FAQ
Here are some of the Frequently Asked Questions that we get on the phone or when face-to-face with a homeowner who needs our help. Please don't hesitate to contact us if you have any other questions.
How fast can you buy my house?
We can buy your house as quickly as you wish. We usually work to a 3-4 week timescale but we can complete more quickly where required, in as little as 10 working days in some cases. We are also happy to exchange contracts with you sooner to give you the security of a legally binding sale, completing on a date that suits you. We will work within your time frame and at a speed to suit you. You can have an offer within 24 hours of making first contact with us.
How much will I pay in valuation fees?
Nothing! Any valuation or survey work is paid for by us.
Who does the survey?
An independent RICS chartered surveyor.
Why do you need a survey if you're buying for cash?
To check the house (e.g. subsidence, damp, general structure, etc...), to determine it's true market value and the rental value. Our cash offer is always based on this independent survey valuation to keep things open and fair.
How much will I pay in solicitors fees?
Nothing! We will pay all your solicitors fees and we can recommend a super efficient solicitor to take care of you (from a panel of 14 different firms).
Will my estate agent mind if I sold direct to you?
They probably will, as you are saving the 1% or 2% fee that they would normally charge you as a commission, so they don't earn a fee for the work that they've already done for you, such as marketing. However, it is your right to sell to whomever you like - you have the right to sell direct if you choose. Please note that some agents have a clause in their contracts and they may still try to claim a fee even if they've not sold your house for you. Talk to us as we usually can settle the agents fee if we buy direct from you.
I'm in arrears with my mortgage and worried about losing my home – can you help me?
Yes we can! Once we have assessed your situation we will work with you to ensure the best possible outcome for you. In most cases we can assist with mortgage arrears and by buying your property quickly we can stop the situation from spiralling out of control.
I am being threatened with eviction – can you still help me?
Yes we can! We can pay off your arrears, liase with your lender, stop the eviction and exchange on your property, to give you a guaranteed sale. We can even stop a court hearing - just give us the paperwork and let our solicitor put a stop to it.
How much will you pay for my property?
This would depend on a number of different factors - the property condition, the local area, rental demand, whether or not the property needs a full refurbishment We can give you a "list price" offer within 24 hours and then we need to get an independent RICS surveyor down to fully assess the property (which we pay for).
Included in this offer will be your selling costs, as we pay for your solicitors fees and other associated fees leaving you with every penny of the offer price.
You also save on many months of mortgage payments that you would have to make if you were trying to sell your property in the traditional way.
DMT Property differs from estate agents in that we can provide you with a guaranteed fast sale with no hassle and a real solution to your problem. There would be no need to spend money on decorating/dressing your property to attract viewers. We will value your property as it is. You would also save money as there would be no estate agents fees, solicitors fees or HIP fees.
Plus, you won't have the hassle of viewings and tidying up / de-cluttering and dressing your property in preperation for a viewer who may not buy - typically, you may have 8-12 viewings to sell it in todays market.
Furthermore, when you sell your property with an estate agent, it could take many months to acheive the sale (you may have to reduce the price once or twice too) and meanwhile, you will still have to pay your mortgage payments, the council tax, insurance, utility bills and any other debts. Plus solicitors fees and estate agents fees at the end.
And finally, we are not in a chain and therefore we can guarantee to buy your property without the danger of the chain breaking down.
What is this "list price" you mentioned?
The "list price" is like the "trade price" in the car industry.... it is the trade value of the house, not the asking price. Estate agents have a tendency to have asking prices on property far in excess as to what they are really worth. This is partly because people have an inflated view of the worth of their own home and partly because by giving a higher valuation they are more likely to get the business. We calculate the true market value using actual comparable sales information and resources like the land registry and recent mortgage valuations on similar properties in your street and surrounding area.
How quickly would I have to leave my house?
Our aim is to work in partnership with you. We would discuss your situation and work out the best option for YOU. If you want the security of the completed sale but are waiting for your new home to become vacant, or waiting to move abroad, then we would be happy to work to your timescales.
Do I have to leave my house or can I rent it back from you?
