Getting rid of a house quickly?

emmaglet

Hi everyone,

I am hoping someone can give some advice on this situation - it might get long. I bought a house at University whilst I studied, and did fine renting out a room whilst I was living there to a friend, which helped to pay the mortgage. The house went on the market in April, and I also left University in April. The house has only had 3 viewings and no offers.

The house is in a really bad location, quite far from the University and not populated with students. My housemate only stayed because we were on the same course and I drove into University. There are houses right next to the University empty, so it would be very difficult to rent it out to students when it is so far from campus. It also isn't in a rentable condition, and won't be without spending a few £thousand on it - money that I don't have. I have also asked estate agents about renting and they said because the estate is highly populated with council houses and it is far from the University, it will be hard to rent out.

Since April I have been paying £550 on a repayment mortgage until October when I switched to Interest Only for £330 a month. All of this I have raised without having a job, just from online things, whilst also looking for jobs but haven't found one as of yet (yes there are jobs in supermarkets, etc, but I make more online than I would from just any old job, so I am specifically applying for the field that I have my qualification in).

To be honest, I have just reached the end of my tether with this. I have moved back home and can't afford to move out until the mortgage outgoing is taken care of. Since leaving in April I have ploughed so much money into the property and I cannot do it any more. I would very happily just walk away from it. I have spoken to my Dad (who is the co-signer) and he cannot afford to pay any money towards it, but he also agrees that it is taking its toll on me and therefore he is happy to do whatever needs to be done.

So what are my options from here? I have vague knowledge of some things but just wanted to present my entire situation in the hope that someone outside of the situation can look into it. And just to clarify, as long as the mortgage gets paid off, my Dad and I are not concerned about getting any more money out of the property.

PasturesNew

You've not said how much it cost you/what the current asking price is.

Auctions are quickest, but a lot of property isn't going to auction. However, if your property is one of the cheapest in the area it might be picked up by a local FTB. Even though it's on a council estate there are lots of people on that estate that might like a local house.

mlz1413

If the estate has a large council house population couldn't you rent it to DSS? Contact your local council and see what needs doing to rent it, it maybe worth one cash injection to rent it out.

Or are you prepared to make a loss on it? You could put up for informal tender or to auction and be perpared to take what you can. You will need to discuss with mortgager how to pay off the outstanding debt.

You say you moved away when you finished Uni but don't have a job and make money from selling online - why can't you do this from the house in Dundee? you could take in another lodger to help with bills again and that would keep the property in better condition over the winter.

nixinix

No help on the house front other than you need to 'price it to sell' - in this market this is the only way to get a buyer, obviously I have no idea as to your purchase price or current asking price or mortgage so I don't know if this is viable but people are still buying bargains. (I sold my house three mponths ago in one day because I priced it sensibly).

Can I ask what do you do on the internet to make money?


HTH
Nicola

emmaglet

I will find out the exact figures later and edit the original entry.

mlz1413 wrote: »

You say you moved away when you finished Uni but don't have a job and make money from selling online - why can't you do this from the house in Dundee? you could take in another lodger to help with bills again and that would keep the property in better condition over the winter.

The house isn't in Dundee (I am lost as to how you guessed that) but it would cost too much to run the house as well as the mortgage, plus I am back in my local area for support from friends and family - as my Mother passed away last year and I had to just get on with my studies, it was so hard to be away from a base of friends and family, and I am not ready to do that again - at least not to the extent of being 4 hours away.

nixinix wrote: »

No help on the house front other than you need to 'price it to sell' - in this market this is the only way to get a buyer, obviously I have no idea as to your purchase price or current asking price or mortgage so I don't know if this is viable but people are still buying bargains. (I sold my house three mponths ago in one day because I priced it sensibly).

Can I ask what do you do on the internet to make money?

Honestly, MSE forums help me make the money! The £10 a day challenges in the Debt Free Wannabe board are what started me off a year ago. And it obviously works if I am able to pay a mortgage every month. I cannot describe it really, I am just utterly amazed! Thanks for the info regarding the house. I will give the estate agents a call right now and ask about perhaps lowering the price or something

neverdespairgirl

How much did you pay for it? What do you still owe on it? And what does the EA suggest is a realistic quick-sale price?

Trollfever

Cut your losses and get out.

Price it to sell or put it up for auction with a low reserve.

P.S. Advertise it on eBay.

huntersc

Just get rid of it, doesn't matter if you make a small loss, price to sell. Offer estate agents massive commission to sell it, eg, purchased house at £100k, on market for £110k offer 10% commission to the EA to get rid. This way the EA will REALLY want to sell yours above anyone elses and will push it.

Better to make a small loss now than have the next 5 years of your life ruined by it.

neas

get rid of a house quickly?

Few tins of petrol... a match ... viola!

PasturesNew

You were there 3 years, during which time (I presume) you were living almost rent free because of your lodger. So factoring that part of the equation in, you can afford to take a loss as if you'd had to rent while you were there.

puddy

have you got a rightmove link for it