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  • Landlords in Distress

    Quick sale house company exposed

    There was a piece on BBC News at 10 last night about a police prosecution/investigation into speedyproperty.co.uk . To be honest I was a bit gobsmacked at the content. Victims contracted to Speedyproperty to sell their house without knowing how much money they would get. In the case of the person interviewed it was less than half of the final sale value.

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    Yes, I read about that this morning here, https://www.propertyindustryeye.com/spotlight-falls-on-quick-sale-industry-as-police-launch-investigation-into-stings/

    These fire sale companies are terrible. I feel sorry for the desperate people who are forced to use them.

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    Your link is the dreaded https, this works.

    I wonder why the sale didn't fall foul of the SARB regs?

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    Opps, not the dreaded Https: problem!

    Seems the fire sale companies are not regulated?

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    The "quick sale" companies are completely unregulated although ethical ones voluntarily join an Ombudsman scheme.

    Very often these companies claim to be cash buyers, but are in fact just generating leads to sell on to end users, and in that case they are caught by the same legislation that applies to estate agents and they need to be a member of an Ombudsman scheme.

    Those that buy properties for cash with their own money and keep them or later sell them on - sometimes after refurbishment or development - are more credible than the "lead generators" imho.

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    I've been in contact with a few of these companies recently as we need to sell our BTL flat in Scarborough. The customer service (and offers) were wildly different from company to company and I just couldn't take the massive loss I would have had to concede if I'd proceeded with the sale.

    Hard to know who to trust but when you're desperate you consider anything.

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    Hi Andy,

    A friend of mine is a reputable professional property buyer who does not take the mickey.  If you would like him to consider buying your property for cash, drop the property details on an email to me at vanessawarwick (at) icloud.com and I will forward them on to him.

    He is trustworthy and fair and I am more than happy to vouch for him.

    You would also be welcome to post details of your flat in our MarketPlace section as it may be of interest to a PT member.

    Out of interest, why are you needing to sell quickly?

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    Hi Vanessa, we're looking to sell reasonably quickly because our tenants have given notice on the flat (end of october) and we are also selling our actual home at the same time (new build not quite the dream we hoped for) and buy another home, so we want to avoid the whole higher rate of stamp duty on the new home and also just concentrate on our own jobs/lives, start a family etc. It's just seems like it's the right time to be selling it so we thought about a 'property buyer' because we both work full time and would rather not have to schedule viewings and deal with multiple estate agents. Fair enough the offers will be low but we simply want to clear the mortgage and move on.

    I'll send some details to you, thank you.

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    Heard nothing back yet, I'm wondering if facebook marketplace might yield any serious interest. Anyone used it?

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    UpNorthAndy,

    Are you aware that you don't pay the 3% stamp duty surcharge if you are selling your main residence to buy another main residence (even if you have other  BTLs). In fact you have three years (dbl check this timeframe) from buying your new main home and selling your previous main residence (in which case you pay the 3% initially but can claim it back when you sell your previous main residence).

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