The Property Selling Company

[TryingtoBuy2021]

Just wondering if anyone has any experience with this company? A house I like the look of has just come up and they are selling it. They are the sales arm of the Property Buying Company...I suppose I’m immediately wondering what’s wrong with the house if it’s being bought and sold by such a company rather than more traditional routes. And wondered if anyone had any experience buying from them...?

Thanks.

You'll likely find that it's un-mortgagable or has issues with insurance (eg subsidence etc). We tried to buy a property last year via a high end estate agent. When we had it valued the bank refused to lend as it had no build warranty (it was a 5 year old barn conversion). We could see that the sellers were clearly in dire financial straits, but they refused to negotiate with us on a price reduction (we were willing to take a "punt" and buy it cash, but with a 20% drop. In the end it went on and off the market twice (as other buyers discovered the same as us) and then went to a property selling company who bought it for 50% of it's marketed price. By all means look at the property, but do your homework

Thank you! There’s a note on the ad saying “TPSC has not sought to verify the legal title of the property and the buyers must obtain verification from their solicitor.”

So I suppose they bought at auction or very quickly anyway without doing any due diligence at all.

All estate agents state that though - it's always down to a buyer to satisfy themselves everything is in order before exchanging and completion.

Ah really! I hadn’t noticed that before. But different because they own the house so they are the seller as well as the estate agent...?

I’ll go in eyes open and take it from there.

I think sometimes they have faults, other times people just want a quick sell to secure an onward property and take the hit. Some neighbours of ours did that although I’ll never really understand why because their house was so desirable.