Property for sale not shifting: return to lender?

Brewster_2

Nothantsandy - I feel for you. I was in that position in 1981. I was young and nieve and had no idea about property, yet I had one. My fiance and I split up and he went off leaving me to try and pay off a car loan his and all the debts pertaining to the property. I handed in the keys to the building society becuase I could not cope and I had no one to advise me. However, I ended up owing the society. I believe they allowed or sold the house to one of their employees at a knock down price, yet I had to continue paying the mortgage until they claimed they had found a buyer. I suggest that you rent out the house until your situation improves. some income is better than no income.

sdenvers

There are a number of people out there operating as investors specialising in "BMV" (Below Market Value). You sound like exactly the sort of person they're looking for (desperate, sorry to be blunt), and they can help you out by buying your property quickly. Of course there's a catch - they look to pay around 15-25% BMV.

It may be worth you looking for one of these people, but be aware of what you're getting yourself into. You may just clear the mortgage. At least it would be a load off your mind, but it comes at a price.

I suggest a quick internet search and maybe check your local paper for "quick sale" ads and such if you're interested. Sometimes agents quietly forward such deals to their mates for a brown envelope, if you catch my drift. You could try asking an agent you trust if they know of any investors. They may already have started the process and are softening you up by not forwarding viewings. Get someone to try to arrange a viewing and see what the agents say, you may be surprised.

With BMV buyers, if you want to sell quick you want someone who has the cash ready and can exchange within 2 or 3 weeks. Anyone faffing with mortgages will take at least a couple of months and it may fall through. Ask to see proof if they say they're a cash buyer - they may refuse though, nothing you can do about that.

Alternatively, stick it out and wait for the Spring. Make the price as attractive as you dare. Make the property as homely and welcoming as you can afford without chucking money away. Having no furniture puts off a lot of people, the agent is wrong. You can't change your buyers, so change your product. How much will it cost to shift the furniture back in? At the end of the day, all someone buying it off you cheap will do is tart it up and rent it out or sell it on when the market's better. Think about it. They spend very little to make quite a few quid. That could be your few quid.

Not all agents are the same, some are dire. Consider putting it on multi agency. If you've not got a board outside, put one up - most people still don't use the internet and drive around areas. There's probably not much wrong with your property, it's just a bad time to be selling.

I was in a similar position to yourself a couple of years ago and thankfully managed to sell privately to a first time buyer. This was after the best part of a year on with 2 agencies and 4 fall-throughs.

Good luck.

EdInvestor

Andy,

I think you mentioned earlier your lender had refused to allow you to let the property?

Why is this, and if it is insurmpountable have you considered remortgaging to a BTL mortgage elsewhere and then letting it out?

BTW looks like the market is picking up by the figures out today

northantsandy

They gave me permission to rent it out which was good enough for Northern Rock to give me another mortgage. Then they told me they had never given me permission. When I showed them the letter they firstly said whoever sent it did not have the authority and then when I kinda said "Rubbish" they said well we rescinded it after two weeks the letter must have got lost in the post.

I cannot remortgage: unemployed (hoepfully to sort soon) but my outgoings outsstrip my incomings so not credit worthy

northantsandy

I have investigate BMV. My problem is that most house price listing companies only list a couple up to a couple of years ago.

The gov's brown field site development saw new expenses house go up about 18 mths ago.

In 1999 my house was worth 55k. Today it is estimated to be worth 130k.

The best BMV deal I was offered was 47k as recently as July.

ScoobyZ

Hi how did you get on with this ? Did it sell ? Has your luck changed in the new year ?