Selling a btl

merch_o_wawr

Hello am having some problems selling a BTL, egos clashing all over the place. House is in good nick, brilliant location, tenants want to buy. I said OK, I will get a valuation, they have offered £15 k below valuation!! (I offered it at £5 K below valuation). Their offer is 15% below valuation. Prices in the area are going up quite quickly and stuff at the bottom end is shifting. I would have weakly settled but my husband thinks they are taking the mickey. There are many advantages to both sides in the deal going through but I am a poor negotiator and settle too easily.

We both have health problems which make being an effective landlord quite difficult to really need to sell, plus the fact neither of us are comfortable with BTL in principle or in practice.

In 12 years of BTLing, I have had enormous rent arrears, domestic violence, bad damage to property and very demanding tenants, I do not recommend it unless you have the skin of a rhino.

sandsni

How long has the property been on the market and have you had any other offers?

merch_o_wawr

not on the market, I paid for a valuation to be fair to all.

kingstreet

Do they need to use that price reduction as part of their deposit?

If so, they may not be able to proceed if it's less.

merch_o_wawr

Have also given them till the end of the year to get their deposit together

dominoman

Get a couple of agents in to value it with a view to putting it on the market. Won't cost you anything and nothing wrong if you have at least some intention of marketing it.

The market is hot.

Selling on the open market isn't hard. The agents will do all the work for you, arrange viewings with your tenants etc

merch_o_wawr

I did discuss selling it with tenants in situ but agent thought better empty. The idea of more valuations might concentrate their minds though. There is nothing decent around that that price bracket apart from some very rickety cottages and a mobile home, will seriously consider what you are suggesting.

Prothet_of_Doom

If you give the tennants notice, and then advertise the house, how long will it take to find a buyer and how long will it take to get to completion ? They may want a discount, but as you say houses are selling, so it won't be much.
So if your tennants were in a position to buy, right now then a 5 to 10% reduction might be reasonable.
But this is complicated because house prices will rise whilst they try and scape the deposit together.
In those 8 months lets say the house goes up 5% in Value, are you really going to give them a 20% discount ?

Try looking it from thier point of view, what's it worth to them ? No more hassle, time and money of having to find a new place, no moving costs, less stress etc.

Personally, your husband is probably to be listened to. If you don't need to sell now, you could wait until XMas, get 2 valuations, split the difference and knock 5% off for a quick sale, and if they can't or won't buy at the price, given how REASONABLE you have been by waiting when you wanted the sale to go through months before, give them notice, and put it on the open market when they have gone, (or put it in auction with a reserve and a sitting tennant, and a known income)

merch_o_wawr

good advice thanks