House for sale, notes through door from 'investment buyers', how scammy?

[lottiegarbanzo]

Hi,

I have had a house on the market since September. It's a modest terrace, in a 'first time buyer / investment buyer' neighbourhood. Had one sale fall through in January. Recently accepted another offer (but no 'sold' sign up yet).

I picked up a pile of post there yesterday and it included four 'handwritten' notes from 'investment buyers' - individuals, identified only by first name - expressing interest in buying the house for cash.

First assumption is of course that these are companies and would only be interested at very low prices, either initially or after survey and are preying on the idea that I am desperate to sell.

One of them names a price though, which is significantly higher than the one I just accepted (from a company of a different sort, not an individual, though the ethics of gazumping aren't my topic here), though not crazily out of line with market values.

The only sensible action, other than ignore, would seem to be to contact this person and suggest they present proof of ability to pay to my solicitor as a first step, then a discussion would be possible.

Really, I am sure it's all scamtastic and they're after a bargain. The naming of a cash price was an interesting move though. Just curious about others' knowledge and experience of these operations.

Thank you.

I think these operations have a reputation for dropping their offer price at the eleventh hour. Also they won't have seen inside it and haven't had a survey. I'd be very wary. They have got your attention but there's no guarantee they'll honour the offer.

Also why haven't they just gone through the agent? That suggests to me they are going to try to persuade you to breach your contract with the agent by dropping them and deal with them directly whilst telling you you'll save on the agent's fees. This again gives them more leverage - they can say to you that you're in no worse position than if you had paid the agent's fees.

But maybe I am too cynical. There's no such thing as a free lunch.

The 'direct cash offer to save agent's fees' seems perfectly normal, in its way. The agent's contract is only exclusive for 12 or 16 weeks and we're well past that.

Yes, I'd assumed a late or post-survey drop in price would be the tactic. Later the better for manipulation of desperate sellers I suppose. Just curious to know more about them really - how widespread, who they really are, other than 'Matt', 'Jane' etc.

The best thing about the offer I've accepted, though lower than the previous one that fell though at the buyer's end, is reliability. They say they're buying it at this price, they will, fairly quickly. So not really tempted, really...

Also, these people would still have to do through my solicitor, who would no doubt be wise to them and advise me accordingly.