Property buying companys

Hi I'm in the same position. Desperately trying to sell again so we don't loose our lovely bungalow. We did look into house buying companies but they typically only offer you 80% of your houses value could you afford or want to loose that much money?

There’s always Serco. They are advertising.

I think they serve a purpose, if say, someone inherits a property hundreds of miles away and just wants rid of it, but without all the implications of having to keep it maintained and secure while on the market. They also offer completion within 28 days and as I understand it pay all the costs. The drawback is, of course, for an instant sale, the price offered is going to be about 80% of the average value of similar houses in that area. These Companies know you are desperate to sell, or you can’t move forward otherwise, or you’re happy to take a lower figure for the convenience of having the cash in the bank.

I neither condemn nor condone them. Some might say they offer a service, while others say they take advantage of someone’s unfortunate circumstances.

No-one is forced to use these companies. Find out what their offer and conditions are and decide if it's what will be best for you.

I have a friend who is now selling to one of these companies for the second time (with several years between), rather than hang on hoping for a buyer after getting almost no interest using an estate agent.

If you are buying a new build the developer will very often take your old property in part exchange
It streamlines the whole process

It does David49 but unless things have changed - it’s only if you’re up-sizing and then by a considerable margin.

I approached one of these companies, back in 2019, when I was let down at the final stage of selling my house. I had agreed a reduced price from original for this sale, and on the phone the company offered me something like 80% of that.
I did not go ahead, but understand that even with that low price, if you go ahead, it gets reduced further when they actually send someone round, who looks for every possible defect they can.
Suppose okay if you are selling a property which is virtually incidental to you - say a relatives house a long way away, but for most of us who are selling with intention of moving, so usually need every penny we can get - it is not a good idea.

Suppose a better option could be going to auction - at least there you can signify the lowest price you will accept.

If it’s a house that needs refurbishing auction is a good alternative for a quicker sale, let the buyer, often a builder take the risk on any profit or loss on resale.

Georgesgran

It does David49 but unless things have changed - it’s only if you’re up-sizing and then by a considerable margin.

Very recently a nearby property (in perfect order) went on the market with an upmarket EA and the sign had a sticker on saying "part exchange available".

As these 40 yr old properties are in high demand and sell like hot cakes for well over the asking price, I wondered why any "incentive" was thought necessary so looked up the EA's website.

"If you are interested in any property we have available for sale on this website and have a property to sell, we can refer you to Investment companABC(who operate independently of us). They can depending on the type and location of your property make you a guaranteed offer for your own property through their unique Part Exchange initiative. This will allow you to sell your property quickly and easily without any Estate Agency fees or advertising costs. "

Typically, buyers of these properties are affluent cash buyers, either "active retired" downsizers/ business people, seeking a "lock up and leave" pied a terre in a highly desirable location. . Some have several pieds a terre around UK and EU.

So in this case I'm pretty sure the selling agent was purposely targeting that market; affluent well-heeled buyers who don't even count the cost of speedy convenient service.

It sold in a week.

The property market here in the SE is in the doldrums thanks to Labour raising stamp duty, we haven’t had many viewers to see our house let alone offers, and other houses near us have been on sale since early spring.
Due to my husbands ill health and needing to get a bungalow or ground floor flat we might have to go with National Home buyers, have reduced the price considerably but to no avail. And we have done all the decluttering, burning scented candles, making toast and coffee - for the smell, and presenting our house like a show home with all our worldly possessions crammed into cupboards.
It really does seem to be a bad time to sell though other areas might be better off.

petra

There’s always Serco. They are advertising.

Sorry, who or what are Serco please?
This question is from my dog, not me! 😄

Google Serco housing for a full explanation, but basically they lease from private landlords to house vulnerable individuals. Not sure they purchase though. It’s a comprehensive website.