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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 | Report content

Answers (42)

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  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • Answered on Aug 10 2016, Report content
  • Hi, 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, Report content
  • Answered on Sep 20 2016, Report content
  • Hi, 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, Report content
  • Why not contact property professionals and let them talk you through any of your questions.

    Answered on Oct 11 2016, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • 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, Report content
  • Are there companies that will buy my house for what it's worth?

    Answered on Dec 14 2016, Report content
  • 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, Report content
  • 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, Report content
  • 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? etc.. 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, Report content
  • 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, Report content
  • 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, Report content
  • 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. Best wishes Jason

    Answered on Mar 24 2017, Report content
  • Yeah i don't trust them at all. I think maybe it's best to find a respectable online portal. These websites will send the details of your property to their marketing lists for free (or very cheap). Worst comes to worst and they don't find a buyer you've wasted a little time and thats it..

    Answered on Mar 30 2017, Report content
  • Find an online portal that send the details of your property to it's marketing list for free. Worst comes to worst they don't find a buyer and you've wasted a little time, but it hasn't cost you any money.!

    Answered on Mar 30 2017, Report content
  • Personally i don't really trust them. You should try online portals that put your property on their site. At least if it sells this way you know it's a genuine sale, rather than knowing a company have just bought it cheap and are going to sell it on immediately..

    Answered on Mar 30 2017, Report content
  • There are few thousands companies that buy houses in UK. Not all of them are equal. Before making your decision the first question you must ask the company that buys your house is the purpose. Some companies just buy houses for sake of quick profits and will offer you the least amounts from every aspect. My uncle had to sell their house fast due to emergency with their health.

    Answered on Apr 10 2017, Report content
  • In short, if you can sell with certainty to someone else for more money, you'd be mad not to. However, only NAPB members are obliged to abide by a Code of Practice that forbids them pulling tricks such as last minute reductions or other unfair tactics. So selling elsewhere is a gamble. Selling to one of our members is not. But you won't get market value for the property. The choice is yours.

    Answered on May 4 2017, Report content
  • I signed up to Zoopla just to answer this question and I just wanted to add that in a lot of cases where we need immediate cash, the first thing that comes to mind is to sell the our property. But do bear in mind, because there are companies out there like the one I used (tic finance) who would immediately lend you money against your house. Now although they charge more interest rate than your mortgage lender will, they usually fulfill your immediate need for cash and also that buys you a lot of time to sell your house for full market value. I can almost guarantee that even companies that claim to be offering 90% of the market value don't really offer that. When it comes to high value properties, it definitely makes sense to borrow money from a lender, put the house on the property market and sell it for its full price. That will fetch you (depending on the value of your property) hundreds of thousands in extra cash which is enough to pay back the loan and still make profit. The above also applies for people going through repossession who are usually in dire need to sell because of a fast approaching repossession date.

    Answered on May 5 2017, Report content
  • In a lot of cases where we need immediate cash, the first thing that comes to mind is to sell our property. But there are companies out there that would immediately lend you money against your house. I'm talking 48 hours to lend you money against your property. This will usually fulfill your immediate need for cash and also buy you a lot of time to sell your house for full market value. Now although they charge more interest rate than your mortgage lender, I can almost guarantee that even companies that claim to be offering 90% of the market value don't really offer that. When it comes to high value properties, it definitely makes sense to borrow money from a lender, put the house on the property market and sell it for its full price. That will fetch you (depending on the value of your property) hundreds of thousands in extra cash which is enough to pay back the loan like I did (using Tic Finance) and still make profit. The above also applies for people going through repossession who are usually in dire need to sell because of a fast approaching repossession date. Hope this helps

    Answered on May 5 2017, Report content
  • Most houses are overvalued by estate agents by 10% on average (this is according to Rightmove). So a property on the market or valued by an agent for £130K is really going to sell for £115-120K and it will take an average of 6 months to sell. Companies buying for cash have to budget it might sell for less or as they sell quickly to recoup their cash, they therefore base their prices on it selling for £110-115K. In order to buy and sell a property to make a profit, 15% of the purchase price is made up of costs (stamp duty, legal fees, borrowing costs, resale costs - such as estate agents fees). Therefore, to make a 10% profit you have to buy 25% less than this lover £110K value = £82,500. The company might also have had to budget for repairs/refurbishment of £4K. This is why its hard to make money from buying and selling property as a business. You have to offer a price to make money and sellers understandably find the figures a shock.

    Answered on Aug 18 2017, Report content
  • Certainly many companies will not give you more than 70% of the market value and unfortunately they will not help you if you do not have at least 20% equity; however there are number of ways you can still sell the property at today's market price which will not work out with traditional estate agents way. Getting in contact with the private property developer would give you better chances to obtain current market value or maybe -5-6% below current price rather than diluting 25%-30% of your house value by going through fancy online company's or there are two other ways to get the current market price. Good luck with your search and I hope I managed to answer your question.

    Answered on Oct 2 2017, Report content
  • What is the question

    Answered on Oct 5 2017, Report content
  • I have recently come under the impression that shopping around is the best thing to do in this instance. Having been in your own situation, there is a 'buy your house' network of investors behind these types of companies, and if you are looking for a quick sale then you will often be faced with a low valuation or it's simply this type of company.

