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Who Will Buy Houses for Cash, Manchester Uk

By Jonny Subscribe to RSS | January 16th 2012 | Views:
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There was a time when the city of Manchester was a beehive of industrial activity due to the textile industry and all the related fields. Then this city went through a slump with the mills closing down and people relocating to the south and retailers going abroad for the cheap labour offered. There was a time when you could say that Manchester was thriving and this included the housing market. These days you can see signs all over the place advertising “we will buy houses for cash, Manchester”.

Now for the uninitiated, these signs do not mean that people are so rich that they can afford to buy their homes for cash, which is something that an acquaintance of mine recently thought. What these signs show is that the area in which they are being advertised is down at the heel and needs help. Let me explain.

The companies that do this business used to be called EP’s or equity purchase companies. The business that they run is legal but not what you would call pleasant, since they rely on people who are in distressed circumstances and they make their profits by using the bad luck of others, to their own advantage. When they say that “we buy houses for cash”, they are offering homeowners the chance to sell their home quickly in order to raise much needed cash.

The kind of people that these companies prey on are those who own their own home but need to make a quick sale for any of a variety of reasons. On their advertising boards they mention things such as being behind with mortgage payments, relocation, divorce, death and estates, facing foreclosure and fire damage in the hope that the home owner will identify with one or more of these.

The person needing to raise cash will have tried other avenues and only then have come to the decision to sell their house and this is where these companies come in. Sometimes a property will have been on the market for a long time and show no signs of ever getting sold so the homeowner will become desperate and look around for some other way to make a sale.

The companies offering to buy houses for cash, Manchester or elsewhere, will make the deal sound tempting and the homeowner will sell their property for cash but at less than 80% of the market value of their house. As for the equity in their home, it will be discounted more than 50%.

When you sell your home to a company offering to buy houses for cash, the company will make a huge profit by then going on to sell your home to a conventional buyer at the full market value. If you are not desperate, then try to resist the offers of these companies and try to sell to a conventional buyer who may take longer but will get you a better price. If you must, then find a reputable company to sell to.

Jonny - About Author:
Jonny is reviewing about buy houses for cash Manchester and says that When someone says that we buy houses for cash they are offering homeowners the chance to sell their home quickly in order to raise much needed cash.

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