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Original poster

Property Buying Companies

33 replies

TheWindOnTheMoon · 02/08/2021 10:18

Has anyone used one of those companies like We Buy Any House (or others) to sell quickly?

We lost our buyer and there's been no other interest, not even a cheeky low offer which we would have accepted. EA is trying to stay positive but all we keep getting is feedback that viewer liked house but wasn't quite what they were looking for. There's only so much we can take.

DH is talking to a property buying company who have offered a really low price but he wants to accept it & move on, stress-free.

I just don't know how trustworthy they are, or what else to do. Getting very stressed and worried. It's affected our mental health so badly this time, endless rows & misery.

Have suggested we try Auction but DH isn't keen.

OP posts:
user89764 · 02/08/2021 10:39

I researched very briefly out of desperation but quickly decided against it on reading that they are buggers for agreeing a price, and then in the 11th hour when you're committed to your purchase and desperate to proceed, they drop the price (can't be sure they all do this every time, but it was enough to scare me off).

I sent one enquiry form before that research and I was hassled for months by phone, email and text despite asking them to stop and having to block several numbers.

scaffoldingtheworld · 02/08/2021 10:57

If you are willing to accept a low offer at the level they’ve offered, surely you’d be better trying the open market at that price or thereabouts to try and get a buyer who would submit an offer a bit above?

Original poster
TheWindOnTheMoon · 02/08/2021 10:58

I thought as much. DH spoke to one company last week who said they make a firm offer, take it or leave it. It's low, and we'd need a mortgage to go forward. We've been mortgage-free for years. It's all so stressful and he keeps piling the pressure on me to agree so we can move. I don't trust these companies.

But, at the same time, if we take the financial hit now, we can start over with a clean slate.

We just keep going round in stressed out circles, getting more and more stressed and worried. It's a nightmare.

OP posts:
Original poster
TheWindOnTheMoon · 02/08/2021 11:03

The problem is, @scaffoldingtheworld, we're not getting many viewers - just 2 since we lost our buyer and not even a lowish offer. The EA knows we'd take a lower offer but there seems to be no interest at all.

OP posts:
underneaththeash · 02/08/2021 11:04

What’s the matter with the property?
Can you really not wait for another buyer?
We’ve bought a couple of properties from these brokers and they usually offer way under market rate.

scaffoldingtheworld · 02/08/2021 11:05

@TheWindOnTheMoon

The problem is, *@scaffoldingtheworld*, we're not getting many viewers - just 2 since we lost our buyer and not even a lowish offer. The EA knows we'd take a lower offer but there seems to be no interest at all.
Buyers will be looking at the price you’ve got it on at now via rightmove or wherever you are advertising. Those buyers don’t know you’ll take less. You need to show them. Your EA won’t be in touch with every buyer directly. How else are buyers going to know.
TakeYourFinalPosition · 02/08/2021 11:08

We looked into it in March. Selling a lovely flat but our buyer pulled out on the day our chain completed and it’s got a communal garden… in the pandemic, it felt like we’d never sell.

They are absolute charmers, and offer you a low but “best” price, saying you can take it or leave it… and then they pay someone else to come round and knock as much off as possible. Then they push you to let them try to sell it to their “network of buyers” instead…

In the end, we rejected it, although I can’t say I wasn’t tempted! We sold four weeks ago, viewings went up well and we ended up with two asking price offers.

We did change EA - our old one wasn’t get much in the way of feedback or serious viewers. The new one cost more but did a much better job.

We were warned by quite a few people that the property buying companies only want it if they can sell it on - if there’s no demand for you to sell to; they won’t want it either, unless they can get it for such a deal that it’s worth taking a risk on. That’s not their usual 20/25% off… it’s a lot more.

loveisagirlnameddaisy · 02/08/2021 11:09

What's wrong with the property? If you're willing to sell below market value I'd go for auction any day over one of those brokers. Auction price is agreed on the day and exchange and completion times are much shorter.

Original poster
TheWindOnTheMoon · 02/08/2021 11:13

I don't think there's anything wrong with our house. It's very old - around 300 years old and maybe people round here are only attracted to the new build estate on the other side of the village.

It's big, spacious, large garden, has own parking on driveway, good schools nearby, excellent transport links to London. And yet, no-one wants it. Even the feedback hasn't been awful, it's all been positive but nobody actually wants to put in an offer. It's just getting us down. DH is desperate to move. We were just a few days off exchange with our buyer & had been all ready to move when they pulled out.

