'We Buy Any House' type companies - any experiences?

[Austin Allegro]

Our buyer recently pulled out so our chain has collapsed; the property above us is now back on the market.

It's a difficult situation because after about 4 months of searching, and looking at dozens of houses, it was the only one we really wanted (and even then it involves quite a few compromises).

Nothing much like it has come up in all the time we have been looking.

It's been hard going selling our place - not many viewings, partly it's the market, but not helped by plans for a nearby housing development being confirmed nearby, meaning months of noise/dirt etc to come.

We've had an offer of approx 20% under the price we had agreed with the previous buyers (25% less than what I paid for it two years ago), with Housebuyers 4u which seems to be the best of the lot out there.

If we take this I can just about afford to buy the property we want by adding my cash savings, but only if the sellers accept about a 5% discount off their current asking price (their EA has said it would be 'worth a try' offering it).

Any thoughts? I know there are stories of some of these companies dropping their offer at the last minute but this one seems to be the best regarded one.

[Andersen]

You have my sympathies - buying & selling is stressful even without folk backing out.

Sometimes the price they give isn't too far below market rate. I bought a project house - EA told me the seller had got a price from We-Buy-Any-House and would accept an offer from anybody who matched their price (seller had emigrated a few years earlier, the long term tenants were planning on moving out and the vendor just wanted a quick easy sale).

Dropping the price at the last minute is something I've heard about in the past, it's good that you are prepared.

[BWW]

Why not put it on strike at 10% under as offers around.

No cost afaik and you find out if there's a buyer willing to pay a bit more which wbah presumably think is possible.

[Austin Allegro]

14 minutes ago, BWW said:

Why not put it on strike at 10% under as offers around.

No cost afaik and you find out if there's a buyer willing to pay a bit more which wbah presumably think is possible.

Not quite sure what you mean. I've told our EA I'm willing to accept offers under, but do you mean we should drop the official listed price again?

[Austin Allegro]

18 minutes ago, Andersen said:

You have my sympathies - buying & selling is stressful even without folk backing out.

 

Thanks. I was prepared for it, as it's happened to me before (and I've had far worse disappointments happen to me in life) but it's Mrs A I feel sorry for as she really had her heart set on that house. She's from overseas and really doesn't understand the English system that allows people to drop out of sales - in her country the contract is drawn up right away.

[BWW]

Just now, Austin Allegro said:

Not quite sure what you mean. I've told our EA I'm willing to accept offers under, but do you mean we should drop the official listed price again?

why not. if you're considering accepting -20%, before doing that advertise at -10 or -15 and someone who is too polite to offer under or believes hp.s only go up or whatever may want to pay that.

if your ea contract lock in has expired, give notice and use strike (free listings and they hassle buyer to use their advisors) to advertise the reduced price. no need to pay expensive ea if you're going for a low price quick sale.

[Pip321]

Seems like you have made a real attempt to face into this market and be realistic when many don’t do that and I feel genuinely sorry to hear your dilemma. Unfortunately you have been unlucky with your previous buyer and that’s awful.

Those housebuying companies are a mixed bag. Some dilly dally and even try (behind the scenes) to find a buyer on your behalf and effectively act as middle men.  Some try lock you into option contracts and then make you wait. 

What the good ones offer though is speed…..relisting at 10% below might work, but it means you are still 8 weeks away from completion and the house you want to buy might not wait. Also the new buyers may back out. The house buying process is crap.

All that said it’s so difficult because you don’t want this deal to end up costing you 10’s of thousands when there is always another house……I get that’s easy to say not easy to live through

There is of course auction…..but that’s not guaranteed to attract the price you need and if it doesn’t it time wasted  

There is a service that verifies and recommends 2or 3 house buying companies. The companies they recommend might be cheap in terms of their offers but they are genuine. I can’t find this now….but checking real reviews etc should get a list of a few to check out. 

Quickmovenow made me the best offer for a house I was selling but I can’t remember if they were verified.  
Housebuyerbureau were also recommended, their offer was cheap.

I would get a few offers, no harm asking a few (apologies if you have already) ….whether I would sell to them would then be how desperate I became.

So I am sitting on the fence…..I enquired with several house buying companies when selling recently but ended up selling via the normal method. But my circumstances were different  

 

[Bear Hug]

If your house can drop in price, presumably the ones you are looking for can do too. 

[spygirl]

On 25/08/2023 at 14:29, Austin Allegro said:

Our buyer recently pulled out so our chain has collapsed; the property above us is now back on the market.

It's a difficult situation because after about 4 months of searching, and looking at dozens of houses, it was the only one we really wanted (and even then it involves quite a few compromises).

Nothing much like it has come up in all the time we have been looking.

It's been hard going selling our place - not many viewings, partly it's the market, but not helped by plans for a nearby housing development being confirmed nearby, meaning months of noise/dirt etc to come.

We've had an offer of approx 20% under the price we had agreed with the previous buyers (25% less than what I paid for it two years ago), with Housebuyers 4u which seems to be the best of the lot out there.

If we take this I can just about afford to buy the property we want by adding my cash savings, but only if the sellers accept about a 5% discount off their current asking price (their EA has said it would be 'worth a try' offering it).

Any thoughts? I know there are stories of some of these companies dropping their offer at the last minute but this one seems to be the best regarded one.

They make equity release look like a good deal ...

[sarahbell]

You'll be so ripped off.

Speak to your agent about the price. 

[Austin Allegro]

24 minutes ago, sarahbell said:

You'll be so ripped off.

Speak to your agent about the price. 

