These 'we buy any house' companies...

[ILoveMyYuccaPlant]

Has anyone used one before? We have been on the market for 7 months with no luck and are about to lose our onward purchase as our vendors are getting fidgety.

We got one of these letters through from a company called Springbok, offering to buy the house for us, though we havent had a valuation or anything by them to see what they would offer us. It's already on at a lower price than its value and we could likely afford to take less for it than needs be if it means we can keep our purchase.

If they are anything like the we buy any car company, you will get hammered on the price. Tread very carefully.

They will offer you such a low price it wont be worth it. But try by all means you dont need to accept their offer.

Their general business model is to buy at a very low price and then sell closer to what the price should be - that's how they make a profit.

Typically they offer 'higher' at first to get you to agree then just before exchange will come up with some reason why they can only now give you a lot less and you have to take it or leave it.

You are probably better off reducing the price yourself to the point where you get a buyer. If you can't afford to do that you def should not be going anywhere near those types of companies.

I’ve not used them, just googled them and they come up as looking legit with a good reputation. I’m guessing that they’ll offer you a lower price though than what you’re hoping for on the open market?

I looked into this for an inherited house - it looked like we’d get about 2/3 market value from them.

The will offer you a low but decent price, but then just before exchange they will knock it right down again( hoping at that point you are too far along to pull
Out). Honestly wouldn't touch them unless absolutely desperate

We bought a property from SpringBok and they were awful. They didn't advertise the property correctly (1 bed when it was a 3 bed) which meant no interest. This was very lucky for us as we bought at a very good price.
They had awful customer service too. Very rude and chasing us constantly for things that were out of our control.

Thanks for the replies.
We had considered reducing the price however it would only be of benefit if we thought we would get to keep the house we're buying. It was under budget which means we could drop a bit more however, if dropping the price doesnt work and we then have to find a new house we'll need every penny we can get as this is a pricey area (selling and moving within the same area).

It's also Scotland where offers over is the norm so we're reluctant to drop as it could price us out the area even more.

They will give you a terrible low price.
I'd ask them for a quote and then see if you can get anything higher.

We're based in Scotland too and SpringBok did not understand how the market works up here.