newdriver

Has anybody had any dealings with Tenerife Home Buyers. They say they guarantee to make you an offer to buy your house after you have paid them to do a valuation? Is this just a way to make money out of valuations and the offer is so low you will not take it? Or do they make a realistic offer?

KirstyJay

Who are Tenerife Home Buyers? Do you have any links?

Welcome to the forum, by the way... why not stick an introduction HERE?

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Janet

Yes, or they get an absolute bargain if you do take it .......

newdriver

This is their site.
http://www.tenerifehomebuyers.com/

acmar

Probably hit the nail exactly on the head there Janet. The firms in the UK work on that basis. The valuation is probably genuine but any offer is then based on the valuation which will be quite low

The Company will of course have costs in financing and marketing to sell it on (although a few Companies in the UK source their property for rental this way which allows them to pick them up cheap) and on top of that they will want to make a healthy profit that reflects the risk that they take if they can’t offload the property quickly.

One thing you can be sure of is that the price offered in the current climate will be low.

Don’t waste the valuation money if you are not prepared to accept substantially under a realistic market price.

bay1987

just wondered if anyone has had any dealings recently with Tenerife Home Buyers?

TheWhites

This is huge business in the UK. Basically, a buy to let mortgage will be offered on a 75% LTV. If you accept their offer of 70-75% below valuation, they effectively get a BTL property without having to put down any deposit. Venture capital firms are queing up to put dow nthe other 25% so the sale goes through, then they just take it straight back plus a fee.

In some cases, you actually get a cashback.

I know people who are buying up dozens of properties this way, hoping the market bounces back in 5 years and they make a quick profit.

If I was staying in the uk, I would be one of them tbh. This window of opportunity won't last long.

doreen

But you would be using them as you would be able to pick up such a cheap bargain, yes? I doubt you would use them to sell them a property you owned.