OP posts:
pigeonhole · 02/08/2021 11:15

Why are you needing to sell ?
What's wrong with the property that isn't getting you viewings ?
If you are willing to take a low offer then advertise it with that as an asking price with the estate agent or another one
If you do go auction route ( and it's quick ) I would suggest you move out your possessions whilst it's on the market as viewings are not as supervised as they are by an estate agent

user89764 · 02/08/2021 11:17

I'm sorry OP it's so stressful. But it sounds like you'd be much better off changing estate agents and then dropping the price, that should stir up more interest. It's no good keeping the price high if you're willing to negotiate, there will be buyers who will be quite black and white in their Rightmove search, and if your house is in a higher price bracket potential buyers whose budgets you might be amenable to just won't see the house.

TakeYourFinalPosition · 02/08/2021 12:02

I think you should change estate agent, and go with one who will dig a bit deeper than the surface level comments and find out why people aren’t offering.

There is a reason.

underneaththeash · 02/08/2021 12:05

That’s odd OP - we live in a commuter village near London and houses here are snapped up immediately.

I wonder if it’s on for too little?

scaffoldingtheworld · 02/08/2021 12:17

Would you be willing to post a link so we can see it?

Andthenanothercupoftea · 02/08/2021 12:25

Sounds like you need to reduce the price on the listing, rather than just hoping someone offers lower. You may not even be on some people's radar, depending on how they search on Rightmove etc.

Givemebackmylilo · 02/08/2021 12:26

Just bloody reduce your price.

Bangs head against wall

Original poster
TheWindOnTheMoon · 02/08/2021 12:26

Not comfortable with posting link, scaffolding. Sorry.

We're not near London, but v near major road to London. V quick journey from here. Think sort of place people might have a weekend cottage. West Country.

OP posts:
IJustLikeBiscuitsOK · 02/08/2021 17:25

Have you thought about auction? Or dropping to next price bracket down and advertising for a quick sale only. We did this and got a cheeky low from a developer but completed quickly. I'm wary of we buy any house.

flashbac · 02/08/2021 17:34

Why did the buyer pull out?

Talia99 · 02/08/2021 17:41

Can you look on one of the property websites and see if there are any estate agents near you who specialise in older properties? I think a 300 year old house is very marmite - you don’t want an estate agent who specialises in modern estates, you want one who has people on the books looking for an older house.

You haven’t said if you have to sell or why the buyer pulled out. If you and your husband are racing the bankruptcy proceedings (for example), desperately need the money and the survey shows the roof is about to crash into the garden, you may want to take what you can get. If you are just fed up of waiting for a buyer, maybe you should wait. It’s very hard to advise with so much information missing.

Original poster
TheWindOnTheMoon · 02/08/2021 18:43

Ok so I talked to our Estate Agent today & have dropped the price down to the next bracket. We got one viewing booked in for tomorrow.

We don't "have" to move, but we are wanting to be less rural, and closer to the college DD wants to go to, because that's not do-able from where we are (no regular public transport going that way). And I want to have a shorter journey to hospital for regular check-ups too.

Our buyer pulled out because they said they had had a bad survey but wouldn't say what it was or discuss anything with us or the EA, so we think it was an excuse for changing their mind.

The EA we're using has experience of older houses.

I think we've decided not to try a property buying company and will give our Estate Agent a few weeks more to try and find us a buyer and then, if still nothing happening, will try Auction.

OP posts:
Talia99 · 02/08/2021 18:57

The amount you’d lose using a property buying company, it would probably be cheaper to pay for a taxi both ways for your DD for a few months if that’s what it takes.

I think for a 300 year old house, there is a limited pool of buyers but when you find the right person, they are likely to be very keen.

eightlivesdown · 03/08/2021 13:15

Reducing the advertised price to the offer you'll accept is correct. When I search for property I often sent price parameters, so setting too high a price which you're prepared to negotiate lower will mean some potential buyers won't see it. You never know, this might attract more than one buyer to a perceived bargain, and it could go for a higher price.

You'd also be better off selling at 5% below market value privately than at 20% below to a property company.

Is advertising it at a below market value and inviting "offers over" an option to generate viewings and offers? This is how auction companies appear to operate, showing a low guide price to stimulate interest, and invariably the final selling price is somewhat higher.

Is it worth speaking to an auction company? You can set a reserve price to prevent it being sold too cheaply. Not sure if there's a fee to be paid if the reserve isn't met.

Original poster
TheWindOnTheMoon · 03/08/2021 13:32

Our next move is to talk to Estate Agents who also do auctions. I know one local one won't take it on because it's all up together - we've done all the expensive renovations. They only take on run down properties in need of renovation. So it's going to be harder finding one who will take it on.

Our estate agent doesn't do "offers over", preferring to keep things more straightforward. I can see why - I wouldn't know how much a seller was wanting from an offer. We had this situation before the DC were born. We offered the asking price & seller turned it down, demanding several thousand more for fixtures & fittings. We walked away.

If we don't get a sale now, we can't afford to drop the price again.

OP posts:
Talia99 · 03/08/2021 13:36

If you can’t afford to drop the price then you definitely can’t afford one of the property buying companies who will offer you a lot less than the property is worth.

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