Home Buying Companys

[missmoneypenny1]

Hi all,

 

I am selling my house to pay some debt off to a home buying company.

 

I have accepted an offer from them which is a reduced for a quick sale.

 

Has anybody ever had dealings with these companies?

 

I am scared I have agreed a price with them and they will try and get the house cheaper just before completion.

 

I dont know how reliable these companies are, I can not afford to end up with solicitor bills if they try and drop the price last minute and if they back out for any reason.

 

any help would be appreciated as always.

[Goldlady]

This isn't one of those sell and rent-back schemes is it? We have considered this but have heard so much bad press about them evicting people after a few months that we have decided to struggle on with the mortgage payments;)

 

I am not sure about companies going back on a deal - I would have thought it unlikely but understand your concern. Hopefully someone else will have some experience in this area - but if not you could ask your solicitor if there is some pre-contractual 'thing' you can do to ensure they don't gazunder their offer. (As a final year law student who works for a firm of solicitors I am sure 'thing' is not the best word I could have come up with:confused:)

[missmoneypenny1]

Thanks Goldlady

 

No its not a buy and rent back, they are buying it outright and when its all completed I am moving out.

 

I just dont know how reliable they are to deal with im already taking a drop as it is and dont want them to try and drop me lastminute.

 

I guess if they are still making money which they are they will continue with the sale.

 

If anybody has any experiences I would be interested to hear from you.

 

Thanks

[ScarletPimpernel]

I looked at a couple of these when selling a house I did not live in. The first one I contacted wanted £350 'survey fee' up front, so I didn't continue. The second charged no fee and offered free legal work (providing I used their solicitor), and made me an offer which was, as expected, under market value - but not by much. In the end I found I had sufficient time to put it on the 'normal' market.

[kregrs]

Lat year when I had to sell my house due to possible repossession I looked into these companies. Like you say, they offer a lot less than market value, (house valued at £130k and they offered £90k) and I wasn't prepared to lose that much on the sale, luckily I received an offer, at the asking price so didnt have to resort to the companies offer. Is there not some way that you could attempt to sell the house through usual way, and only resort to such companies as a last resort?

[benjy48]

Hi,

Has anyone heard of Homes Trust. Its another one of those home buying companies and its just weird that this letter comes through the door at the same time that an unrelated mortgage company is about to sue us for repossession because of defaulted mortgage payments. I just want to know if they are legit, as they come across all benevolent and understanding...

[Goldlady]

A coincidence?

 

Is this them?

HomesTrust - Pioneering Affordable Housing

[Goldlady]

It's a very basic website but they are a plc apparently:p

[Goldlady]

PREVIOUS NAME: EQUITY FUNDING CORPORATION PLC

DATE OF NAME CHANGE: May 9, 2007

[Goldlady]

If you have a chance of fighting the repossession you really must do it. You must go to court or they will just take you to the cleaners. If you can manage to pay off the arrears in three years max while still keeping up the payments the court will be sympathetic - but only if you attend the hearing.