Jump to content
House Price Crash Forum
BINCHY

Companies That Buy For Cash

Recommended Posts

As a committed but struggling seller in a geographical area where the market is completely moribund, I have become convinced that I may have to go the route of selling to one of the "companies that buy for cash". I am aware of (some of) the drawbacks of this approach but would be grateful to hear the experience of any others who have gone this route. (It may be that there exists a Forum on this already - if so - a pointer to it would appreciated). I have in mind a particular company - A-Quick-Sale - which actually offers to buy a house, as opposed to most others that just provide the service of "intensively looking for buyers". I started a Forum in the specific area in which I live, but apart from generally being "warned-off" the idea of "selling-for-cash", got no replies giving "personal experience".

Any advice or information (some at least, hopefully, "positive"!) would be gratefully received.

B

Share this post


Link to post
Share on other sites

As a committed but struggling seller in a geographical area where the market is completely moribund, I have become convinced that I may have to go the route of selling to one of the "companies that buy for cash". I am aware of (some of) the drawbacks of this approach but would be grateful to hear the experience of any others who have gone this route. (It may be that there exists a Forum on this already - if so - a pointer to it would appreciated). I have in mind a particular company - A-Quick-Sale - which actually offers to buy a house, as opposed to most others that just provide the service of "intensively looking for buyers". I started a Forum in the specific area in which I live, but apart from generally being "warned-off" the idea of "selling-for-cash", got no replies giving "personal experience".

Any advice or information (some at least, hopefully, "positive"!) would be gratefully received.

B

I would urge you to lower your price and sell via an estate agent and if that fails then look at selling at auction. These companies that buy properties are very likely to offer you less than the methods I just mentioned above. They can go to any auction to buy cheap properties, but they buy direct because they pay less. The only good news about these companies is that you may be able to stay where you are and rent you home back.

Share this post


Link to post
Share on other sites

The only good news about these companies is that you may be able to stay where you are and rent you home back.

How is that good news? Most people who want to sell do so because they want to live somewhere else.

Buy-and-rent-back is a specialist service, kind-of like a pawnbroker. Doesn't have to be the same as a take-it-off-your-hands dealer.

To the OP, are there new-builds in your area where the builders offer "part-exchange"? If so, try the agents handling it: they're expecting to take on houses in similar circumstances to yours.

Share this post


Link to post
Share on other sites

How is that good news? Most people who want to sell do so because they want to live somewhere else.

Buy-and-rent-back is a specialist service, kind-of like a pawnbroker. Doesn't have to be the same as a take-it-off-your-hands dealer.

To the OP, are there new-builds in your area where the builders offer "part-exchange"? If so, try the agents handling it: they're expecting to take on houses in similar circumstances to yours.

The original poster does not say he wishes to move away from the area!

Share this post


Link to post
Share on other sites

To Tim Miller and Porca Miseria

Thanks for your posts.

As it happens I have already moved (downsized) - so it is not a case of wishing to sell and lease back. My EA ( and I had not realised QUITE how much EA's are despised until coming onto HPC), tells me that there is not an EA in the whole of this area who could "guarantee" to find me a buyer however low I set the price.

What I mean is that there does not seem to be "contacts", (or the EA's do not seem to know them), to "investors".

As far as I can tell there seems to have been thousands of posters on HPC over the years - surely some of these have had experience of BFC companies?

Anyway, thank you again for your posts.

B

Share this post


Link to post
Share on other sites

If you're just selling rather than wanting to lease back, what does their reputation matter? Either the money ends up in your solicitor's account and they get title or it doesn't and they don't. If you want to know if they buy at a fair price, easy...when they give you a price, try it out plus some percent via an EA - if it goes, great, if it doesn't, sell to them.

Or have I missed something here?

Share this post


Link to post
Share on other sites

Hi Teddy Bear

Thanks for your post.

As I am getting no input from others about experiences that they may have had with these "house-buying-companies", I guess I better just bite the bullet and get some "quotes" (offers?) from the Companies; i.e.if I don't ask I won't get!

Thanks again.

B

Share this post


Link to post
Share on other sites

Hi doccyboy

I will have a look at MSE - meanwhile I have contacted "A-quick-sale" and hope to meet with one of their representatives "sometime soon".

B

Share this post


Link to post
Share on other sites

As a committed but struggling seller in a geographical area where the market is completely moribund, I have become convinced that I may have to go the route of selling to one of the "companies that buy for cash". I am aware of (some of) the drawbacks of this approach but would be grateful to hear the experience of any others who have gone this route. (It may be that there exists a Forum on this already - if so - a pointer to it would appreciated). I have in mind a particular company - A-Quick-Sale - which actually offers to buy a house, as opposed to most others that just provide the service of "intensively looking for buyers". I started a Forum in the specific area in which I live, but apart from generally being "warned-off" the idea of "selling-for-cash", got no replies giving "personal experience".

Any advice or information (some at least, hopefully, "positive"!) would be gratefully received.

B

Hi BINCHY,

I have never sold to these companies (neverbought in the UK), but I went to see a house which one of these companies was selling. Basically, they bought it for 625k, then they tried to sell it at auction with a reserve of 800k. Did not sell, they then sold privately for 760k. This was without doing ANY work at all.

