we buy your house companies.

[cyberknight]

has anyone had any dealings with them ?
We have been on the market for 3 months and already dropped the price 5 k , the house is not overpriced and we have had only 1 viewing.
Mrs CK wants to get one of those companies to give us a valuation but i reckon they will just offer us a ridiculous amount and it would be easier just to drop the house price.
In our area houses are not selling , in the last month that i know of 2 have sold and gone back on again at lower amounts.
The plan is to sell the house and downsize to reduce the mortgage so MRsCK does not have to go back to work , as her health is not the best but it all depends on whether we can get a reasonable price.The bottom of the range house i could afford means i could accept 10 k less than what i have the house on for now and still be worth moving .

 

[Archie_tect]

Don't sell to them... unless you get 3 independent valuations in of your own and average them then tell the rip-off buyers what you'll accept.

Alternative; move into rented, cheaper, smaller house for you and rent out your house unfurnished at full market value. Difference should cover mortgage and running insurance/ maintenance/ repairs on your house leaving you with smaller rent to pay and gives you max flexibility should your circumstances change or you find a house you want to buy. [You will have to pay income tax on the income from renting your house out but Mrs Cyberknight could be landlord so that she gets full poersonal tax allowance on the rent income.] Check with a rental agent about capital gains tax and proper contracts though... and/or ask theclaud for her advice about fair contracts and tenancy.

 

[Night Train]

There's always daytime TV - Phil Spencer's Secret Agent.

 

[AnythingButVanilla]

I used one a couple of years ago when I sold my flat back in Glasgow. It was valued at 68k and I grudgingly accepted 49k for it which was enough to pay off my mortgage and give me a nice amount leftover. I did lose a massive amount but the flat had subsidence and rising damp, which wasn't picked up in the survey, and I couldn't afford to fix it before selling it on the open market so going through one of these companies was ideal for my situation at the time. Looking back though I wish I'd auctioned it off instead.

By the time I'd shelled out money for repairs, solicitors fees, mortgage and council tax and insurance to sell it the normal way all that might have cost me thousands anyway.

 

[Vapin' Joe]

has anyone had any dealings with them ?
We have been on the market for 3 months and already dropped the price 5 k , the house is not overpriced and we have had only 1 viewing.
Mrs CK wants to get one of those companies to give us a valuation but i reckon they will just offer us a ridiculous amount and it would be easier just to drop the house price.
In our area houses are not selling , in the last month that i know of 2 have sold and gone back on again at lower amounts.
The plan is to sell the house and downsize to reduce the mortgage so MRsCK does not have to go back to work , as her health is not the best but it all depends on whether we can get a reasonable price.The bottom of the range house i could afford means i could accept 10 k less than what i have the house on for now and still be worth moving .

The house is only worth what someone is willing to pay for it.

Of course the companies who buy your house will offer less than the market value just as a car dealer will do when you sell your vehicle to them, that's how they make their profit.

 

[Archie_tect]

The house is only worth what someone is willing to pay for it.

Of course the companies who buy your house will offer less than the market value just as a car dealer will do when you sell your vehicle to them, that's how they make their profit.

Ah but SJ, there are fair prices and stupid prices....

 

[Flying Dodo]

Alternative; move into rented, cheaper, smaller house for you and rent out your house unfurnished at full market value. Difference should cover mortgage and running insurance/ maintenance/ repairs on your house leaving you with smaller rent to pay and gives you max flexibility should your circumstances change or you find a house you want to buy. [You will have to pay income tax on the income from renting your house out but Mrs Cyberknight could be landlord so that she gets full poersonal tax allowance on the rent income.] Check with a rental agent about capital gains tax and proper contracts though... and/or ask theclaud for her advice about fair contracts and tenancy.

Although you'll have to advise your mortgage lender of what you're doing, and it's also possible they'll put you on a higher buy-to-let mortgage rate. Many people possibly don't bother notifying their lender.....

 

[asterix]

Could you extend your mortgage term, reduce payments?

 

[Archie_tect]

Although you'll have to advise your mortgage lender of what you're doing, and it's also possible they'll put you on a higher buy-to-let mortgage rate. Many people possibly don't bother notifying their lender.....

That's true- didn't think of that.

 

[cyberknight]

Could you extend your mortgage term, reduce payments?

Mortgage finishes 1 month after current retirement age as it is , when the recession hit a few years ago i was put on short time for close to 2 years losing £100 a week so in my end so i had to sell and start again.
As it happened i got a repossesion so got a good sized house but its not what or where we wanted to be but we were living with the MIL after the sale .

 

[albion]

They look at the market price and then reduce it by 20% +
Considering the current market, unless you are in a 'hot area' this 20% may now be 30%+.

The price only gets close when you yourself undervalue or if you do a part exchange for an over valued wimpey home.

 

[summerdays]

I've heard (no idea if it is true), that they offer you a price ... a reasonable amount below market value, and then once you are committed and have already paid for solicitors/fees they then further reduce the price. So you either loose money pulling out or go with the even lower price.

Rather than going down that route - find out what they would be likely to offer and then put it on the market at that price yourselves - or ask the estate agent what price would shift it, if you must sell.

 

[ASC1951]

I've heard (no idea if it is true), that they offer you a price ... a reasonable amount below market value, and then once you are committed and have already paid for solicitors/fees they then further reduce the price. So you either loose money pulling out or go with the even lower price.

That wasn't my experience, tbh, and I'm not sure how they could. In most areas solicitors wouldn't charge if the transaction fell through before exchange of contracts- certainly I didn't.
But what these Below Market Value outfits certainly do is to pretend that they are instant cash buyers, then delay and delay until they have found someone to sell on to at a profit.

Rather than going down that route - find out what they would be likely to offer and then put it on the market at that price yourselves - or ask the estate agent what price would shift it, if you must sell.

I agree. BMV buyers do nothing that you could not do yourself, because in most cases they never actually buy it - they just line up a simultaneous sale to someone you could in principle have found. But in today's market mortgages are hard to come by, so if you have to sell you may have to take a serious hit. It's no good griping about 'silly prices' because for many properties those are the only offers you will get.
My advice would be to sell it through an agent, if you have to sell, and let them reduce the price until it does. But if you have any choice, stay put. Ride out the next year or 18 months.

 

[screenman]

Houses sell on price or location, now what may be a fair price to a seller may not be a fair price to a buyer. If your house is not selling then it is too expensive, no other way to look at the situation. Even a total derelict in a very poor area will sell quickly if priced correctly.

Maybe the fact that you bought a repo may tell you something else.

 

[cyberknight]

maybe the fact that you bought a repo may tell you something else.

was a repo because the guy was an alcaholic, lost his job and got into loads of debt according to the neighbours as i dealt with the estate agents and never met the seller.

I have been "riding it out " for years , still banking hours at work .
Thanks for all the replies as it basically confirms what i thought about the so -called quick sale agents.