iBuyer Upstix is hoping to persuade vendors to save on the time it takes to sell their property by offering to complete a purchase at significantly below its actual market value.
Using technology to aggregate a cash offer, the company aims to get the chain to completion within a week by making a low cash offer on the property.
Upstix says that it is prepared to pay a price that is typically 11% lower than its market value.
Where customers do not accept Upstix’s valuation, the company introduces them to local estate agents to sell their property traditionally.
Robin Paterson, founding partner, Upstix, said that with almost a third of property sales falling through in the UK, his firm wanted “to create a solution that provides certainty in a market fraught with hurdles”, while generating potentially huge profits for the company.
He explained: “Once our cash offers are accepted, we can provide the assurance of a guaranteed sale, meaning agents will retain their hard-earned fee. And when Upstix is ready to re-sell the property, it will be given back to the representing agent, who will reap the fee reward again.”
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Comments (1)
Another one of those companies that prey on the desperate ? ” ………. while generating potentially huge profits for the company”.
Agents should tell the vendor considering these comapnies to sell at 5% below market price with them and save 6%. In this market it wouldn’t take long for a buyer to snatch a cheap property up.