Is it advisable to do a transaction with Atif Malik from Property Central UK for buying a house?

Question

I want to buy a house and am in conversation with Atif Malik from Property Central in this regard. Their company has been doing good and I've seen some good reviews about them especially Atif Malik. So, I would like to just confirm if I should go about this deal with them. Anyone could help me regarding this?

Answer 1

From what I can discover, he buys the homes of those with debt problems and who are about to be Repossessed for 'Instant cash' ...

Of course he will have paid a lot less (I hear up to 30% less) than what you would get by going to a normal Estate Agent and going through a normal sale .. however a 'normal' sale can take months - and since you get the 'cash' immediately this might be just in time to avoid Repossession (where you typically end up with nothing). So it's a very poor deal in terms of how much you get for your house BUT if you are facing Repossession and bankruptancy you may consider it worthwhile.

As a result he must end up with large numbers of houses he has bought 'on the cheap' ... so I'm sure you should be able to get a good deal from him !

NB> Go through a Solicitor who can check out you are dealing with the real person .. there are a lot a con-merchants out there stealing other peoples names ...

Answer 2

Sounds like buyers should be able to get a really great deal on a house now. Most people stay in their houses for an average of 7 years (at least in the U.S.), so the price will stay steady or take an upturn by the time someone is looking to sell, even if the values keep dropping in the next two years. Based upon your comments, you don't seem to understand that for a fixed rate mortgage, you pay the same every month for the length of the loan. What the house value does after the closing does not affect the existing mortgage. As time goes on, the amount of principle increases and the interest decreases, but the total payment stays exactly the same. Eventually you own the house free and clear with no mortgage involved, and then you have what for most people is their biggest asset in their life. The fact that you have to have insulated walls, etc. will also help keep your utility costs down, and adds to the value of the home. It sounds like you are just against buying a home in general, which is fine. There are others who would also prefer not to have the responsibility of home ownership. To not understand why someone would feel differently than you, though, means that maybe you don't understand all of the details about it. Maybe you could have someone who knows about mortgages or a financial advisor talk to you about how the numbers work out for your specific situation? Good luck renting or buying, whatever your decision may be!