What would you do .. ?

VinsterDJ

Hi,
just wondered if I could have a few general opinions on the following please...
We bought a house in Summer whilst our current one was still on the market. We've had 2 buyers try to gazunder us at the last minute, so have lost 2 sales literally days before completion.
Anyway, we've accepted a really low 3rd offer on ours just to get rid, but now I'm thinking shall we just take it off the market, rent it out (we already have a consent to lease mortgage) and put it back on the market in 6 or 12 months when things might have picked up.
The new house needs lots of work doing to it but it's live-able for the moment so the money from the current sale would go towards the refurb and to paying off the countless people who we've borrowed off to secure the house we wanted.
Just wondered what anyone's thoughts were really. Shall we count our losses and sell, or hold onto it for a little while longer and get some more cash for it?
Thanks very much.

Jowo_2

You may find renting it out as equally or more frustrating than the sales process - what if you can't find a tenant, the tenant reports frequent maintenance problems because the property isn't in a sound condition, the tenant fails to pay the rent or you choose a dodgy agent who runs off with the rent and deposit?

- how many tenants do you think would be happy to have a let of just 6 months or possibly a year?

poppysarah

VinsterDJ wrote: »

Hi,
Just wondered what anyone's thoughts were really. Shall we count our losses and sell, or hold onto it for a little while longer and get some more cash for it?

Or less.

No guarantees.

Bootski

I'd wait til Spring, at least you've had 2 offers and one gazunder so I think your house has shown activity. All very positive in the current market.

I'd hold out til spring, depending on the value range of your property, wack it up a few K, and renegotiate from there.

I'd not rent it out, maybe a short term room let for a few months, no commitments and try resell it.

Doozergirl

The market did pick up though. Houses are selling where I am, without doubt, and the difference in prices is minimal though the vast number of stupidly priced houses that weren't selling anyway have disappeared.

I'd only ever do what I had orignally planned to do with a house. If the plan was to sell, I would sell because to let it out wouldn't concur with longer term objectives. I would never rely on the market to fund me out of a situation.

Were they genuine gazunders or were vaulations coming out low? I'd say you woud be incredibly unlucky to have two sets of buyers who were only out to rip you off.

Bootski

Doozergirl wrote: »

It did pick up though. Houses are selling where I am, without doubt.

I'd only ever do what I had orignally planned to do with a house. If the plan was to sell, I would sell. Were they genuine gazunders or were vaulations coming out low? I'd say you woud be incredibly unlucky to have two sets of buyers who were only out to rip you off.

I'd say all buyers are out for a bargain, if I was buying I'd try my hand at it, certainly - so long as I was secure in my current home and wasn't desperate.

As a seller, I'd like a fair deal, a compromise perhaps - but rip me off??? fat chance of that happening - I'd regret it for the rest of my life!!:cool:

VinsterDJ

Thanks to you all for getting back to me. Yes, we were very unlucky but were gazumped twice. Both buyers in no chain, small mortgages and thought they had us over a barrel.
Still food for thought anyway, thanks again.

DVardysShadow

Doozergirl wrote: »

... I'd say you woud be incredibly unlucky to have two sets of buyers who were only out to rip you off.

I don't know, but I would think if OP has already completed on the next property, buyers might smell blood

bryanb

Jowo wrote: »

- how many tenants do you think would be happy to have a let of just 6 months or possibly a year?

Isn't that exactly the length of a standard AST?

Cannon_Fodder

What part of the country?

delmar39

With January just around the corner you could hang on for a month or so and wait for things to pick up as most buyers put things on hold during Nov / Dec. If by mid Feb you've not had any luck then it might be time to implement your plan b.