House Buying Companies

[Ric.ror]

Has anyone got any experience of companies that buy your house from you. I understand they can pay up to 25% below the market value
Also does anyone have any knowledge of a company like this

http://www.ticfinance.co.uk/

I’m looking for some money until I either sell or find a tenant

Thanks in anticipation

[EDDIE51]

They pay below market value in return for an immediate cash payment. That is how they make their money, by reselling at full price later.

[Ric.ror]

Do you have any experience of them Eddie?

[EDDIE51]

Not myself but I know someone who used one to sell a house they inherited but did not want to live in or rent out.They had the cash in just a few days rather than the months it would have taken to sell it via estate agents .

[EDDIE51]

^ Another option is auction, like on 'Homes under the hammer'.
Not as fast as a house buying company but you may get a better price.

[twix123]

This company is only authorised by the Financial Conduct Authority to arrange second mortgages, also only has one authorised individual and has only been authorised for just over one year. It seems to operate out of an Estate Agents office, called The Property & Mortgage Co. I wouldn't touch them with the proverbial barge pole (but this is my personal opinion based on 55 years experience in the financial sector!).

[Ric.ror]

Thank you twic for your answers. I wonder what you think of a company like this - https://www.homehousebuyers.co.uk/

[twix123]

Ric, I don't particularly like firms whose only means of contact, according to their website, is either a Freephone number or an email address, without mentioning a physical address. They do not mention if they are regulated by any official body, but certainly not the FCA (I checked). Checks at Companies House indicate that the company has only been in business for 2 years, with a registered address in Harrogate.

Although 5 years old, the following article is still relevant:

http://www.independent.co.uk/money/spend-save/beware-the-new-breed-of-house-buyers-7964031.html

If you don't want the hassle of renting your property out, have it valued by your local agents then put it on the market with a discount, of say 5%, for a quick sale.

[Ric.ror]

Thank you so much for your help Twix