    Answered on Nov 19 2017, Report content
  • Interesting discussion. Accepting a lower offer can obviously be a bitter pill to swallow – but there are “win-win” situations where all parties involved are genuinely satisfied with the outcome. Should you be considering the quick sale route, a reputable company should start any discussion by exploring all of your options. From all the enquiries we've received this year, for example, we’ve advised most vendors to simply drop their asking price to more realistic level (which we usually find is usually significantly overvalued, especially in London and the South East). Yes, they may have to wait a bit longer – but most are on low interest mortgages anyway, and can usually "ride out" a few months to get a more desirable price. We also suggest finding a good broker or speak to their lender as we notice that many inadvertently are on standard variable rates and have therefore fallen into financial difficulties. Even when a client is in 2/3 months mortgage arrears – if they are honest, up front and proactive with their lenders we find they can normally stay in their homes (without selling to a quick sale company like ours). Whether this picture changes in the coming years with rising inflation (and therefore interest rates) remains to be seen. Also, note that there are regional differences and we tend to find that properties, even those that are realistically priced, tend to take longer to sell in the Midlands and the North. Those that do decide to approach a quick sale firm realise that selling on the open market is/would be a challenge – either due to time constraints, the condition of the property and some simply just want rid (without the hassles of dealing with estate agencies and auction houses). Then there are the cost savings that have been discussed in this thread. As an aside, it’s also worth mentioning that landlords looking to sell properties to other landlords understand how the numbers work, especially with all the changes happening in the buy-to-let sector – we tend to find these issues are rarer in such situations. As has been mentioned several times here, checking the company (via Companies House) is a must. If it is an individual, ask for their personal credit report (from a reputable agency) as well as their proof of cash funds and previous track record (of exchanging and completing quickly). The genuine cash buying firms should be able to show a recent bank statement or a letter from a solicitor (registered at the Law Society). If they can’t show this, then you’re better off either looking out for another quick sale firm or keeping the property on with the estate agent.

    Answered on Nov 20 2017, Report content
  • Hi, I am one of the owners of a genuine, professional house buying company. It's important to be well informed when choosing a company to buy your house. There are numerous companies who advertise online to buy property fast. In our opinion there are only a handful who are genuine, professional buyers. Most of them are lead generators and dealers - anyone can advertise your property but you can get that same service from an estate agent. When you choose a quick buyer, you should favour speed, convenience and certainty over getting the highest potential price via traditional routes. However in a slow market, this route is uncertain and can take several months to complete a sale. Before you choose which company to buy your house, you should look at the following actions to assist with your decision: Check their professional credentials - are they part of any professional trade bodies and do they have any accredited qualifications that you can check against? Are they members of The Property Ombudsman (TPO) so that you have a redress scheme should you have any problems? Are they members of the National Association of Property Buyers too? Click here to search for the company: https://www.tpos.co.uk/find-a-member https://napb.co.uk/members/ Do they clearly display their office address on their website? What is their company registration number and can you check them out via companies house? Do they have charges registered on the company to prove their trading history and what is their balance sheet assets from their latest year's accounts. It's paramount to check that the company is not dormant, in liquidation or dissolved. Who are the directors? Google their name and check them out on social media. Can you meet the team? Do they have social media? Check their activity on Facebook and Twitter. Personally I'd like to know that they are investing time and money promoting their company. Search Google for the company name. If our potential customers Google 'Open Property Group' there is a wealth of information available about our company. Can you speak to a previous customer? Why not ask. Do they have online reviews? If so read as many as possible. Ask for a recent bank statement to prove that they have the capital required to buy your house- If they advise that this is confidential, then request that this is sent to your solicitor. We would request that the company confirms in writing that they are not estate agents or a broker ie that they will not try to seek a buyer for your house when you were led to believe that they are direct house buyers. Our ambition is to prove to all of our customers that we are Open, Honest and Reliable and that we are professional buyers of property. I hope this helps with your decision and don't hesitate to get in touch if you have any further questions. Best Wishes Jason

    Answered on Dec 16 2017, Report content
  • I've actually started one of these companies, on a very small scale right now, and not all are bad, I'm not out to rip people off, some of us are just a normal guy with a day job looking to improve my local area and improve the living conditions of some of the tenants I find, don't assume everyones out to rob you. They maybe offering so much below what you think its worth so you don't take them up on the offer, or they maybe looking at what is required for renovation costs to bring it up to an acceptable level for what they represent. Overall no different than trading your car in at a garage rather than selling private.

    Answered on Dec 20 2017, Report content
  • On the back of the recent updates to this thread, below are some other questions worth researching (from a blog post we recently put together): - As mentioned regularly on here, check the firm is registered at Companies House (where you can also view their accounts, see how long they have been in business and download information about the Directors); - If the buyer is an individual, ask for their personal credit report (from a reputable referencing agency such as Experian or Check My File). You can also obtain more specific information about the Directors using these services; - Make sure there are no hidden charges. You may wish to ask an independent solicitor to look through any contractual agreements; - Proof of cash funds. Genuine cash buying firms should be able to show a recent bank statement or a letter from a solicitor (registered at The Law Society). Proof of an undrawn debt facility may also be valid, but you should check the details of the loan; - Ask the firm to provide you with genuine testimonials or other references of previous happy customers; - Check that the firm has a legitimate office address. They should have no issues with having a face-to-face meeting at their office or in your home; - Confirm how long they have been in the property business (ask for proof); - Check the age of the fast sale company’s website - Check the company's reviews on "Google My Business"; - Ask for their previous track record (of exchanging and completing on property quickly). If they can’t show this, then alarm bells should ring; - Request confirmation that the price will not be dropped at the last minute. Ask for a letter from their solicitor confirming that this will not occur.

    Answered on Dec 21 2017, Report content

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