What are those companys about that offer to buy your house when your in a financial mess?

[charlietherednosedpussy]

Do they just buy at a knock down price so your not being repossed/made bankrupt or is there someting more to them?

don't know, but really very last resort, can you re mortgage?

yes I think they buy well below market value and then sell it on

Message withdrawn

Was for friend not me...shes seperated from him, he hasnt paid the morgage for the past few months..something about repossesion in Jan uary so hes doing this instead..I rent and am totally clueless.
Was wondering whether they would in fact end up with a bill IYKWIM...charges for xyz or whatever.

Message withdrawn

ok thanks. He was on the phone saying he needed money for somethig to do with it, must have been the solicitors fees Thanks .

National Homebuyers have recently been on Watchdog. They charge £600 for a survey (worth £75 - they literally just drive past your house, don't even get out of the car) and then guarantee to make you an offer (say, £100,000 for market value of £160,000) So most people then don't accept the offer and lose their £600. One man who accepted their offer then had it withdrawn and was offered a lower amount still (makes me wonder if they actually want to buy the houses at all or just rip people off?) But maybe i'm wrong.

OH They have been offered 69 for a house that if it was in good nick with heating /deacent windows/not damp would be worth 110-120

I have come across another one of them. They claimed in the paper that they could complete in 7 days to stop repossession and ended up offering 30% below market value as a condition.

We didnt part with funds but it's just so unfair to take advantage of desperate people.

There was something on Watchdog about them a few weeks ago. You pay an outrageous price for a survey (done from the street!!) and they offer a really low price. And even then, if you agree they can reduce the price further. Sounds like a bad idea to me.