Re: Sale Price of Flat Less Than Total Charges

In message <50e6009b-1827-426a-a805-533f7b8e25d5@xxxxxxxxxxxxxxxxxxxxxxxxxxxx>, Troy Steadman <troysteadman@xxxxxxxxxxx> writes
On 10 May, 14:14, Stephen2 <Step...@xxxxxxxxxxxxxx> wrote:
On May 9, 11:55 pm, Paul Harris <nos...@xxxxxxxxx> wrote:

> Can you clarify some figures, say you were currently offering it at 120k
> and having looked at the above you find the price there is about 100k.
>  From what you posted before if I understood you correctly the company
> offer to pay all costs but only pay 85% of market value so would give
> you 85K.

That's correct. They buying company acts like an agency and apparently
have a 'database of investors' they contact to offer the property to
them at the price agreed between the seller and the agency. So when I
contacted the agency they did a search on their computer at property
prices for that type of flat in that area and came up with an average
figure (I confirmed this with my own search later). They then told me
their investors will only pay 85% of that (as that's what the mortgage
lenders will lend them). But that they will pay all costs to buy & to
sell. It literally took 2 hours for the company to call me back to say
they had a buyer. They say the average time for a sale to complete is
4 to 6 weeks. I know it's a good deal for the buyer as they could sell
it tomorrow for the full market value and make a tidy profit...

Just think about what you are saying. "They can sell it tomorrow for
the full market value..."

You should be selling it tomorrow for the full market value, not
playing into the hands of shysters.

Why not work out what they will pay you i.e. the 85% of market value so simple enough to see what you would get from them.

Then consider if you advertise it cheaper you may still be able to sell it yourself for more than they are offering after expenses. So work out what the costs are (agents fee, solicitors) and come up with a new reduced sale price thus looking for a quick sale but still giving you a better return than the 85% that they would give you. It must be worth a try for a quick sale.
--
Paul Harris
.

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