Unfortunately, new Government rules for "Sale and Rent back" became law on July 1st 2009, which means that more families are going to lose their homes as they can no longer continue living in their home once they have sold it to an investor. Prior to July 1st 2009, you were able to continue living in your home for as long as you wanted, at a rent you could afford, but this is no longer allowed as the Government has put a stop to this practice as there were some cowboys in the market making ridculous claims (e.g. rent back for £1 a month, etc... and then selling the house from under you and evicting you after 6-months).
This means that you would have to move out upon completion - hence we can exchange contracts quickly (to stop reposession and eviction) and then set a completion date to suit you.
Update : Since July 1st 2009, four large firms, in connection with the big banks, have become FSA regulated to offer "sale and rent back" to home sellers, so in theory, you can sell your home to a large institution and continue living in it for a minimum of 6-months.
However, be aware that the maximum price they will pay for your house will be substantially lower (typically 50% to 55% of open market value). We've had many calls this year from sellers who have just been made outrageous offers over the phone (without a viewing) from these kind of companies and they were only offering £33,000-£38,000 for a house that was clearly worth at least double.
There are some private investors out there that still advertise the "rent back" option (newspapers, websites, leaflets, etc..), but you must be aware that it is now against the law to offer this service without being fully FSA regulated. If you contact another firm about this, you may be speaking to a highly paid commission hungry agent who is "introducing" you to one of the big four firms - who will typically offer you around half the house value and pay the agent a massive fee for introducing you to them. Be very aware of the advice they give you!
How long do I have to think about your offer?
We encourage our clients to take as much time as they need to think about our offer. Should you not come back to us for some time, for example three months, we may carry out further valuation work to assess how the market may have changed since our original offer was made to you. The results would show whether the offer is still relevant in the current market.
What kind of properties do you buy?
We buy all types of property from small terraces to large detached houses, including properties that require full or part refurbishment. We prefer family homes, e.g. 3 or more bedrooms, near schools, garden for the children, etc... but we will consider any property in the Bolton area.
Does the condition of the property matter?
The offer price will vary according to the condition of your property, as is normal when selling property, but this is not the sole consideration. We will consider any residential property regardless of age, condition and location. It does not matter if you have a terrace, semi or detached. It does not matter whether it is on a busy road, a cul-de-sac or on a private lane. It does not matter whether you have an old and tired kitchen or avacado bathroom, whether the garden is overgrown or if the decor needs some attention.
Where do you buy properties?
We buy properties that are local to us, in Bolton, so that we can manage our properties personally, rather than use a letting agent. We strongly believe that nobody can do this part of the job better than we can as we want to look after our tenant clients personally and we foster a good relationship with our tenants.
If we bought properties all over the country, then we would be forced to use many different letting agents in different towns and have to use many different tradesmen (who could be useless and unreliable) and we just don't like the idea of keeping a tenant client at arms length and getting poor service from an indifferent agent. Plus, if a tenant client had a problem in the house (e.g. boiler breaks down, shower stops working, etc..) then we aim to be there personally to solve it within 2 hours or send one of our trusted and reliable tradesmen down within 4 hours.
We just couldn't provide such level of personal friendly and effecient service if the property was, say, 200 miles away.
Why are you called "DMT Property"?
We decided to add this question in July 2009, as we have been asked this about 10 times this year! We thought long and hard about our company identity and thought of all sorts of clever names.
We couldn't decide whether to use our own names or use a professional name to convey a bigger company image.... what a frought decision!
In the end, we used the first initials of our three children, which we feel keeps us rooted as a small family company - i.e. the "guys next door". We ARE the guys next door... we're not some faceless corporate city firm with a travelling sales force hunting for bargains and screwing people down on price... it's just us - DMT property - here to help local people just like us!
We designed the logo (below) as we wanted to convey our philosophy in pictorial form - i.e. a helping hand for your property problem. It took us ages to do. We looked at hundreds! We felt this one best fitted of who we are and what we do.... Hope you like it!
Please call us TODAY for a confidential chat about all the options!
01204 897868