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should we get rid of our tenants in order tosell quick?
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just out of interest.. you say you have had a valuation done - was this just from a 'drive-by' or did the valuer have a look around the property - in which case the cat is already out of the bag as far as the tenants knowing!!0
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yes - meant to say we will keep the tenants in mind as much as possible! pregnant brain strikes again!
it was a proper valuation where the EA did actually go into the home and take dimesions etc. he then rang me after to tell me what he thought. (£170k - we paid £135 for it 4 yrs ago, and last year it was valued at £150 - 155k, so at least its not negative equity).
i told the tenants we were having the valuations done for mortgage purposes, but they are not stpuid, so im sure they suspect we may be looking to sell. we are having another valuation done on saturday, so after that we will make up our mjinds about what to do, and then speak to the tenants straight away.0 -
i told the tenants we were having the valuations done for mortgage purposes, but they are not stpuid, so im sure they suspect we may be looking to sell. we are having another valuation done on saturday, so after that we will make up our mjinds about what to do, and then speak to the tenants straight away.
yup, if your tenants have any kind of sense they will now know the score....Estate Agents don't do valuations for mortgage purposes! uh oh! So you tenants will suspect what is going on and know you lied to them about it too, not the best start in getting them to be co-operative.0 -
Just a thought - instead of giving the tenants notice (and you getting no rent) you could suggest a bargain.
You reduce their rent by, say, £200 a month, they keep the place spotless and tidy and co-operate with viewings.
They get £200 a month in their pockets, you still have rent coming in, and the flat's in a sell-able condition....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
I do have respect for my tenants, even though i am not a long term lnadlord but the whole thing is just becoming too much financially (i didnt just happen upon this site by accident - i have been posting in debt free wannabe for a while now)
Hi nugget.
I have just been reading your other threads. Congratulations on your baby.
Now that I understand your situation more, if it were me, I would try to sell asap. Perhaps offer a reduced rent to your tenants if they stay on while you are trying to sell it, if you can stretch to that? Not ideal I know, but better to have something coming in than nothing.
Have you tried looking on sites like https://www.nethouseprices.com to see what other properties are selling for now in your area, so that you can price just below others and hopefully get a quick sale?RENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
neverdespairgirl wrote: »You reduce their rent by, say, £200 a month, they keep the place spotless and tidy and co-operate with viewings.
SNAP!:D white spaceRENTING? Have you checked to see that your landlord has permission from their mortgage lender to rent the property? If not, you could be thrown out with very little notice.
Read the sticky on the House Buying, Renting & Selling board.0 -
neverdespairgirl wrote: »Just a thought - instead of giving the tenants notice (and you getting no rent) you could suggest a bargain.
You reduce their rent by, say, £200 a month, they keep the place spotless and tidy and co-operate with viewings.
They get £200 a month in their pockets, you still have rent coming in, and the flat's in a sell-able condition.
This is exactly what I did when I sold one of my properties back in 1998. I gave them 1 week rent free whilst I had some decorators and proferssional cleaners in, and then 25% rent reduction whilst viewings were taking place.
Talk to them, let them know what is happening and get them on your side, then offer a little financial inducement. A couple £100's will seem a lot to them, and may seem quite a bit for you to lose, but look at the big picture and its peanuts if it secures a hassle-free selling experience.0 -
...much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0
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thank you all for such positive, practical advice - i had already thought of that idea. I had thought that if we reduced their rent, or maybe gave them the last month free or something if they helped us out and kept the place xtra tidy, that might keep them on side for all the viewing (hopefully) and may encourage them to stay a bit longer, without feeling they have to move straightaway.
as we are also on a mortgage break for 6 months, we could do it financially as well, so it sounds like a good idea.:T0 -
You won't "make money" from a mortgage break. You "lose" more, because you're not paying off capital and interest, so the next months interest is even higher.
In cash flow terms, you may be better off. But in terms of profit or loss, its a loss making decision.
With respect to the tenants, the rent reduction thing sounds like a good idea. Definately keep them on your side iykwim.
Though it may be easier to sell without tenants in, in which case give the appropriate notice (2 months). Then price it realistically, not the amount you dream of getting for it, but the amount that will shift it.
Phlash.I can take no responsibility for the use of any free comments given, any actions taken are the sole decision of the individual in question after consideration of my free comments.
That also means I cannot share in any profits from any decisions made!;)0
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