Ripped off in what way? Do you mean underhand dealing, or just a very low price?

The problem is the house we want to buy really doesn't come up that often; it's the only decent one we've seen in months of searching. Everything else in the area we need to move to is an overpriced, pokey Barrat Box with grey everything.

[sarahbell]

3 minutes ago, Austin Allegro said:

Ripped off in what way? Do you mean underhand dealing, or just a very low price?

The problem is the house we want to buy really doesn't come up that often; it's the only decent one we've seen in months of searching. Everything else in the area we need to move to is an overpriced, pokey Barrat Box with grey everything.

They'll possibly offer you 1/3 or half the value.

You're in a rush if you use one of them. 

[Austin Allegro]

31 minutes ago, sarahbell said:

They'll possibly offer you 1/3 or half the value.

You're in a rush if you use one of them. 

We've been offered 85% of the price we were due to get from the buyers that dropped out. I don't think that's too bad, considering they include legal costs as well. If they try and gyp us by dropping the price before exchange, I'll just tell them to do one.

It's a bit of a 'problem' house for various reasons and is proving difficult to shift, but the main problem is not having anywhere decent to move on to; so we are in a bit of a rush as you say.

[Phil]

On 25/08/2023 at 14:29, Austin Allegro said:

Our buyer recently pulled out so our chain has collapsed; the property above us is now back on the market.

It's a difficult situation because after about 4 months of searching, and looking at dozens of houses, it was the only one we really wanted (and even then it involves quite a few compromises).

Nothing much like it has come up in all the time we have been looking.

It's been hard going selling our place - not many viewings, partly it's the market, but not helped by plans for a nearby housing development being confirmed nearby, meaning months of noise/dirt etc to come.

We've had an offer of approx 20% under the price we had agreed with the previous buyers (25% less than what I paid for it two years ago), with Housebuyers 4u which seems to be the best of the lot out there.

If we take this I can just about afford to buy the property we want by adding my cash savings, but only if the sellers accept about a 5% discount off their current asking price (their EA has said it would be 'worth a try' offering it).

Any thoughts? I know there are stories of some of these companies dropping their offer at the last minute but this one seems to be the best regarded one.

Same for us. Seller above but 1 pulled out. Looks like sellers are staying put, until they can't, or die. So glad Ali and Mo can get it for nothing. Ffs. Plan B, May have to move further out, causing more C02 ( think of the planet , not)  its all a shithole anyway. After plan B, 1st class to Vegas. Not sure the mrs would go with that one though.

[JoeDavola]

14 hours ago, Austin Allegro said:

Ripped off in what way? Do you mean underhand dealing, or just a very low price?

The problem is the house we want to buy really doesn't come up that often; it's the only decent one we've seen in months of searching. Everything else in the area we need to move to is an overpriced, pokey Barrat Box with grey everything.

If you truly need to move to an area and have a rare chance of an especially nice house there then I’d accept the 85% of asking price for a quick sale and get on with your life.

My folks have been trying to move for the last 3 years and counting. You don’t wanna waste 3 years of your life like that especially as it’s just gonna get more and more difficult to complete a chain over the next year or two at least.

Edited August 28, 2023 by JoeDavola

[sleepwello'nights]

30 minutes ago, JoeDavola said:

My folks have been trying to move for the last 3 years and counting. You don’t wanna waste 3 years of your life like that especially as it’s just gonna get more and more difficult to complete a chain over the next year or two at least.

Sometimes it might be the thrill of the chase.

We've moved a few times, each time there is an undercurrent of a fresh start, a new begining After the upheaval thoiugh its generally more or less the same.

There are times when you need to move to a bigger house or for a job move, there is always the undercurrent of this time it'll be better than before. 

What's the Japanese proverb, its better to travel hopefully than to arrive.*

* with thanks to Ian Fleming. 

[spunko]

I don't understand why you're aiming to buy a house that has a lot of compromises already. It sounds like you're rushing in and will regret it.

It took me 4 years to find my house now. 4 months isn't that long.

Unfortunately, the only way to get your hands on a decent house nowadays IMO is to wait for some pensione to kark it.

[Austin Allegro]

1 hour ago, spunko said:

I don't understand why you're aiming to buy a house that has a lot of compromises already. It sounds like you're rushing in and will regret it.

It took me 4 years to find my house now. 4 months isn't that long.

Unfortunately, the only way to get your hands on a decent house nowadays IMO is to wait for some pensione to kark it.

4 years is impressive! The problem is that in the area we need to buy for work/school run etc the kind of house we want (detached with a decent sized garden) just doesn't exist in any large numbers. The few that come on the market tend to be downsizing boomers who are willing to 'wait until the right buyer comes along' (ie, wait until someone pays the vastly overinflated asking price). Everything else is vastly overpriced pokey grey Barrat hutches with Deano neighbours.

[Austin Allegro]

2 hours ago, sleepwello'nights said:

Sometimes it might be the thrill of the chase.

We've moved a few times, each time there is an undercurrent of a fresh start, a new begining After the upheaval thoiugh its generally more or less the same.

There are times when you need to move to a bigger house or for a job move, there is always the undercurrent of this time it'll be better than before. 

What's the Japanese proverb, its better to travel hopefully than to arrive.*

* with thanks to Ian Fleming. 

True say. Try telling Mrs A that though! She's convinced it will be a 'new start' etc but I'm pretty sure we'll just have the same problems in a different house.

The one good thing is we are 100% not compromising on is moving to a detached house without any other houses too close by - we have had our fill of noisy/dodgy Deano neighbours - never again.