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We Buy Houses

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  • 20-09-2016 11:15pm
    #1
    suekehoe80
    Registered Users Posts: 5 ✭


    Hi

    We have a house that is in Negative Equity & stumbled on 'We buy Houses'. Just wondering if anyone has had any dealings with them or how it all works..? I believe they do it on a rent to buy basis. Is it something worth looking at? Any feedback would be great..


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    #2
    johnnyskeleton
    Moderators, Entertainment Moderators, Politics Moderators Posts: 14,505 Mod ✭✭✭✭johnnyskeleton


    They look American, as in operating in the USA.

    They look like they only buy houses that can be sold quickly so presumably not houses in negative equity.

    They also look like they would offer you less than a normal estate agent doing their job would get for the property i.e. the actual market value.

    I dont see what they add to a sale or offer thats unique.

    If you think they are offering a way to get out of negative equity wihout having to repay the remainder then I doubt anyone has a magic formula to do so.


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    #3
    [Deleted User]
    Posts: 0 ✭ [Deleted User]


    In the US their other name was 'we buy ugly houses'. They specialise in buying houses that need work, so they pay cash and do a quick sale. But they pay a lot less than the going rate.
    For somebody in negative equity, this would be a bad solution as the balance owing to the bank (if they even allowed the sale) would be higher than if the house was sold by conventional means.
    Even if you have a house that needs work and is very undesirable, going to auction would seem a better route.


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    #4
    Laois_Man
    Registered Users Posts: 5,758 ✭✭✭Laois_Man


    Had a meeting with these myself a good while ago and I didn't go any further

    I don't think they're anything to do with the American crowd but their scheme certainly wasn't for me, and I find it difficult to see how it would benefit anybody else either for that matter.


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    #5
    Eric Cartman
    Registered Users Posts: 26,280 ✭✭✭✭Eric Cartman


    suekehoe80 wrote: »
    Hi

    We have a house that is in Negative Equity & stumbled on 'We buy Houses'. Just wondering if anyone has had any dealings with them or how it all works..? I believe they do it on a rent to buy basis. Is it something worth looking at? Any feedback would be great..

    sell it for what its currently worth and take the NE hit to your own pocket like everyone in NE who needs to sell should be doing ?


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    #6
    bmwguy
    Closed Accounts Posts: 2,006 ✭✭✭bmwguy


    There is a property shortage in Ireland. Your house will sell by conventional means.


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    #7
    Lumen
    Registered Users Posts: 31,080 ✭✭✭✭Lumen


    bmwguy wrote: »
    There is a property shortage in Ireland. Your house will sell by conventional means.
    3-bed houses in Leitrim and Longford are asking less than €75k on average.


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    #8
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Lumen wrote: »
    3-bed houses in Leitrim and Longford are asking less than €75k on average.

    I don't know about Leitrim but the average asking for a 3bed in Longford is not less than 75k.


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    #9
    Lumen
    Registered Users Posts: 31,080 ✭✭✭✭Lumen


    Graham wrote: »
    I don't know about Leitrim but the average asking for a 3bed in Longford is not less than 75k.

    Source: Daft Report Q4 2016
    https://www.daft.ie/report/q4-2016-daft-house-price-report-2016.pdf


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    #10
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    Lumen wrote: »
    Source: Daft Report Q4 2016
    https://www.daft.ie/report/q4-2016-daft-house-price-report-2016.pdf

    Historical figures, not being smart but they don't at all reflect the current reality. I'd say there much more representative of the prices a year ago than now.

    There's currently 8 (habitable) 3 bed houses listed for less than 75k out of 78 3 bed houses for the county in total.


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    #11
    Laois_Man
    Registered Users Posts: 5,758 ✭✭✭Laois_Man


    Lumen wrote: »
    Source: Daft Report Q4 2016
    https://www.daft.ie/report/q4-2016-daft-house-price-report-2016.pdf

    I wouldn't pay one iota of notice to the Daft.ie or MyHome.ie reports!


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    #12
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    Graham wrote: »
    I don't know about Leitrim but the average asking for a 3bed in Longford is not less than 75k.

    Average asking for a 3 bed in Longford was 108k and 119k for Leitrim in 2016.
    Prices are estimated to now be 15-20% higher than this.


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    #13
    Graham
    Moderators, Society & Culture Moderators Posts: 17,642 Mod ✭✭✭✭Graham


    The_Conductor wrote: »
    Average asking for a 3 bed in Longford was 108k and 119k for Leitrim in 2016.
    Prices are estimated to now be 15-20% higher than this.

    That sounds about right TC and certainly at the lower end of the market in Longford, many houses are selling above asking. I know of several houses that couldn't be shifted at the start of 2016 that sold for around double the price in the third quarter. Todays prices would be higher again.

    I think it's safe to say the days of buying a property for a fraction of its construction cost are behind us.


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    #14
    Samuel T. Cogley
    Registered Users Posts: 10,684 ✭✭✭✭Samuel T. Cogley


    Sorry if this is a bit of a hijack, but wasn't there an investment group buying properties in central Dublin at a 20% markup? Obviously this was a couple of years ago and they were bang on the money it seems, but does anyone know if such a group is still about any buying apartments one at a time?


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    #15
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    The_Conductor wrote: »
    Average asking for a 3 bed in Longford was 108k and 119k for Leitrim in 2016.
    Prices are estimated to now be 15-20% higher than this.

    You would easily get a detached 4 bed house in Oaklands in Carrick on Shannon for less than 100k!


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    #16
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    4ensic15 wrote: »
    You would easily get a detached 4 bed house in Oaklands in Carrick on Shannon for less than 100k!

    I'm not saying you couldn't- I'm saying the average price achieved in the county, in 2016 was 119k- according to figures supplied to the Revenue Commissioners for stamp duty purposes. The Property Price Register- supports this.


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    #17
    L1011
    Registered Users Posts: 68,880 ✭✭✭✭L1011


    4ensic15 wrote: »
    You would easily get a detached 4 bed house in Oaklands in Carrick on Shannon for less than 100k!

    Is it insurable? Lots of very cheap property in CoS because you can't get a mortgage due to repeat flooding.


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    #18
    4ensic15
    Banned (with Prison Access) Posts: 4,691 ✭✭✭4ensic15


    L1011 wrote: »
    Is it insurable? Lots of very cheap property in CoS because you can't get a mortgage due to repeat flooding.

    No flooding in Oaklands.


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    #19
    athtrasna
    Closed Accounts Posts: 13,420 ✭✭✭✭athtrasna


    suekehoe80 wrote: »
    Hi

    We have a house that is in Negative Equity & stumbled on 'We buy Houses'. Just wondering if anyone has had any dealings with them or how it all works..? I believe they do it on a rent to buy basis. Is it something worth looking at? Any feedback would be great..

    FYI this is the OP. Thread has been somewhat sidetracked. Can we get back to helping the OP please.

    Mod


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    #20
    Laois_Man
    Registered Users Posts: 5,758 ✭✭✭Laois_Man


    athtrasna wrote: »
    FYI this is the OP. Thread has been somewhat sidetracked. Can we get back to helping the OP please.

    Mod

    I have had dealings with them that I wouldn't be prepared to describe on the open forum so Sue is welcome to PM me if she sees this and she still wants more info.


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