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Offer made on house for less than mortgage

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Comments

  • terryw
    terryw Posts: 4,396 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Valencia wrote: »
    Sorry just reviewed the tenancy agreement it does say 2 months. For some reason I always assume one. Thanks for the reminder.

    Hmm interesting.

    So on that basis it would be better to get rid of tenants and then put the house up for sale?

    Don't know whether from a financial perspective we could sit with an empty house while we sell. But on the other hand it could potentially sell quicker?

    Need to really think about this - as we want to sell the house, we just want to go about it the right way.

    Selling a house and having tenants are two completely different animals and they are bad bed-fellows for many reasons. You must decide which you want to do.
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Valencia wrote: »
    Is it worth finding the difference elsewhere or hold out for the asking price.

    How large is the shortfall?
  • Valencia
    Valencia Posts: 95 Forumite
    Thrugelmir wrote: »
    How large is the shortfall?

    Shortfall is approx £3k.

    Then fees etc on top.
  • waveneygnome
    waveneygnome Posts: 313 Forumite
    Part of the Furniture 100 Posts Name Dropper
    Do the people offering to buy your house want it for themselves, or as a BTL investment? Are tenants happy to stay in the house?

    I have bought houses before with tenants in situ as a BTL investment - in both cases I was happy to have a tenant already installed, happily paying rent.
  • Valencia
    Valencia Posts: 95 Forumite
    waveneygnome wrote: »
    Do the people offering to buy your house want it for themselves, or as a BTL investment? Are tenants happy to stay in the house?

    I have bought houses before with tenants in situ as a BTL investment - in both cases I was happy to have a tenant already installed, happily paying rent.

    They want as BTL but with new tenants.
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