FabSwingers.com forum: Selling a house.

By (user no longer on site) OP
over a year ago

Advice please.

I bought my parents a bungalow, they passed and its been empty 8 years, it needs new central heating, windows and renovating,

I just want to get rid as quickly as pos, similar properties locally are selling for £85k in great condition,

I estimate mine needs £20k spending to update it,

For a quick sale within 7 days a company has offered between £45k to £50k

Does that sound about right?

Reply privately

Reply in forum

Reply +quote

By *icboyMan
over a year ago

Glasgow

In a word no...gives them the chance of a large % profit...

Reply privately

Reply in forum

Reply +quote

By *imply_SensualMan
over a year ago

warrington

No, these are people known as BMV traders (Below Market Value). Their strategies are based on the fact that they make money from a house when they buy it, because the price offered is so low.

If you are to go down the route of selling to one, only do so as an absolute last resort if you have no other option.

You also have to do your homework on the company making the offer. Some do not the highest levels of integrity and will agree a price then once the wheels are in motion (when you may have spent some money already) they will reduce the offer - you feel locked in so take the reduced offer.

Speak to an agent, ask what their views are on whether spending is necessary or whether you can still make £60-65K without spending a penny. There are a lot of people who want projects like this, particularly first time buyers whose mortgage availability may be limited.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

Thank you so much for the heads up.Very much appreciated

Bernie x

Reply privately

Reply in forum

Reply +quote

By *ichaelangelaCouple
over a year ago

notts

how about putting in an auction, set a reserve that your happy with (allow for auctioneers fees)

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Don't take that offer....

Think how you will feel in a years time, you would not have so much cash with which to spoil me!!

Reply privately

Reply in forum

Reply +quote

By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

DO NOT I REPEAT DO NOT sell it to that type of company...i have seen far too many horrible cases involving them type of companies

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

Thanks for your reply, I just thought it was easy and quick, don't fancy showing people around my parents home.

Reply privately

Reply in forum

Reply +quote

By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

put it in auction sounds like a building developers dream people pay for location not the property

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Look up on Radio 4 Iplayer thing... there was a program about this scandal...

Yet another aimed at taking advantage of people.

Would you sell your car to "we buy any car"??

Or get a Payday Loan??

Reply privately

Reply in forum

Reply +quote

By *bovethekneeCouple
over a year ago

Hampshire / Herefordshire

The estate agent shows people round, especially as it has been empty for so long. You don't have to be there at all.

Reply privately

Reply in forum

Reply +quote

By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

in order to buy from an auction you have to have an mortgage in place obv subject to property being structurally safe etc

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

People love doing up houses I do ...... And will still give you and good offer so put it on the market with estate agent and ask them how much it worth they know the market ,

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Advice please.

I bought my parents a bungalow, they passed and its been empty 8 years, it needs new central heating, windows and renovating,

I just want to get rid as quickly as pos, similar properties locally are selling for £85k in great condition,

I estimate mine needs £20k spending to update it,

For a quick sale within 7 days a company has offered between £45k to £50k

Does that sound about right?"

Does it have land? xx

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

All depends really, you can get 50grand for it and be done or spend 20 (maybe more) doing it up to sell for 85, so the question you got to ask yourself is have you got the time and money to chuck at it, dont forget you will have estate agent and solicitors fee's when you sell so you might end up with 58grand return, is all the trouble worth the extra 8grand?

Reply privately

Reply in forum

Reply +quote

By *isscheekychopsWoman
over a year ago

The land of grey peas and bacon

Its the companies that buy the home and allow the previous owner to be a tenant then evict after 6 months.. some tenants have been in their home 30 odd years fall into money difficulties. remortgage the property then fall in debt sell it quickly then they shaft them and get very little from the sale of the property then get evicted 6 months later it boils my piss

Reply privately

Reply in forum

Reply +quote

By *igSuki81Man
over a year ago

Retirement Village

"how about putting in an auction, set a reserve that your happy with (allow for auctioneers fees)"

Reply privately

Reply in forum

Reply +quote

By * Busty HotwifeCouple
over a year ago

Bradford

I'll buy it off you for £45 k without even viewing it!

