Bymyhouseforcash.co.uk

[Ohdear2020]

Has anyone used these or similar?

I assumed they would sell for a lot below the market rate but they are saying they wouldn’t

Of course they will buy it below the market price, that's where they find their margin. It wouldn't make sense for them to buy at the potential going rate.

Never used them but phoned up out of interest one of the companies. They offered 80% of market value.

I think they probably also act as a normal estate agent by the looks of things. Their model seems to be to buy immediately for a lot less, or promise to take a bit longer but not that much longer for market rate.

It’s a London flat with just a shared garden so I don’t think they’ll have much luck in this climate.

“Market value” is what someone offers to buy your property for - if you’ve had it on the open market and nobody has wanted to buy it for what you’re asking, it doesn’t have the market value you think it does. By that definition, a company who offers to buy it isn’t paying significantly under market value, if they are your only market.

If you need or have to sell then they’re worth looking into. If you just fancy a move then it’s better to sit tight until you can find someone who does want to pay what you want.

I've heard businesses like this offer you a good amount then drop the price later on in the process.

Just something to be aware of.

A friend used a company like them. They offered a trainable price at first, just a bit below market rate then the day before exchange they stopped the price right down. It's practically a scam as they know people are committed at that stage

Thanks year20 and rudolph, I was thinking they might pull something like that.

I’ll stay clear. We do need to move really as are in a large one bed with a five month old. But will hold out till next year - hopefully it does get better and this isn’t the ‘new normal’ (ugh hate that phrase) for the London housing market.