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Author: Subject: Need to sell a house quick. Recommend me a housebuyer.
smart51

posted on 3/8/15 at 02:27 PM Reply With Quote
Need to sell a house quick. Recommend me a housebuyer.

We may need to sell our house quickly. There are companies who will buy houses for cash. I can imagine they pay under the market rate and will sell the house on at the going rate at the normal slow pace. How much below the market rate do these people normally pay? Could you recommend a good one?

We were planning to move soon and we've just started getting our house ready for sale. A "renovation project" has come up for auction in a few weeks in exactly the right area for us and it is just what we're looking for. We'll need the cash 10 weeks today at the latest, which is a bit too soon for a normal sale of our existing house. Bridging loans are expensive. 1.5% per month or 19.6% APR are typical and if we're waiting for 6, 9 or 12 months for our house to sell, we'd be giving away a stupid amount to the bank. Selling our house cheap at least puts a limit on the cost.

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Minicooper

posted on 3/8/15 at 02:34 PM Reply With Quote
The house buyer adds I have seen will pay up to a maximum of 75% of market value that is typically what the small print says

David

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Chris_Xtreme

posted on 3/8/15 at 04:40 PM Reply With Quote
you sure you couldn't remortgage your current place to get what you need for the build ? no idea what the numbers you are talking about, but if your current place has gone up a load over the last few years, you might be able to do something?
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coozer

posted on 3/8/15 at 05:02 PM Reply With Quote
My house has been for sale 3 years now with 4 viewings.

Theres another 4 houses in the street that are not selling either. How quick has any houses in your street gone? That may give you an idea how fast it will go.

Ive asked about auctioning it and the least it will go is 10K under what we are at the moment..





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motorcycle_mayhem

posted on 3/8/15 at 05:55 PM Reply With Quote
I had to get out of the last house pretty quickly due to a myriad of personal circumstances creating the perfect storm.
Other (ex)work (ex)colleagues in a similar (though not as dire) situation as me decided to list their houses for ridiculously high prices, some are still listed after several years, empty (and/or tenanted) and deteriorating. I took my usual pragmatic approach, life is too short....

Having looked extensively into the webuyanyhouse.com sort of thing, I decided to auction.

4 weeks later, the house went under the hammer. The buyer had a duty to buy (an important statement if you've ever been through the house selling/buying process), so it all happened. House sold for ca. 30-35% less than the Estate Agent 'valued' it at...

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smart51

posted on 3/8/15 at 05:56 PM Reply With Quote
Thanks guys. I tried an online firm and they gave an offer just under 75% of what I said it was worth. They cited a house down the road that sold at 5k less than my valuation but accepted my explanation of why mine is worth more at face value. It's a big chunk to lose so is perhaps not the very best option.

Two houses in my street have sold fairly quickly in recent months. The house next door didn't sell even at a reduced price and was eventually flogged to a developer. It was a bit 70s throughout. mixed bag. Ours is nice so should sell.

Morgaging our current house at 75% of it's value will raise about the same as selling it to a speculator, so not a bad idea at all. I'd imagine the building society would ask what we wanted the money for and might not be impressed that we plan to pay off a big chunk of the mortage 6 months in. They might try to push us towards a more expensive bridging loan.

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02GF74

posted on 3/8/15 at 06:02 PM Reply With Quote
Many years ago my friend Steve said that if jaguar made e types and sold them for 10 they would selk millions. The point is if something if cheap, people will buy it and a lot of them wouldnt have considering buying one at a higher price. The theory works as you can see by the success of poundland, 99p world, 98 pence heaven etc.

Same applies to houses. 3 years with 4 nibbles, doesnt that tell you the price is more than what the market is willing to pay. Drop the price or take it off thr msrket as you are wasting your time.

10K is a poo liad of money, a nice car or conservatory but look forwards 5 or 10 years. If you have your perfect house then it was probably worth it, youre workung and house price will rise so you probably wontnitice.

Back to op. Auction of webuyanyhouse.com should be quickest, just depends on the cost.
Youve been to estate agents fir what thsh suggest.

Also consider short term loan, as mentioned all depends on how much you want the house and how much you are willing to pay.

[Edited on 3/8/15 by 02GF74]





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hobbsy

posted on 3/8/15 at 06:59 PM Reply With Quote
What about the scenario of selling your existing place below market value but then not winning the auction for the new house?

You'd be double screwed. Taking a 25pc hit up front s a certainty. Have you worked out the cost of a bridging loan and how many months is the break even point for the funds you need? At least if you went that route and missed out in the house you will have lost very little.

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mark chandler

posted on 3/8/15 at 07:09 PM Reply With Quote
Borrow the money, let the one you choose not to reside in and hopefully you will cover the payments.
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mk85

posted on 3/8/15 at 07:10 PM Reply With Quote
Depends on the the area. We sold our house on the first days of viewings 32k over the asking price
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dilley

posted on 3/8/15 at 08:24 PM Reply With Quote
The risk pendulum, the higher the risk, the higher the reward. Only you can crunch the numbers....
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Chris_Xtreme

posted on 3/8/15 at 09:07 PM Reply With Quote
Firstdirect wernt when i looked on the comparison sites and might have a good deal esp if you own a chunck of your house. I have an offset mortgage with them.. Taken out 8yrs ago.... You'll obviously have to do your research and checking of any deals and fineprint.
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smart51

posted on 3/8/15 at 09:09 PM Reply With Quote
quote:
Originally posted by hobbsy
What about the scenario of selling your existing place below market value but then not winning the auction for the new house?