Personally I think you'd be very foolish to accept their offer as yes you gain that cash but they will make a profit just by putting it straight on the market without even spending a penny on it. Yes, you will not get the lump sum within 7 days, but you should get a much greater sum when it sells.

Also just remember, house prices have risen slightly, the market is not as stagnant as many would have you believe.

Whatever you choose, we wish you well.

Reply privately

Reply in forum

Reply +quote

By * Busty HotwifeCouple
over a year ago

Bradford

Sorry to come back to this but last year I wanted to sell a property speedily, it'd been on the market a couple of years previous but had failed to sell, so I rang one if those companies. They offered me £55-60k. I just roared with laughter and hung up and put it back on the market. It sold 6 months later for £88k.

They operate by buying properties off desperate folk by massively undercutting the market value. That's how they make a profit.

All the best x

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

thank you for your info and advice, I don't have any spare cash or time to do it up, really just want to get rid of it, I will get a local estate agent to value it for me, and listen to his or her suggestions for a quick sale.

Reply privately

Reply in forum

Reply +quote

By *otwifeHunter808Man
over a year ago

Bury

"Advice please.

I bought my parents a bungalow, they passed and its been empty 8 years, it needs new central heating, windows and renovating,

I just want to get rid as quickly as pos, similar properties locally are selling for £85k in great condition,

No do not sell ...talk to an agent say you want 65-70 quick sale

I estimate mine needs £20k spending to update it,

For a quick sale within 7 days a company has offered between £45k to £50k

Does that sound about right?"

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Look up Martin Lewis's site Moneysaver, Great Advice there.... and it is good,true and worthwhile advice, not just opinions

You need to check the local agents rates, anything with countrywide in the name is part of a large group (taylors) they tend to have larger rates.

Stay Sole trader, you will get a better rate. Locally here, it is the Independent Agents with better rates, imo they are usually better at selling!!

Good Luck

Reply privately

Reply in forum

Reply +quote

By *otwifeHunter808Man
over a year ago

Bury

"thank you for your info and advice, I don't have any spare cash or time to do it up, really just want to get rid of it, I will get a local estate agent to value it for me, and listen to his or her suggestions for a quick sale."
the guy is right go see an agent say u want a quick sale 65-7o get people interested in it

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Don't be afraid to haggle a rate either, you never know unless you try. A good agent will have a list of property developers/first time buyers etc so will probably have people in mind he/she knows would possibly buy as soon as he sees it.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

"Don't be afraid to haggle a rate either, you never know unless you try. A good agent will have a list of property developers/first time buyers etc so will probably have people in mind he/she knows would possibly buy as soon as he sees it."

Reply privately

Reply in forum

Reply +quote

By *odareyouMan
over a year ago

not far from iceland,,,,,, tescos is nearer though :-) (near leeds)

My suggestion have a couple of local estate agents value the property as it stands, they should give you a marketing value and a realistic sell price, it may take a while with it needing renovation work, if not have an auctioneer (s)visit again they ll provide you with a Guide price ( marketing) and a realistic sell price, set a reserve, the standard auction conditions are 28 days completion pretty quick fees aren t riduculous but check,

Me I d stay away from we buy your house dot com,,

Best of luck,,

Reply privately

Reply in forum

Reply +quote

By *inaTitzTV/TS
over a year ago

Titz Towers, North Notts

"Look up on Radio 4 Iplayer thing... there was a program about this scandal...

Yet another aimed at taking advantage of people.

Would you sell your car to "we buy any car"??

Or get a Payday Loan??"

I recall that programme. They were real sharks. How about renting it?

Reply privately

Reply in forum

Reply +quote

By (user no longer on site) OP
over a year ago

"Look up on Radio 4 Iplayer thing... there was a program about this scandal...

Yet another aimed at taking advantage of people.

Would you sell your car to "we buy any car"??

Or get a Payday Loan??

I recall that programme. They were real sharks. How about renting it?

it needs doing up and I don't have £15k to do that, It is just something that has served its purpose, it made my parents life easier, now I don't need it.

