Selling house - Anyone used we buy any house etc

[Yella Fella]

Anyone ever used these services before? They claim cash rich and once agree one, they can buy your property within 6 weeks providing surveys etc are fine.

They supply their own conveyancers and there are no agency fees etc.

 

[Werewolf]

I'm going to be a bit cynical, I suspect they'll lowball compared to what you might be able to get from other buyers on the basis that they have the cash on hand (and are probably going to be relying on people being lazy or desperate).

 

[Goksly]

I suspect they will come in around 20% lower than market value... Can't remember whether it was this or the old folks version where they let you continue to live in the house till you die... but yeah when I looked into it (out of curiosity) the valuation was shocking.

 

[Yella Fella]

I'm going to be a bit cynical, I suspect they'll lowball compared to what you might be able to get from other buyers on the basis that they have the cash on hand (and are probably going to be relying on people being lazy or desperate).

Yeah works out to around 15% less than market. Because I also have listed mine recently they are now basing it on that rather than the market value as mentioned by real estate agents.

So I did shoot myself in the foot but normally we would try and sell via an estate agent before going to one of them companies.

 

[-Ad-]

Depends how desperate you are and how desirable your place is, renovations required etc.

 

[Quartz]

Anyone ever used these services before?

When I was impoverished I got a very low offer from one of that sort of company. Since it wasn't enough to pay off the mortgage I ignored it.

 

[img]

i tried a few years ago and was offering about 200k on 250k property.

 

[fez]

Like webuyanycar(dot com) they are buying your can and then becoming the seller. As a result they will want to make decent money on it. An estate agent doesn't have that overhead so charges a lot less.

I would wager that anyone who is willing to take 15% less than their house is worth would be far better just dropping it 10% and selling it the normal way.

 

[Mr Jack]

They will massively low ball you. Worth it only if you have a desperate need to dump the house in record time.

Edit After the comments from others about scummy price dropping tactics, avoid avoid avoid in all circumstance.

 

[sad099]

Also depending on your house value they may not even consider your property. I believe they consider houses up to 350k and they will lowball you

 

[dowie]

It's 15% discount if you're lucky AFAIK and can be more like 25%.

The slightly grey area is where they're not actually buying it themselves but acting as an agent, supposedly with pre-qualified buyers who can get it completed quickly... I think that's when they can go with 15% discount.

IIRC something like 2 weeks if they're buying themselves or up to 6 weeks if acting as an agent for 3rd parties who can buy quickly (presumably BTL investors or something).

I looked into it in case I had to move overseas for a job but scrapped that whole plan in the end. The other issue is if you've not got a freehold property you might get 2 weeks in theory from the cash buyer property company but if you're a leasehold owner then there is admin stuff the property management agency you pay your service charge to or the freeholder need to deal with too and they might not be so speedy.

 

[MikeTimbers]

I looked into it and found that a) very low initial offer then b) reduce again at the last minute. Basically the exact same practice as WBAC.

 

[Rotty]

i tried a few years ago and was offering about 200k on 250k property.

\i think you did well compared to some I've seen

 

[manic111]

They offered me 315 on a place I ultimately sold (without any real drama) for 405

 

[Mysterae_]

You need to be pretty desperate or epically lazy to use these type of companies, willing to lose tens of thousands of pounds. They prey on these type of sellers.

 

[Dano]

I asked them or a similar company to offer on my house a couple of years ago after the second sale fell through, if I recall correctly they offered something silly like 145k for my house which was listed at 200k, I declined the offer and sold a week later for 195k.

 

[ivrytwr3]

My dad tried these (or a similar company) for a flat he was getting desperate to sell. I warned him not to after researching them.

Their trick is to actually offer a reasonable amount and at the last minute low ball you - as they know you are most likely in a chain or needing the cash to fund another property etc. Luckily he didn't need the cash and so told them to poke off - but scummy company and scummy tactics - avoid unless you are happy to take significantly less than the property is worth.

 

[Fubsy]

My dad tried these (or a similar company) for a flat he was getting desperate to sell. I warned him not to after researching them.

Their trick is to actually offer a reasonable amount and at the last minute low ball you - as they know you are most likely in a chain or needing the cash to fund another property etc. Luckily he didn't need the cash and so told them to poke off - but scummy company and scummy tactics - avoid unless you are happy to take significantly less than the property is worth.

Happened with us. Told them to stick it.

We still have the property and they've come back sniffing and told them they can do one. They are hot taking down negative reviews that state this tactic too based on our experience.

 

[MikeTheNative]

It's 15% discount if you're lucky AFAIK and can be more like 25%.

The slightly grey area is where they're not actually buying it themselves but acting as an agent, supposedly with pre-qualified buyers who can get it completed quickly... I think that's when they can go with 15% discount.

IIRC something like 2 weeks if they're buying themselves or up to 6 weeks if acting as an agent for 3rd parties who can buy quickly (presumably BTL investors or something).

I looked into it in case I had to move overseas for a job but scrapped that whole plan in the end. The other issue is if you've not got a freehold property you might get 2 weeks in theory from the cash buyer property company but if you're a leasehold owner then there is admin stuff the property management agency you pay your service charge to or the freeholder need to deal with too and they might not be so speedy.

This is our experience although not the same company.
When our house was up for sale we had a letter from the buyer saying they would buy it for this amount right now. I think think it was even worse offer than 25% discount though

 

[Jono8]

Just like Webuyanycar, they will give you a **** amount compared to selling privately.

Obviously they want to buy houses at a decent amount below the market value and then sell them at market value.

If you have a property that wont be popular and will take ages to sell and you absolutely have to sell it then i guess they may be worth using (in the knowledge you will likely be losing tens of thousands of pounds). Otherwise, just sell it privately.