We buy any house….

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Anyone got any experience with these kind of people who supposedly any property quickly

back story, relative died nearly 2 years ago. His flat which he owned outright has been on the market since a couple months after he passed away. It’s a nice place, not overly small but no parking which I think puts people off. It’s in a desirable area and doesn’t need much doing to it to make it a home.

had a few interests but nothing has come of it. It’s been lying empty.

considered renting it out short term but it was just another stress to think about and worried about tenants refusing to leave or wrecking it.

the executor of his estate is considering using a service that ‘buys any property’ as it needs to sell. I get this but I feel like it will likely be a huge loss on what it’s worth?! I know you won’t know until you find out but I feel there’s got to be a catch?

are people not buying property right now? I honestly thought it would go quickly as a buy to rent as there’s many flats similar in the area and there’s a real shortage of properties here. I guess everyone is skint!

You can get a quote and then decide, though. It might be a little under your current sale price, but maybe worth it? But in your shoes I'd probably rent it out. Pick your tenants carefully - rentals are in such short supply you'll be spoilt for choice. Or, rent through the estate agent and let them do the worrying.

they generally offer about 75% of the value I believe as a maximum. Maybe drop price first. It will sell if cheap enough.

I used one, probably 10 years or so now. Got a little under market value at the time but it was worth it for me...very easy, no stress, tenants in situ etc.

How much have you/the executor reduced the asking price by so far over the 2 year period? You would make more if you reduced the price enough to get interest than with one of these companies so perhaps suggest that first.

People are still buying in some areas and at some price points but generally the market has fallen since late 2022. As you say, less people can afford to buy!

We used one, we didn't want to lose our dream house so needed a quick sale. We knew what to expect, so weren't surprised when they dropped their offer by £15k just before exchange.

It worked for us, as we were prepared to lose out financially. The area had gone downhill, houses weren't selling, and we might still be there if we'd gone the normal route.

We're now in our dream house, 2 hours away from our old house, and very happy 😊 I'd say if you go the we buy any house route, be prepared for them to reduce the offer last minute.

They offered to pay our solicitor fees if we used a firm they chose, we refused and I'm glad we did as their solicitor was shockingly bad. For example he wanted to delay completion 3 days before as he wanted a day off! Our wonderful solicitor told him off a few times 😁

thanks, I am not against renting myself, but the person sorting it all out is against it. I have no say but giving them my advice as they are a bit clueless with it all (as am I, but I will read up on things they tend to be impulsive with it all).

Property was valued at 130,000 initially and is now on the market for 120,000 I believe, which is really cheap for our area but it is a 1 bed with no parking.

to me although we all want it sold but because there’s no other sale relying on it, renting would be a good idea even airb&b might help in the short term as it’s a tourist area but would have to spend out more initially getting it ready, whereas a private let it would have to be totally unfurnished as everything has been emptied out.

Yes they will almost certainly give you a lower price and then drop it further at the last second, it's their MO. But you have to decide about the bird in the hand versus two in the bush.

Given it's already been 2 years, you got it "free" but so far you had a load of hassle with no other end in sight. I'd be tempted to suck it up and just get shot of the place and be done with it.

That's a really small % reduction for something that has been on the market for nearly 2 years. It may be cheap for the area but that's because it's a one bed with no parking! Clearly buyers don't think it is really cheap for what is on offer or it would have sold 2 years ago. If I were you, I would reduce substantially rather than going with the 'we buy any house co.' as you would still get more on the open market. I assume that you will inherit a percentage?

I used one four years ago, I wanted to sell a property I inherited quickly. It had a short lease and I didn’t want to pay 30k to extend it.

I was happy with the price I was offered and I tracked what it then sold for and the people that bought the property didn’t make any profit.

I didn’t have to pay any fees such as solicitor fees and the whole process was really quick. My relative died at the end of November and I sold the property mid January. Probate took 4 weeks. I had no emotion about the property and inheriting it was completely unexpected and it wasnt something I’d ever banked on etc.

I think it works better for cheaper properties as for example only getting 85% of a 100k place is ok whereas dropping 150k on a million pound house isn’t ideal.

I would reduce the price further on the open market first. The wholesale buyer is going to work on a lower market value than your 120k anyway - because it has been for sale for so long - and then reduce by a further 15 to 25 %. Better to have on honest discussion with agent and ask "where do we need to be on price to get multiple people trying to quickly buy this property?"
If you do that you might get to choose the most proceedable option and will still be getting more for the asset, probably by quite a lot. It also reduces the likley last minute take it or leave it reduction. I'm guessing a wholesale buyer is going to offer you maybe 100k and then reduce that to 85/90k at best the day before exchange

They typically pay 60% of market value. I used one to get rid of a rental property I knew wouldn’t shift on the open market. It worked for me with my overall tax position for the year. Many of them are sharp practitioners, as people have said, but there are one or two who are upfront and straightforward. Recommend you do your research.

For a property this low in value I would do it. They messed me around with over valuing, then the surveyor gave a weird valuation and dropped the price so I sold privately in the end. But if they are paying legal fees, then I would just do it. It must be costing you to maintain it. They will pay up to 80% of the valuation.

Have you thought of putting it through an auction. A proper one not the 'modern method of auction'?

We sold my parents home (that needed a lot of work and wasn't selling) through auction. You know the house has been advertised and went to the highest bidder, plus you can put a reserve on so you don't have to accept a poor offer. All done and dusted in one day - minimum stress.

If the We Buy Any House people are like the We Buy Any Car lot you will get MUCH less than the market value and they are likely to 'kick every tyre' and drop the offer at the last minute. I wouldn't do it.

I think you also have to factor in how much it's costing you to keep it empty in terms of council tax, insurance, utilities etc. We had similar with a flat belonging to an elderly relative who died. We sold at auction because in the end it's worth what someone is prepared to pay for it. Either you can be bothered to do a Homes Under the Hammer style renovation on it (for which you have to factor in not only the cost of the renovations, but also of the time it takes to do them and whether you live nearby to supervise) or you can't. Nowhere that has been sitting empty for two years is going to be an attractive prospect especially if the previous inhabitant was elderly.

Renting would be a terrible hassle. I’d keep dropping the price until it sells.

I considered it, auctioned instead in the end and did much better that way - definitely look at auction instead

We sold a house in a shocking state via the modern method of auction. It was very much suitable for a developer. We hoped for £85000 but only achieved £54000. However, it was difficult to value because of location and condition. It was a probate sale, proceeds divided between 3 siblings. Once you start calculating your share the imaginary loss isn't much. It's only worth what someone will pay.

Would you be prepared to provide a link to the property. The MN Massive might be able to see things in the listing that you haven't.