Reply privately

Reply in forum

Reply +quote

By *exxifun5Couple
over a year ago

NORWICH

I have a house with my ex and needed a quick sale when we split as it was in negative equity ... I went down the route of sell your house today and what they offered me was awful I would have been left with a lot debt .... the man qas extremely extremely frightening and demanding so I pulled out . In the long run I have lost out as my ex now rents it to his brother for just the cost of the mortgage and I dont even know what condition it is in and everytime I mention selling it I get told his brother helped us by renting it wen he did so let him stay. Dint think I will ever get my money back on it now xx

Reply privately

Reply in forum

Reply +quote

By *nnyMan
over a year ago

Glasgow

"Look up on Radio 4 Iplayer thing... there was a program about this scandal...

Yet another aimed at taking advantage of people.

Would you sell your car to "we buy any car"??

Or get a Payday Loan??

I recall that programme. They were real sharks. How about renting it?

it needs doing up and I don't have £15k to do that, It is just something that has served its purpose, it made my parents life easier, now I don't need it."

As others have said, there's lots of things you COULD do but, as you said, what you want is a quick sale.

Get independent legal advice and get shot of it. It's only a house.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

does it owe you more than the 50k offered?

if not then i would get rid and forget about it.

those saying the company make a quick buck out of it, thats right, but they are putting money into it and are running a business.

you, on the other hand, have a derelict property that, iirc, the counciles are shortly going to be given powers to demand you fix or take it off you (may be completely wrong on that though) so i would take the money and run

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Knock it down with your car.

Wait until Winter and build an Igloo!!

You could build a really big Igloo!!!

That would be Cool!!

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Or try and create a Rumour that somebody famous lived there, John Lennon?? increase it's value that way!!

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"Advice please.

I bought my parents a bungalow, they passed and its been empty 8 years, it needs new central heating, windows and renovating,

I just want to get rid as quickly as pos, similar properties locally are selling for £85k in great condition,

I estimate mine needs £20k spending to update it,

For a quick sale within 7 days a company has offered between £45k to £50k

Does that sound about right?"

You could go to auction to sell it that would probably get you more even with sellers fees but you are not guaranteed anything. If you put a £55k reserve on then you could well get more. Its hard to say though without knowing the area but lots of luck and hope you get the max for it what ever you do.

Reply privately

Reply in forum

Reply +quote

By *innamon!Woman
over a year ago

no matter

I would say no .. properties are going up in value. .. maybe put it on the market yourself via auction .. then someone can bid and give you a good price.

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

"thank you for your info and advice, I don't have any spare cash or time to do it up, really just want to get rid of it, I will get a local estate agent to value it for me, and listen to his or her suggestions for a quick sale."
yes do that and they will help you sort it out .. I love houses I can do up as my taste is different and be all new not other peoples .. lots will love it like that you see . xx

Reply privately

Reply in forum

Reply +quote

By * Busty HotwifeCouple
over a year ago

Bradford

"I have a house with my ex and needed a quick sale when we split as it was in negative equity ... I went down the route of sell your house today and what they offered me was awful I would have been left with a lot debt .... the man qas extremely extremely frightening and demanding so I pulled out . In the long run I have lost out as my ex now rents it to his brother for just the cost of the mortgage and I dont even know what condition it is in and everytime I mention selling it I get told his brother helped us by renting it wen he did so let him stay. Dint think I will ever get my money back on it now xx "

Then you need to chase it up through your solicitor...

Reply privately

Reply in forum

Reply +quote

By * Busty HotwifeCouple
over a year ago

Bradford

[Removed by poster at 08/11/13 09:01:14]

Reply privately

Reply in forum

Reply +quote

By (user no longer on site)
over a year ago

Put it on Ebay

Reply privately

Reply in forum

Reply +quote

By *exxifun5Couple
over a year ago

NORWICH

Then you need to chase it up through your solicitor..."

I have tried ... but as he owns half it. It cant be sold without his permission and he wont give it. so I just have to sit and wait till he wants to sell !!

Reply privately

Reply in forum

Reply +quote

Post new Message to Thread