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Reduced by 20k should I buy??
adamski911
Posts: 110 Forumite
Me and my Partner have just recently moved into our new house that we did a part-ex with a builders.
They gave us 100k for ours as part of the deal and we have just found out that they have dropped it to 80k as they havent had any interest in it so far.
We are considering buying it back and either leasing it short term until the house markets gets moving again or as a long term investment ie pension plan
We believe they might even accept less for a quick sale and considering we paid 80K for it in 2004 it is a very tempting offer.
Only problem is that in our contract we are not allowed to buy it back so might need to go 50/50 with someone else.
Can anyone tell us of there experience of buy to let and how much equity we would require?
Is there any good deals out there?
They gave us 100k for ours as part of the deal and we have just found out that they have dropped it to 80k as they havent had any interest in it so far.
We are considering buying it back and either leasing it short term until the house markets gets moving again or as a long term investment ie pension plan
We believe they might even accept less for a quick sale and considering we paid 80K for it in 2004 it is a very tempting offer.
Only problem is that in our contract we are not allowed to buy it back so might need to go 50/50 with someone else.
Can anyone tell us of there experience of buy to let and how much equity we would require?
Is there any good deals out there?
0
Comments
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Offer them 70.
Do you have the cash?
Will you have a 10% yield?0 -
Dont have the cash but would have 10%0
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adamski911 wrote: »Only problem is that in our contract we are not allowed to buy it back so might need to go 50/50 with someone else.
How will you get around the land registry and your names appearing even if you went 50:50 with someone else? Do any of your family have the cash?
I saw this about 18 months ago, vendors originally bought house for £96000, part exchanged for £92,000 and went on market for £85,000 - eventully sold for £68,500 to an investor - he got a bargain.0 -
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