All this within two months. It is 50 Hemstal Road, NW6 if you want to look on nethouseprices.com

This was in London, but wherever you are, you are much better off just reducing your price and selling it yourself. If it is priced competitively, it will sell QUICKLY even in this market. Please, don't make these people richer, they don't deserve it.

N.

Share this post


Link to post
Share on other sites

Hi nw3crash

Thanks for that input - (wish I could afford NW3 - though I did, for a while, live near NW6). I now live in Northern Ireland where the house-selling situation is truly dire.

I know that the majority of posters would like prices to come down further, but I did have a genuine need to move and would like "cash-in-hand" quite quickly, (true, no doubt, of many people). Anyway I will give the company I mentioned a chance but if they do make a "silly" offer I will just walk away. I am not really concerned that they might make a considerable profit in selling - on; if I get my "target" figure, I will be content with that.

Thanks again for your post.

B

Share this post


Link to post
Share on other sites

Hi nw3crash

Thanks for that input - (wish I could afford NW3 - though I did, for a while, live near NW6). I now live in Northern Ireland where the house-selling situation is truly dire.

I know that the majority of posters would like prices to come down further, but I did have a genuine need to move and would like "cash-in-hand" quite quickly, (true, no doubt, of many people). Anyway I will give the company I mentioned a chance but if they do make a "silly" offer I will just walk away. I am not really concerned that they might make a considerable profit in selling - on; if I get my "target" figure, I will be content with that.

Thanks again for your post.

B

You need to avoid the scam where they make you a reasonable offer but insist that you pay then a grand for the survey.

And when the survey comes in the value is 20% below their reasonable offer so you walk away having given them a grand for doing nothing

tim

Share this post


Link to post
Share on other sites

In reverse order:-

Hi tim 123

I am aware of the possible scam you mention. However, with good Scots blood in me, I do not intend to pay anything upfront. If I understand it correctly, as in any commercial transaction:- 1) they indicate their buying figure 2) if I like it I OFFER to sell it to them and 3) they then accept or reject MY offer. Until I have a bit of paper (contract) stating that they accept my offer, and my Solicitor has approved it, no money will pass from me to them.

B

Hi doccyboy

I bought my house in late 2005 at £1K over the rateable value, and spent another 25% of the RV on "improvements" so, to sell it at (about) 70% of the "total "purchase cost", would chill the afore-mentioned Scots' blood. However, as we all know, these are strange, strange, times and it might yet come to that!

Thanks for your post.

B

Share this post


Link to post
Share on other sites

Hi mrtickle

Thanks for your post. I have looked at the link.

However, as mentioned above, I have already moved - so the "lease-back" is not in play. I would just like to "get my money", do away with the large black cloud, and get on with my life. I have received a number of good suggestions here and will set about putting them in place.

B

Share this post


Link to post
Share on other sites

My EA ( and I had not realised QUITE how much EA's are despised until coming onto HPC), tells me that there is not an EA in the whole of this area who could "guarantee" to find me a buyer however low I set the price.

Then he is either and idiot or a very poor salesman. Do you think if you put it on for £1 it would sell?

Now of course you want more than a pound so you need to find that magic figure which isn't giving it away and gets you closer to what you want/need.

With regard to buying for cash.... I see two problems firstly from your posts you seem to be suggesting that one of the reasons for a cash sale is you want the money quick with minimal hassle, to be honest in terms of time it doesn't make a great deal of difference they will still need to do all the various checks and get the legal stuff done.

Secondly they are going to offer you a massively reduced price for it, obviously, that's how they operate. You get a "quick" sale and they get a cheap property to sell on. The way would do it is see what they offer then reduce your current asking price mid way between what they are offering and what it's currently on for.

Share this post


Link to post
Share on other sites

Hi gilf

Thanks for your post.

I did approach one company (twice) through their "help desk" and was told "someone would get back to me". Surprise, surprise - no one did.

With the plethora of unsold properties available in my area, above my price and below my price, it appears that no one is going to move (literally) until some one else does. As you will see from the above posts, I have received some good advice here; however, I continue to "dither". When I have actually done something, and hopefully achieved a Sale, I will "report back" to the Forum.

Thanks again.

B

Share this post


Link to post
Share on other sites

Hi gilf

Thanks for your post.

I did approach one company (twice) through their "help desk" and was told "someone would get back to me". Surprise, surprise - no one did.

With the plethora of unsold properties available in my area, above my price and below my price, it appears that no one is going to move (literally) until some one else does. As you will see from the above posts, I have received some good advice here; however, I continue to "dither". When I have actually done something, and hopefully achieved a Sale, I will "report back" to the Forum.

Thanks again.

B

Getting an Auctioneer in to give you a value shouldn't cost anything. (If it does go to another one!)

tim

Share this post


Link to post
Share on other sites

Hi Tim123

Thanks for your post.

Auctioneers are pretty thin on the ground here in Northern Ireland (though not in the Republic); however it is certainly another approach.

Thanks again.

B

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 140 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.