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Letting house out..(long)
Comments
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aagh I really don't know what to do. Have accepted an offer of 51k on the property (Well the guy knocked on the door and I said yes but he needs to put it to the estate agent so they know we have a firm offer). He can do a cash buy with fast turn around. However I am still tempted by the BTL remortgage option. We bought the house for 84k so by selling for 51k its a huge loss (covered by family inheritance money). If renting it out for a few years and then selling at a more realistic price when the market picks up works out then it will be so profitable. However its such a gamble.
Plus I am worried the same thing could happen with this offer as the previous buyer-AWOL at the last minute. At least with BTL as soon as we get the mortgage offer its in our control-we could even exchannge contracts while awaiting the solicitor to change the deeds!0 -
How does that £51k compare to what other similar properties have sold for in the same area? It sound very low to me but I don't know where the property is.0
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They aren't really selling to anyone othef than BTL investors but the only ones which sold under 50k are wrecks-ours is nicely decorated, double glazed, central heating-prefect FTB home except there's no FTB'ers as there are tons of new builds round here where the FTB'ers tend to go! The odd few compareable properties which have sold are around 70k mark but been on the market for a long time!BitterAndTwisted wrote: »How does that £51k compare to what other similar properties have sold for in the same area? It sound very low to me but I don't know where the property is.0
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