Does anyone have any experience of selling property via Homes on Sale? Is it effective? As listing is free, does the site's revenue comes from ads?
What about A Quick Sale? The fee of 10-25% seems a bit steep.
House sell-it-yourself
Aug 10, 2005
14 Replies
10-25% of the property value? Surely not!
In message , Geoffrey writes
Well, the website at
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does have this in the FAQs:
************** How does the price you offer me compare with what I could get if I sold through an Estate Agent? It depends on a number of factors, including the type and location of the property. We normally require a discount off the open market value* of between 10 % and 25%.
*the open market value is the price you could expect to achieve within 6 weeks if selling the property through an Estate Agent.
**************
Sounds like a fee to me.
It is not a fee as I read it. *They* buy the property off you at a discounted rate.
They are not selling on your behalf, they buy from you - quickly at a discount, and then presumably place it on the market at a higher rate.
Rem
No it isn't. It is a discount that they expect for purchasing your house quickly.
"OR: you could sell your property to A Quick Sale Ltd -"
You sell them your property at a discounted cash price from the market value. They then presumably sell it in a more normal manner, expecting to make market value.
So: market value = £100k. Discount of 10% means they buy it for £90k cash. Then hope to sell it within a couple of months max and achieve at least £100k, hence £10k profit before tax and expenses.
Could be worth considering in a rapidly falling market if discount is only
10%! Otherwise, unless you are desperate for the cash (and I mean desperate), walk away, or perhaps run!Phil
In message , Nobody writes
Well, whatever you call it, it's still costing you that amount of money to have them buy your house.
Back to the original question: what about Homes on Sale?
Lets say your house is valued around about the national average of £160,000. 10% of that is £16,000. You could buy a lot of advertising space in your local newspapers for that kind of money.
I had the quick sale people into our flat in Brighton.
On the phone he said that he'd used a database and valued the property at between 160 - 170k and he would give us a figure of 125 - 145k for the property subject to coming out and having a look.
When he came out to having a look he changed his mind on the valuation to 161k and then offered 130k
I thanked him for his time and waved him off!
Interesting - but I suppose he was sort of truthful in that he offered you £5k above the lowest figure he mentioned on the phone. About 25% below their estimated value then. Did you get any 'feel' for the credentials of the chappie who came round - I'm getting the impression that it's all done by freelance bods who have bought into a franchise (and who aren't necessarily literate ).... what did you feel ?
I'm curious about this 'database' - I can see it working if you're valuing one house in a terrace (preumably it's the Land Registry one)
- but if they applied the same logic to our bungalow they'd get a very strange answer - as I said earlier up the thread.
Did you sel the flat in the end - wonder what valuation / price you ended up with ?
Probably the only sensible thing to do !
Adrian Suffolk UK ======return email munged================= take out the papers and the trash to reply
Hi
Whoops ! - it wasn't on this thread - it was on the similar thread on uk.legal.moderated...... sorry !
Adrian Suffolk UK
======return email munged================= take out the papers and the trash to reply
In message , " snipped-for-privacy@gmail.com" writes
Using the appropriate number of fingers?
I made the initial enquiry via their website and Conner called me from his mobile. He seemed quite polite and was working all the angles.
I wouldn't have to pay solicitors costs / agents fees / I'd save 1k per month from the expense of working away from home etc. He came up with a figure of 10k saving brining his offer into the region of 140k.
He said the database was the same one that estates agents use so that's all I know! I do know that when we had estate agents round to value it in April they ranged from 140k to 180k, now that's some swing!
I already have a buyer, 158k but wanted to explore this route in case the sale falls through!
In message , " snipped-for-privacy@gmail.com" writes
If it goes through, Conners' valuation was fairly close!
Sounds a bit like 'knowing the answer that you want to arrive at and adjusting the figures to justify it' - or is that me being cynical ? I can sort of see the sense in doing the 'buy-it-now' thing, if you have circumstances that require it, like having to work away.
Richard - does such a database exist ? Is it the Land Registry one ?
There seem to be lots of factors affecting an Estate Agent's 'valuation'....
Fingers crossed for you !
Wasn't it just..... Hope it all works out for you - good luck !
Adrian Suffolk UK ======return email munged================= take out the papers and the trash to reply
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