Saturday, September 16, 2006

Why can National Homebuyers thrive in such a booming market?

This time next year Rodney....

Need to top out at the peak of the market? The Firstrung team cannot figure out whether National Homebuyers are skilled operators offering a genuine service to speed up what can be a laboured process, or quite simply 'mugs' left holding the hottest of hot potatoes.

Posted by uncle chris @ 10:58 AM (574 views)
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2 thoughts on “Why can National Homebuyers thrive in such a booming market?

  • Second half of the article is just an advert for National Homebuyers. It sounds like it’s been lifted verbatim from some of their sales bumf.

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  • Companies offering to buy property from the desperate are springing up like mushrooms. There are many sellers out there only too pleased to accept the low offers some of these companies make – most of these sellers will be major contributors to the personal ‘debt mountain’, although I guess there are many other reasons why people will accept less than market value to realise cash promptly.

    These companies vary in size from the National to the ‘one man band’ e.g. one of our local Financial Advisors is snapping up cheap property like there is no tomorrow (perhaps he offers to buy houses from desperate clients who approach him to arrange a loan).

    Anyone considering this type of disposal should read the small print. There are some companies out there who charge a substantial non-returnable ‘valuation’ fee (which, incidentally the valuer only receives a fraction of). They may make an initial ‘bottom end’ offer for the property to lower expectations, subject to valuation of course, only to revise the offer downwards to the valuation figure minus 30% or so. A proportion of prospective sellers will be sufficiently desperate to accept, in which case the buying company is cushioned against a 30% HPC pending resale at/near market value at a substantial profit. If the seller declines the offer, he may be stung with a bill for several hundred pounds fees. Looks like a win-win situation for the more unscrupulous of the housebuying companies. It also strikes me that the repossession statistics would show a blacker picture were it not for these companies stepping in at the 11th hour.

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