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Post by Clinton Cool on Mar 26, 2020 21:25:40 GMT
OK guys and gals I'd like as many opinions as possible on this:
I have a house that I agreed to sell with a tenant in place, the sale fell through. The tenant remains, I have a possession order but can't enforce it with bailiffs until they start working again.
I've had an offer from a cash buyer. It's for 15% less than I agreed to sell it for last autumn, maybe 20-25% less than I'd have expected to sell it for with vacant possession, until the corona virus got going. It would need to have vacant possession for the sale to go through which could take some time. If the market changes in the meantime, downwards, I guess he'll revise his offer. The legals could be completed while waiting for the bailiff and completion could take place shortly afterwards. This would save me the trouble of my concerns about security and basically what to do next.
My instinct tells me its not a good offer for me, but I'm not sure, I'd like other opinions.
What do you think?
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Post by peterboat on Mar 27, 2020 0:24:18 GMT
How long is it since the tenant last paid? When mine stopped paying I waited until she left emptied out her possessions and changed the lock! this was in Scotland and she did have another house to go to, I also didnot give her deposit back as she had done damage to the property.
This might seem harsh but she was paying for the new house but wanted to decorate it first and her tenancy had run out with me
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Post by Deleted on Mar 27, 2020 2:22:34 GMT
How long is it since the tenant last paid? When mine stopped paying I waited until she left emptied out her possessions and changed the lock! this was in Scotland and she did have another house to go to, I also didnot give her deposit back as she had done damage to the property. This might seem harsh but she was paying for the new house but wanted to decorate it first and her tenancy had run out with me I don't know what the rules are in bonny Scotland but if you did that this side of the border you'd be in hot water. Even after they have left or been evicted the (former) landlord is still obliged to warehouse their shit for a month for free (if anything was left behind). Lots of people know how to work the system. Ricco has three options: 1. Allow the legal process to take its course. 2. Get some even heavier heavies from Liverpool. 3. Offer them money to piss off however distasteful it may be. |
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Post by patty on Mar 27, 2020 4:51:41 GMT
If the market plummets u stand to lose more
How much damage done?..u don't know..suspect when they evict said tenant will trash even more.
U either let it go and move onwards hassle free or hang on hoping that the markets regenerate...which they probably would in fullness of time but u are then left with a hours that needs ££££'s spending on it.
When I sold Horror House, with what I'd spent on renovation I lost over 70k...I don't regret it as it had to go..
Even now I know that was the right decision ...it hurt to lose that much money and I should never have brought it though it served a purpose in helping me recover.
Sometimes u have to lose in order to gain.
I know what I would do, but you have to live with whatever decision you make.
Good luck....
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Post by Trina on Mar 27, 2020 8:30:51 GMT
Anyone want a 'For Sale' board ?!🙄
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Post by patty on Mar 27, 2020 8:55:08 GMT
Anyone want a 'For Sale' board ?!🙄 My niece still has hers up for sale..apparently Estate Agents says people r still looking on line.... Don't give up hope.. This will end and we will get back to normal. |
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Post by lollygagger on Mar 27, 2020 9:00:25 GMT
The banks want, and will probably get, full suspension of the housing market.
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Post by Deleted on Mar 27, 2020 9:49:14 GMT
bailiff's will be back to work in the coming weeks, get her gone then get a decent offer for the house.
Even if the market takes a hit, it wont last.
I guess this all depends on how much you need the house sold though, are you urgent to sell, need cash?
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Post by naughtyfox on Mar 27, 2020 11:39:11 GMT
I see the subliminal message. |
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Post by Jim on Mar 27, 2020 11:52:43 GMT
For me, the bottom line would be what it stands you at. I bought a house with my inheritance in 1979. Put it on the market in 2008 the week Northern Rock went down. 3 valuations with 30k between them. We ended up selling for 15k less than the lowest valuation, dropped the price ahead of the market so it would sell. Still got 30 times more than I paid for it. A house is only worth what someone will pay.
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Post by Clinton Cool on Mar 27, 2020 12:08:41 GMT
bailiff's will be back to work in the coming weeks, get her gone then get a decent offer for the house. Even if the market takes a hit, it wont last. I guess this all depends on how much you need the house sold though, are you urgent to sell, need cash? I'm not desperate for cash, I have savings. I'm fully expecting the other 2 tenants to stop paying. If that happens, I have zero income. I'm excluded from claiming any benefits whatsoever, the houses are considered assets. If you have more than £16,000 in assets you're excluded from everything. I still have to maintain the houses even if the tenants aren't paying a bean. Eventually the money will run out, I'll have no way of eating, no way of paying for gas safety checks, so I'll be a criminal. I can't dispose of my assets at the moment. If I hadn't been careful with my lifestyle, built up some savings and lived like most people do i.e. only a month from bankruptcy I'd be screwed right now. The government has given renters the opportunity to stop paying rent with impunity. This, despite the schemes to help the employed and self employed, and an increase in benefits. I'm angry. |
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Post by lollygagger on Mar 27, 2020 12:22:29 GMT
I think Ricco and I were at one time in the same situation.
He decided to buy a couple of flats in run down areas and live on the rent. It was the way the sums added up.
I decided to slowly spend the cash because I'm risk averse.
I was aware one bad experience could totally wipe out my income for a year or more if I relied on rental income.
I didn't fancy a middleman in my income stream who had the power to cut it off completely and smash up or sell some of my investment.
I didn't have the funds for a nice house in a nice area to rent out.
I tend towards MMs view that landlords are a bad thing by definition. Nothing personal, it's a philosophical view.
Clearly I have less money than I started with. I wonder how it will pan out for Ricco at the final count? I've definitely had a more relaxed time but I suspect my savings (cash) is going to take big hit value-wise.
You have to be more ruthless than either of us to come out on top. Ricco talks the talk, but I doubt he smashes peoples faces in the pursuit of profit.
Like Ricco I can't claim a bean ever, I pay for prescriptions and all that. Nothing changed there.
It's interesting how we diverged from a similar point. Maybe if I'd been his age my direction would simply not have worked, I'll get a Gov pension before I'm totally destitute.
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Post by Clinton Cool on Mar 27, 2020 12:32:37 GMT
It's funny that I had the same thoughts last year, too many eggs in one basket. I decided to sell one each year so I didn't have to pay a huge lump of capital gains tax, then live off the money, pensions due in 9 years. Just a bit of bad luck I guess. I agreed a sale for one in November, drug dealer tenant put a stop to that. Oh well.
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Post by lollygagger on Mar 27, 2020 12:44:48 GMT
It'll all come out in the wash. There's really nothing you can do about it.
Stopping Councils directly paying rent to landlords as it once was, was wicked in the true sense of the word.
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