Selling a Wimpey no-fines house.

memobility

We have been and are in the middle of several new build sites with incentive to buy from government which i think hasn't helped us at all.

ognum

memobility wrote: »

We have been and are in the middle of several new build sites with incentive to buy from government which i think hasn't helped us at all.

So there is another reason why you haven't sold. Everything sells at the right price. Maybe your target market is the BTL landlord and their offers are right!

racing_blue

memobility wrote: »

is there light at the end of the tunnel.

Not if the shaft has been capped;)

antilles

We sold a Wimpey No Fines these last year (Liverpool area). Most of the viewers and offers came from BTL landlords. In the end we did sell to a FTB but they were a cash buyer, so didn't need a mortgage.

I think the reason you get so many BTLs trying to buy them is that they tend to be in poor areas and they are very easy to rent out in those areas.

Some lenders won't touch them with a bargepole because they are unusual construction and tend to suffer issues (expensive to heat, difficult to modify) although I can say from experience that Santander and HSBC are definitely OK with them, having had a mortgage from both of these on them. Having lived on an estate full of them, I know people who have been refused mortgages, and this may put people off if they already have an agreement in principle, it's just more work moving to another lender.

Solicitors tend to ask a lot of questions about the construction as well.

We held out in the end and achieved 4k less than the asking price (75k). I don't know whether your price is realistic for your area, but your best bet for a buyer is someone who already lives in the area and wants to be near family, that's what the estate agent told us, and she was right, the couple who bought it had parents nearby who also lived in one. We were in no rush to sell so we just held out until the right offer came in, we only waited 3 months.

I think anyone who is outside of the area is unlikely to buy a no fines house purely because of the unusual construction.

I'd be patient if you're in no rush, you will sell it if the price is right. Failing that you can always take a lower offer from a landlord.

Also it's worth posting the link on here so people can give you advice, there may be obvious issues which would put a regular buyer off?

They are actually pretty good houses if they have had exterior insulation done, this is a good selling point.

memobility

Thanks for your reply and its good to know you sold yours we have been with hsbc for years i didn't expect it to sell overnight and i know that mainly the whole area is being bought up by BTL investors as its an ex mining town and people struggle to sell, which is a shame really as both new estates being build very close by are having the mines treated and the houses are selling in excess of 200k everyone including the estate agents all comment to us on the condition of our home as we do look after it and have updated it a lot new kitchen, bathroom, windows, full off road parking on block paved drive porch etc, and how lovely the garden is its such as shame really as we have worked really hard on it and as the estate agents actually told me last week BTL investors lurk in hope of a bargain i will just keep plodding on fingers crossed thanks again for all your comments.