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Has anyone used any of these 'we buy any house' type companies?

13 replies

housemovehelp · 09/10/2020 08:14

Are they as dodgy as I think they are?
Husband wants to go down this route but I don't think it's a good idea

OP posts:
uhohbrusselsprouts · 09/10/2020 08:16

They won't give you anywhere near market value. It's also not unknown that they register an interest with the land registry on your property if you do go ahead with them, then when you change your mind, you have to pay them a fee anyway to remove their interest.

Only used by people who want to avoid repossession or have an property that can't be mortgaged.

TitianaTitsling · 09/10/2020 08:18

I'm with you, like the car company ones, I wonder if theyll initially state, oh yep its worth £375k, then will survey and pick up 'flaws' finally only offering lots less!

lastqueenofscotland · 09/10/2020 08:26

They are not great, they will offer you maybe 90/95% of market value upfront and their solicitor and surveyor will always miraculously pick up serious issues with the house and then they’ll ask for a huge reduction. Always.

IheartNiles · 09/10/2020 08:30

Have you thought about trying a modern auction or if you’re in M25 try Nested estate agents. They will buy your house if not sold after 3 months or give you a bridging loan to proceed with your purchase while your house is marketed. Both options you’ll probably end up with less than market price but much better than we buy any house rip off merchants.
Have you lowered the price enough? Most places will sell at the right price.

ClaryFairchild · 09/10/2020 08:36

They're not necessarily a 'company', but an agency for cash investors to go through, and they take a share of the sale price. So your details get spread far and wide if you make an inquiry.

tinofshortbread · 09/10/2020 08:54

@lastqueenofscotland

They are not great, they will offer you maybe 90/95% of market value upfront and their solicitor and surveyor will always miraculously pick up serious issues with the house and then they’ll ask for a huge reduction. Always.

Ah, thats interesting.

I used one to get a "base price" for a house to start negotiations to sell a house to someone I knew.

They offered much higher than I expected them to, only slightly less than the estate agent valuation, then were incredibly insistent about "just sign here" afterwards, promising they would complete within the week, they could arrange various things for me etc. I had no actual intention of selling them the house, I just needed a minimum valuation.

Now I what they were doing.
NibbleQueen · 09/10/2020 09:26

Interested in Nested, might this be the same company I've seen advertised on the tube?

IheartNiles · 09/10/2020 09:57

@NibbleQueen

Interested in Nested, might this be the same company I've seen advertised on the tube?

I think so. If you look them up on mumsnet search they were offering a free trial earlier this year. Worth giving them a call. I looked into them (only online) as a backup in case my current sale came unstuck.
NibbleQueen · 09/10/2020 10:24

We had a chain fall through on the day of exchange+completion. We were packed, removal van paid for. Our sale had been agreed in February so now we're back on the market in COVID times and the house we're buying don't want to wait any longer. We have had one offer but she's got a flat to sell that's not under offer. I'm looking at nested but if it's legit still don't think we can afford to use them - 90pc of the marketed value wouldn't be enough for us to buy our new house with, plus we'd risk possibly paying 9pc fees with them. But maybe our buyer would like to know about them

IheartNiles · 09/10/2020 10:36

@NibbleQueen

We had a chain fall through on the day of exchange+completion. We were packed, removal van paid for. Our sale had been agreed in February so now we're back on the market in COVID times and the house we're buying don't want to wait any longer. We have had one offer but she's got a flat to sell that's not under offer. I'm looking at nested but if it's legit still don't think we can afford to use them - 90pc of the marketed value wouldn't be enough for us to buy our new house with, plus we'd risk possibly paying 9pc fees with them. But maybe our buyer would like to know about them

Oh that’s gutting. Give them a call as their t&c on various articles look better than that.
IheartNiles · 09/10/2020 10:39

@NibbleQueen

We had a chain fall through on the day of exchange+completion. We were packed, removal van paid for. Our sale had been agreed in February so now we're back on the market in COVID times and the house we're buying don't want to wait any longer. We have had one offer but she's got a flat to sell that's not under offer. I'm looking at nested but if it's legit still don't think we can afford to use them - 90pc of the marketed value wouldn't be enough for us to buy our new house with, plus we'd risk possibly paying 9pc fees with them. But maybe our buyer would like to know about them

Ps if true modern auction would have got us 95% of the asking price.
housemovehelp · 09/10/2020 11:09

Aw god he's just rang and said he's already booked a valuation with one

OP posts:
NibbleQueen · 09/10/2020 11:45

I have heard that many of these companies will gazunder you at the last minute. Looking into nested they seem legit so perhaps you could go down that route? It's an expensive way to do things though. We don't have enough leeway to facilitate it unfortunately

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