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Property for sale not shifting: return to lender?

24

Comments

  • Ian_W
    Ian_W Posts: 3,778 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    I totally agree with MM, with one exception. Magnolia is soooo 2004 .... you're still watching too much Kirsty, Phiwl and Sarah, mate!!

    Seriously as Andrew says handing back the keys could cause big probs re credit and a "forced sale" might still leave costs outstanding. Auction with a reserve would be a better bet or re-marketing as per earlier posters comments. Try it with a low "offers over" price even.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Excellent post no 9 by Andrew.

    Way to go. On no account hand back the keys.

    First step is to get the brutally honest opinion and advice from the EA.
    Trying to keep it simple...;)
  • northantsandy
    northantsandy Posts: 187 Forumite
    I can't rent the house out because of previous hastles with the mortgage lender (IF) - do a search you'll see the sorry tale about that one. In essence I was given permission to rent it out and bought another place then IF recinded the permission and threatened legal action and taking the house back.

    Both mortgage insurers turned down my claim to cover the payments. :(

    I was made redundant in March so a re-mortgage is out. The house will get 500pcm and I can get a B2L for that! I've magnolia'd it out.

    It was with one agent from May until September when I went multi-agent and it is with 4 agents and I am selling it privately via The Little House Company .co.uk website (5105 if you want to buy it!).
  • mike_paterson
    mike_paterson Posts: 1,473 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Without wanting to criticise negatively, you should look at some of the other ads on the Little House website and change yours to match. You need to be much more positive and also include room sizes. I am sure that you couild get more appealing pictures too. The Layout could be better and there is room for more info so you might as well use it. Look at 6314 as one I came across at random. The internal photos look warm - the lights are on. The picture of the garden shows the garden. The wording is more positive and the layout looks good.
    Check the real price that properties went for in your area at http://www.nethouseprices.com/ and price accordingly.

    Good Luck
    To infinity and beyond!
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    Hi andy,

    This is it, right?

    http://www.rightmove.co.uk/viewdetails-4734643.rsp?pa_n=6&tr_t=buy

    A few comments:

    Three agents have it on Rightmove, one hasn't reduced the price yet, which is a bit of a giveaway.

    There is a hell of a lot of competition in this price range, I'm not surprised it hasn't moved in the current market. :(

    It has a bright blue door. This might turn some people off, others might appreciate it. I would be inclined if you had the time to give it a quick white paint job, just in case it's turning anyone off - when there's as much competition as you have, this you don't need.Otherwise the interior pics look nice.

    I detect it has an unusual design, with 2 beds and a bath upstairs and one selfcontained bed+ shower room at the back on the ground floor?

    This kind of design could turn a lot of people who want a conventional semi right off, but if you could find the right buyer, they would probably be delighted and grab it immediately.

    Now who might be the right buyer? A family with a teenager who needs privacy? Or an elderly parent living with them, ditto, and who can't manage the stairs? Why did you arrange the house this way?
    Trying to keep it simple...;)
  • northantsandy
    northantsandy Posts: 187 Forumite
    The house was arranged this way as we couldn't afford a two-storey exptension. The bedroom 3 I used to rent out to a lodger and bathroom 2 was purposely made not quite en-suite so they stayed a lodger and not a tenant.

    I actually got £300pcm for the room cos it's close to the QE and Selly Oak hospitals.
  • northantsandy
    northantsandy Posts: 187 Forumite
    Made changes to the Little House Company one.

    All in all I am kaputten across the board: IF retracting long-term permission to rent this place out of the blue after I had bought another place post-divorce has really left me in it. With other unsecured loans I am facing an uncertain future to be honest.

    Looking at an IVA if I can. Far from ideal but what with divorce, redundancy and corporate incompetance I'll certainly remember 2005... :(
  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    Cheer up old bean.

    I learn more from my mistakes and crises than I ever do from the things I get right.

    At least 2006 can't be quite as crappy.
  • EdInvestor
    EdInvestor Posts: 15,749 Forumite
    northantsandy wrote:
    The house was arranged this way as we couldn't afford a two-storey exptension. The bedroom 3 I used to rent out to a lodger and bathroom 2 was purposely made not quite en-suite so they stayed a lodger and not a tenant.

    I actually got £300pcm for the room cos it's close to the QE and Selly Oak hospitals.


    Tell the agents to promote this aspect of the property - it could be very attractive to FTBers needing help to pay the mortgage but also wanting privacy. :)
    Trying to keep it simple...;)
  • northantsandy
    northantsandy Posts: 187 Forumite
    I have. They all said the can't cosssa the law
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