We Buy Any Home First Contact
I was phoned by an agent of We Buy Any Home regarding my enquiry. The first thing that they told me was that they were “inundated” with cash house buying requests and that he would need to take some information to get the big picture of why I was enquiring to sell my house to a quick sale company.
I went on to explain my situation and then he asked me to describe the property in terms of condition, size etc. They asked me if I have had the house valued already and if I had ruled out the option of an open market sale.
The agent then went on to say that they could complete on a sale within 7 to 10 days and enquired about what sort of timeframes I would want to work to. They then asked me further questions about my circumstances and then said that he was going to get “straight to the point” and started talking about the property market and recent sales in my area.
They then went on to explain that since these sales the market has actually got worse due to rising interest rates, “being in a full recession now” and the affordability for mortgages has gone down. After talking down the market he went on to tell me what he believed my property was worth in the current market and made me an offer on the back of that figure.
I asked if this offer was set in stone and they then went on to explain that this is an initial offer and they would have to view the property, carry out a valuation and a survey so they couldn’t promise me that this would be the final amount I would receive after going through the valuation process.
Then they went on to explain that if the offer dropped at any point I would be able to walk away with no fees. On the subject of fees the agent explained that I would have to pay my own solicitor fees (contrary to what it says on their website). I could use one of their panel of solicitors which have cheaper rates, around £800, or I could choose my own solicitor but either way I would have to pay the fees.
They then went on to explain the next steps which if I accepted the initial offer (with no guarantees that it would actually be the amount I would receive at the end) they would then send out a docu-sign contract. After I had signed that I would be contacted by one of their client care team who would send me out a client care pack. I would then get a call from someone who would arrange for an asset management company to come around and take videos, pictures and floor plans of the property which would then get sent to 2-3 local estate agents so they could produce a valuation.
I then asked some questions, the main one being around what happens if I decided to walk away at any point. Again they explained that if they were to lower the offer at any point I could walk away but if they hadn’t lowered their offer and I wanted to walk away from the deal (which as a home seller you should have the right to do) then I would have to pay £950. Which was to cover the costs of “the work they had put in” for their own security.
They then asked me if it was something that I would be interested in and then he reiterated that the offer was 85%. I asked if that was fairly standard and they admitted that it was on the higher end of what you would receive from most companies, they mentioned that some companies will offer 90% but “they will reduce you”. He asked me when would be the best time to call me back to discuss if I was interested in the offer.
We Buy Any Home Sales Process
The sales process for we buy any home is a fairly straightforward one. They make you an initial offer over the phone and if you can accept that offer they send you over a contract to sign, this is an e-document sent via email that you sign digitally. Once this has been signed then their actual valuation process starts.
Once you have signed the contract any time frame that you want to sell in can be deemed pretty much redundant as you are now tied in to them as a buyer. Another point here is that if you want to pull out from the sale you are liable to pay £950 unless they lower their offer at which point you can walk away with no cost.
It is also worth noting that the valuation process hasn’t even started at this point so it is likely that the amount you have been offered will change at some point.
We Buy Any Home Valuation Process
The we buy any house valuation process is a 3 step process;
Step 1: They will carry out a “desktop valuation” while on the phone with you. This involves them asking you questions about the property, condition, number of bathrooms that sort of thing and them taking a look at recent sold prices in your area to come up with a rough estimate of what your property might be worth. This is then the basis of the initial offer they make you.
Step 2: They then get local agents to value your property. They do this by getting an asset management company to take photos and videos of your property which they then send to up to 3 estate agents from your local area and ask them for a valuation report. They then make a revised offer based on these agent valuations.
Step 3: Finally they will have a survey carried out on your property. While this is perhaps not technically part of the valuation process if the results of the survey come back unfavourable, for example their are signs of structural damage, this will certainly affect the value of the property and will almost definitely lead to a revised offer.
What Percentage Do We Buy Any Home Offer
The initial offer I received was 85% what they valued the property at during their desktop valuation.
This is certainly on the high side given that I don’t qualify for any stamp duty exemptions.
We Buy Any Home Communication
Beyond the phone calls I did receive an email entitled “here is your guaranteed cash offer”, which is interesting wording given that it is in no way guaranteed at this point. In fact the only thing that is guaranteed after you sign the contract is that you owe them £950 if you no longer want to sell your property to them (unless they lower their offer first).