a RICS valuation, is the OP looking at comparables or is it just an assumed value from a mate down the pub?
But as we know, specialist companies that buy houses fast are going to low ball the vendor, that's how they make their profit.
If they make enough low ball offers guess what.. some people actually say yes if they are desperate to sell, its the law of statistics
People who contact these companies are in a motivated and often distressed state of mind where repossession may be imminent, mortgage arrears are accumulating.
Maybe their circumstances have changed eg. loss of a job. They stand to lose the house and ruin their credit for 6 years and they are not in a position to choose carefully as in the majority of cases listing then property for sale themselves is often the best solution.
You should get a professional independent valuation.
Also consider alternatives that don't exploit your position. Joint venture with a local firm of reputable builders where they use their money to add value to your property and share the profit when the property sells.
Make sure you use reputable firm of solicitors to draft up the supporting contracts and check out previous work and speak to other vendors that have used this method for peace of mind
Answered on Feb 3 2017,
It´s a tricky one as for some people the noise would not make any difference. I have been in a similar situation - although the property was close to a number of garages, but had the advantage of having a large garden and was recently refurbed. Every prospective buyer had a different opinion about what they liked and didn´t like. We had to drop the asking
price a couple of times before finding a buyer. In hindsight, the estate agent we initially used raised our expectations too high. However, if you search for a local RICS surveyor, they will be able to give you a realistic valuation which can be used as a valid reference.
Answered on Mar 21 2017,
As mentioned in a previous answer, the only clear way to distinguish between a genuine cash buyer and a broker is to look at their company account online.
Because we have been in the quick house buying industry since the beginning, we have seen lots of companies claiming to be ‘genuine’ cash house buyers come and go.
At present there are around 80 companies online all claiming to be cash house buyers, the reality only a handful are actually buying houses! In essence, the others act as lead generators. They will use your details to sell onto investors or brokers who do have the capital to buy your house. Because of this, when dealing with these companies you will never get any certainty on price or completion dates!
Despite calls from the public, from the property industry and from the quick sale industry itself, the OFT (at the time) decided not to regulate the industry and not to hold any companies to account for previous bad practices.
Happy to help anyone that has any concerns!
Answered on Mar 21 2017,
I agree with the latest comment.
You need to research the company fully before making a decision on which house buying company choose.
I would recommend that you ask the following questions as a minimum:
Who are the company and who owns the LTD company?
What is the name of their main limited company?
Who are their solicitors? Can you speak to them for a reference? We always recommend that our customers request a reference from our solicitors.
Do they subscribe to the property ombudsman code of conduct and are they a member of the national association of property buyers?
Type in Google the directors names too.
Unfortunately there are significant costs associated with buying and selling property. Therefore the property trading business model is only viable if the buyer pays a maximum of 85% of genuine market value. Assuming that you choose a genuine and reputable house buying company, you can rest assured that you will have a certain, hassle free sale, within the timetable that you choose - days or weeks you decide. Note that any property sale is subject to contract and my comments are made assuming that you have good and clean legal title, no property defects or issues which were not disclosed prior to the offer.
The buyer bears all the purchase costs, there are no estate agent fees and you need to ensure that the property buyer pays your legal fees too. Therefore there should be absolutely no deductions from the agreed sale price.
If you want an informal conversation, or a no obligation cash offer, please don't hesitate to contact me.
Answered on Mar 24 2017,
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