You'd be double screwed. Taking a 25pc hit up front s a certainty. Have you worked out the cost of a bridging loan and how many months is the break even point for the funds you need? At least if you went that route and missed out in the house you will have lost very little.


The auction house want payment within 28 days. The speculators would complete in 21. You only sell once you've won the auction. It's a hell of a hit though.

The new place is described by the auctioneer as "needing total refurbishment" which means it's not in a good way. Perfect, as we want to knock it all about and make it just what we want. The auction price could be the same as our current house is worth and refurb work could cost another 60% on top. We'd go from being mortgage free to having a manageable mortgage, which would be fine. The only problem is raising a shed load of cash from a standing start in 9 1/2 weeks and not paying the price of a new car (or two) for the privilege.

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Alfa145

posted on 4/8/15 at 06:50 AM Reply With Quote
Mortgage your current house on a Buy to Let interest only mortgage, that gets you 75% of the value in cash and then rent it out which will cover the mortgage payments and you have the 75% cash that the rip off house buyers would give you with the added benefit of a future asset.
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russbost

posted on 4/8/15 at 08:03 AM Reply With Quote
quote:
Originally posted by Alfa145
Mortgage your current house on a Buy to Let interest only mortgage, that gets you 75% of the value in cash and then rent it out which will cover the mortgage payments and you have the 75% cash that the rip off house buyers would give you with the added benefit of a future asset.


Agree with this - it is probably you're most sensible route, however what everyone seems to be neglecting is that you have no guarantee of being able to buy the renovation project fro anything like the money you are prepared to pay, auctions are strange things, I've seen stuff sold for way less & way more than it is really worth.

I would sit down & take a long look at what you are doing, how important is the renovation project to you, are you prepared for it to have actually cost (due to agents fees, mortgage, buying/selling quickly etc.) a great deal more than you are happy to spend? How likely is it for another similar project to come up at a time when you are better set up to take it on. You need to be very careful you don't get carried away & let your heart rule your head!

Good luck with the project whatever happens!





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smart51

posted on 4/8/15 at 12:59 PM Reply With Quote
quote:
Originally posted by russbost
quote:
Originally posted by Alfa145
Mortgage your current house on a Buy to Let interest only mortgage, that gets you 75% of the value in cash and then rent it out which will cover the mortgage payments and you have the 75% cash that the rip off house buyers would give you with the added benefit of a future asset.


Agree with this - it is probably you're most sensible route, however what everyone seems to be neglecting is that you have no guarantee of being able to buy the renovation project fro anything like the money you are prepared to pay, auctions are strange things, I've seen stuff sold for way less & way more than it is really worth.

I would sit down & take a long look at what you are doing, how important is the renovation project to you, are you prepared for it to have actually cost (due to agents fees, mortgage, buying/selling quickly etc.) a great deal more than you are happy to spend? How likely is it for another similar project to come up at a time when you are better set up to take it on. You need to be very careful you don't get carried away & let your heart rule your head!

Good luck with the project whatever happens!


Sound advice. I'm drawing up a list of costs and fees for the project and working out what we can afford to bid. We won't be going over.

What we might have to do is to arange a mortgage on our current house and hope we get lucky at the auction. Then we do nothing with the new house until we get the money from selling the old house.

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02GF74

posted on 4/8/15 at 07:40 PM Reply With Quote
Presumably you have seen the property, st least from the outside so know what you are getting.

Do the sums and agree on max bid price AND THEN STICK TO IT.

You may be outbid by 100 poundz but rermber thay isnt a true representation as you dont know how much higher the top bidder woukd have gone, could have been many thousands.

Good luck..... and should you get it, post some photos.. sounds like a good project.





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jollygreengiant

posted on 5/8/15 at 04:16 PM Reply With Quote
Funny you should ask this question. I am (we are) just in the middle of finding out what one of these companies is going to offer us. All being well we should know by the end of next week, final visit by last estate agent booked by them at 17:30 today. House value of (max by other estate agents, worst was 195k, I had been expecting 150 :O ) 205k -210k. We will see what their offer is soon. Then, .............. watch this space. I suspect it will be sold within the month.





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smart51

posted on 6/8/15 at 11:29 AM Reply With Quote
The guide price has been announced today and it is a touch lower than we were hoping for. Even if it sells for a chunk more than the top of the guide price range, it is totally doable. We now need to view the inside of the property to see how bad it is.
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smart51

posted on 6/8/15 at 06:41 PM Reply With Quote
House For Sale

Our house is now officially for sale at offers over 170,000. Go on, you know you want to.
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RichieW

posted on 6/8/15 at 08:50 PM Reply With Quote
Post a link up here. You never know...
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