we Buy Any house reviews
Have you ever wondered if the buy any house services offer a fair valuation for properties? In these difficult economic times, you may be tempted to join the increasing numbers of homeowners who are looking towards schemes which promise to sell your house fast. Such online schemes, which convert the already popular 'we buy any car' business model into a ' we buy any house ' concept, have been cropping up all over the Internet.
However, a recent buy any house investigation by The Daily Mirror, details of which can be found on its website, found that there is a heavy price for any speed gained in selling one's house through such schemes. In a test of various websites, using the same property as a benchmark, the newspaper found that the eventual sale price through so-called ' buy any house ' sites was up to 32 per cent lower than the market value of a house when sold traditionally.
We Buy Any House : The Business Model
The basic business model of buy any house websites is simple enough. The online brokers act as a middleman, offering a lower than market value price to homeowners in return for a quick sale, the promise of less legal hassle, and the knowledge that completion is near certain. In the background, institutional buyers or large-scale 'buy to let' investors wait to be sold the houses by the middleman broker, who will make a profit but still pass them on for less than the market rate.
If you are one of those people who needs to sell your house fast, such an arrangement can seem extremely alluring. This is particularly the case for t hose people who have lost their jobs unexpectedly in the current recession, and who now find themselves unable to meet their mortgage payments or with their homes representing their only major asset. Given the current housing market slowdown, waiting for a buyer who is willing to pay the full market value for a property may lead to financial difficulties and even repossession.
We Buy Any House : The Test
The Daily Mirror attempted to test the value for money credentials of buy any house schemes, by offering the same property to a number of the most prominent websites engaged in such activities. The three bedroom house, situated in Lymm, Chesire, had been valued at £180,000 by a local estate agent.
The lowest buy any house offer was from the Sell Your House Fast! service at Pure Acquisitions, at just £122,000. They also offered extreme speed, however, confirming that they would be able to sell the property within seven days. Clearly, such a service would be attractive to anyone desperate to release the equity tied up in their home. For those willing to wait a little longer, the same site offered £135,000 for a 28 day sale.
Quick Buyers also offered £135,000, this time for a sale taking 15 days. Property Rescue were less precise about the time taken for a sale, referring to a "few days" and offering a relatively hefty £140,000. We Buy Any House, which also trades as Quick Cash For Properties, offered the most money of those services consulted, with £145,000 available for a 28 day sale.
The last buy any house website mentioned above were the only ones to advise the Mirror's investigative team to investigate renting as an alternative to a quick sale. Despite this, Egertons, the estate agents who originally valued the £180,000 test property, confirmed that this is by far the best option for those who do not require large amounts of money immediately.
They also pointed out that the housing market is now slowly recovering, and that the prospects of making money from house sales in a few year's time are likely to be substantially greater than that realised by a panic sale in the present. For most homeowners, renting out a property and leasing something smaller for the time being may well be an option worth investigating.
Buy Any House offer a house brokerage service, which provides a broad range of valuations for homeowners who find themselves in financial distress, ensuring that if they need to go down the buy any house route, they have broader options. See the full We Buy Any House Review article here