Good Move First Contact
I received a call back from a Good Move agent 30 minutes after I left the enquiry. After exchanging pleasantries they asked me if I would be interested in getting a cash offer for my house (that’s kinda why I enquired) then asked me if the property was currently on the market.
It then went silent as the agent went to “pull up some details for you” and then after around 10 seconds of silence they told me that they had found the property (that was a relief) and then went on to ask me some details about the property, number of bedrooms, how long I had owned it and asked some questions about the circumstances and why I am looking to sell the property.
Then they went on to explain that he could offer on my property and that as a company they have several different options depending on the timeframes that I would be looking to sell the house in. They then went on to explain that the price I would receive from them would be lower than I would get through an estate agent but there would be less hassle and it would be much quicker. They then went on to say that through an estate agent it could take 6 months but a cash sale to them would take around 2 weeks and a sale to one of their “investors” would take about 6-8 weeks.
Interestingly the “investor” option was not mentioned again during the call, perhaps because I seemed quite keen on the quick sale offer so they didn’t want to push me to a potentially less profitable service. There should be a cautious approach taken to anyone saying that they have investors waiting to buy your property, in reality this is very rarely the case and most of the time you end up signing was is known as an “option agreement” which ties you in to the “buyer” who are then going to try to sell your property for a higher price than you agreed with them on the open market. If they do find a buyer within the duration of the contract (which can be up to 6 month or more, at least twice the length of a traditional estate agent contract) they sell to them at a higher price and pocket the difference without barely having to lift a finger.
This is tactic 2 on our common cash house buyer scams article which you can read here.
They then went on to ask me ‘what it is like inside’ and the condition of the property and asked me if there was any debts secured against the property.
The timing of this seemed odd as these questions could have been asked when he was asking me about the property earlier but hey ho.
They then asked me what I thought the property was worth and spoke about recent sold prices in the area and went on to explain that if they are purchasing the property they generally look to pay around 20% less than what a property is worth (that’s 80% of it’s value then) and then gave me an estimated offer for the property.
They then went on to explain that there would be no fees to pay and they would provide a solicitor for me and cover the fees and that they also needed to get a surveyor out to value the property but there was no cost or obligation for this and if I wanted to walk away then there would be nothing to pay. They explained that they use a local independent RICs surveyor who would come out, do an inspection and provide a valuation which they could show me. If the offer was not acceptable after the survey then I am free to walk away with no cost or obligation.
When I asked if I can use my own solicitor they explained that I can but that they couldn’t cover the costs entirely, they have around 3 – 4 solicitors that they could provide where the costs would be covered but if I wanted to use my own they would only pay up to £500 which is coverable on completion.
They then confirmed that once the surveyor had been out and confirmed the valuation any offer that they make from that would be guaranteed but there is no contract that I needed to sign.
They then confirmed that they are the one that buy the property but when asked what they did with the property after they had bought it the agent wasn’t so sure because that wasn’t their department’ although he could hazard a guess that they either rented them out or sold them for a profit.
I then asked the million dollar question, were they a chartered surveyor like it had stated on the website but alas no they weren’t but one of the directors probably was.
This is a bit disappointing given that they make such a big point about this on the website.
They then agreed to email me the offer over and follow up if we were interested.
Good Move Sales Process
The Good Move sales process is fairly straightforward, you make an enquiry, they tell you an “initial offer” on the phone and if you are interested you then go to the next step which is the valuation.
Good Move Valuation Process
The Goodmove valuation process, from what they described, is a 2 step process.
Step 1: They carry out a rough desktop valuation over the phone on your initial call with them. They check recent sold prices in your area, ask some questions about the type and condition of the property and then give you a figure of what they deem your house to be worth which is what they base the initial offer on.
Step 2: If you are interested in the initial offer the next stage is for them to get a local RICs surveyor to inspect the property and value it. This figure is then used to provide you with a “final offer”.
This was based in the information provided to me over the phone on the initial call however this does contradict the information on their website which states;
“If this is accepted the property buyer team will then instruct our Asset Management Company to arrange a valuation of your property. As part of the due diligence process, Good Move will instruct two valuations for your property.”
Which suggests more of a standard cash house buyer valuation model where they get local estate agents to come and value your home. So either the information provided on the call was incorrect or they have updated their practices and have not updated their website.
What Percentage Do Good Move Offer
The Good Move initial offer is 80% of what they deem the property to be worth after carrying out their desktop valuation.
Good Move Communication
Apart from the initial call the agent did agree to send me over an email confirming their initial offer which they did.