Nested - any views?

[ilovewinterpansies]

Anyone used Nested?

Seems too good to be true - estate agents with a funding guarantee for 95% of your home value after 90 days enabling you to be chainfree?

Reviews are very good but I wondered if anyone had used them.

I'm guessing that the certainty they provide comes at a considerable cost...

I've answered a similar thread last year so I've just copied my response from there ... hope it helps:

We spoke to them last year and went through the process up until signing up.

At first I was sceptical as it did seem too good to be true but when we went through the figures we could see that it wasn't (although it was still competitive)!

From what I can remember, the agency fees are 2-3% (we were paying 1% on the high street) and obviously you also only get 95-97% guaranteed which, when we are talking about house prices, even 1% is a lot of money to lose out on. If they sell at or above your asking price (ie 100%) then you get 80% of this.

The other thing that didn't work for us was the 90 day period. Our house move problems swung between having a buyer and not having a place to move to (so if we used Nested and not have anywhere to move to after 90 days we'd have a problem as they only advance the money for a purchase) vs needing to move quickly but no buyer (so in that case, if it's within the 90 days you have to pay extra to get the money earlier).

Another thing to consider is they only take on houses within the M25.

I do know a regular suggestion on MN when people talk about "we buy any house" (which Nested are most certainly not like!) is that you should lower your house price and you'd sell quicker and not take as much as a hit as going through them. With this there is still no guarantee that that offer will proceed whereas Nested guarantee you the money after 90 days.

What I would say is that I was massively pleased impressed with everyone I spoke to there. Not only do they know their stuff but it really felt like they wanted to help (ie they offered to review the property we were trying to buy to ensure we were offering at the right point etc even though at that stage we had told them we wouldn't be putting our house with them).

I think it's a fantastic concept and will really work for some people who need the certainty and are willing to take a bit of a hit on their sale price (to pay their fees).

@OneDayIWillHaveAGreatUsername thanks so much that's really helpful.

That's what I figured - that you'd end up with far less. Seems to be that this is more because they price low (to encourage an easy sale/give themselves less to promise by way of advance) in addition to higher commission costs.

Also take your point re 90 days and it not working either way. Plenty to ponder...!

They don’t take on all instructions - I spoke to them and their underwriters wouldn’t consider our place (without even seeing it) because we are on a fairly busy road (we are 2 minutes from a station on a wide tree lined street of Victorian houses, and the location has never caused problems with viewings previously. In fact for us it’s a bonus).

The guy I spoke to was very polite and helpful, but said that because they are fronting so much money they need to be very certain that the property will sell easily.

So I’d say have a chat, but be prepared they may say no. It was disappointing for us as becoming chain free would be a huge advantage.

Thanks for your responses. I've had an offer for them to take our property on but the price is so much lower than we are comfortable with. I guess you pay quite a lot for the certainty!!

If our house sells for more then that's great but the advance and commission mean that worst case scenario it's pretty dire.

I hate this house moving business!!!