Sell House

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sazzysue
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by sazzysue » Mon Jan 25, 2010 1:25 pm
Hello everyone!

Has anybody sold their house with a cash buyer? The sell quick companies, or buy and rent back! Any stories good or bad would be a great help. We are just looking into all avenues as we no longer want to be in an IVA now as it is just causing problems and I just want to be happy again. I really would not like to go bankrupt as it is just another long process that I do not think I can cope with anymore.

So please if anybody has sold with these companies before or know of any please advise.

Thanks
Sue

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 1:30 pm
They will generally only offer you a very low value compared to the market value of your property. If you are thinking of selling up, you may well need to obtain your IPs permission, and they would probably rather it be sold under usual market conditions to be able to get the best price.

What is the current value of your property, and how much do you owe on the current mortgage?

 

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sazzysue
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by sazzysue » Mon Jan 25, 2010 1:37 pm
Hi Melanie.

Mortgage around £75,000.
House value approx. £130,000. (Full market value)
IVA payments over 5 years = £26,000
Original debt around £50,000.

Thanks
Sue

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 1:40 pm
That is useful thanks. Now, was the property included into the IVA at all - ie did you have to agree to looking into an equity release at any time in the future? How many payments have you already paid into the IVA?

 

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sazzysue
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by sazzysue » Mon Jan 25, 2010 1:46 pm
It was included. Release equity in the final year or an extra 12mths pyts. Paid 12mths to date.

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 1:54 pm
If you placed your property on the open market for sale, you would undoubtedly receive more than fire selling. And on the figures you have presented, you may end up with some money coming back to you too.

 

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Lincoln_Guy
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by Lincoln_Guy » Mon Jan 25, 2010 2:12 pm
My mum decided to try some of these property buying firms when she needed to sell her house last year (she thought it might be less stressfull than selling the normal way) she had offers from 3 companies of £125K, £130K & £137.5K. She decided to sell through an estate agent as normal and accepted an offer of £285K a couple of weeks later (house marketed at £300K)

 

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kallis3
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by kallis3 » Mon Jan 25, 2010 5:56 pm
The buy and rent back companies don't get good press at all. There tends to be a lot of problems afterwards, and of course you will never get anywhere near the full market value from any of them.

Good on your mum Lincoln_Guy for not being tempted - she would have lost so much money if she had.

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 7:40 pm
Just goes to show how dodgy some of these companies are - I am so pleased that your Mum did not fall prey to them Lincolnguy.

 

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kallis3
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by kallis3 » Mon Jan 25, 2010 7:46 pm
Just a query - if you were desperate enough to sell your house to one of these companies for less than the market value and then had to go bankrupt, would the OR reverse the transaction?

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 7:48 pm
Probably not - as you would not have effected the transaction with intent to decieve or at undervalue, but it would clearly depend upon the circumstances of the individual case and how much money had been lost. In Lincolnguy's mother's case, clearly she was potentially getting ripped off, so this might be something which would be deemed to be worty of some consideration.

 

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kallis3
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by kallis3 » Mon Jan 25, 2010 7:55 pm
Thanks Mel.

Lincoln_Guys mum certainly would have been ripped off!

I suppose there is a difference between deliberately selling at undervalue and grabbing at straws because you have no other way to turn.

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 7:56 pm
Definately Jan - which is why everyone ought to take the benefit of professional advice before affecting their homes. Especially elderly people who may be more vulnerable to over-eager sales people.

 

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kallis3
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by kallis3 » Mon Jan 25, 2010 7:59 pm
I thought about buy and rent back once, but decided against it, and I am so glad I did!

Funnily enough, there has been a storyline about this on Coronation Street tonight!

 

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MelanieGiles
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by MelanieGiles » Mon Jan 25, 2010 8:00 pm
Joe and Gail I imagine! I don't watch it on a Monday, but Sky+ and save it for Friday nights when I put my feet up with a Chinese!
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