Had a Stroke Need To Sell House

Pagey2017

Hey guys. I am new to the forum. I have been seriously ill and am still recovering and need to sell my house because I can't work. Just wondering if there is interest out there in selling out through crowdfunding.

[Deleted User]

No.

Price it to sell.

Mee

Sorry to hear about your ill health.
Do check advice on using crowd funding


Also consider contacting your local authority's housing department/empty houses officer - they may be able direct you to other options...

Pagey2017

Ok, thank you for your replies. So the house is valued at around £300,000 and is in an area in London where a crossrail station is coming. I think the minimum share at around £270 each should give enough for each crowdfunder and assuming that about 1000 people bought or if 1000 shares where sold. The area max rent is for around £1200 and I estimate a low rent or a figure at around £900. The council will also guarantee rent at £850 under their leasing scheme. If I take away £400 for costs and emergencies a month (with any remaining monies to go to the crowdfunders) I think that could still give a reasonable annual sum + the increase of the value in their share of the freehold/property, which they could always choose to sell. My estimates are below and I would be interested to know what people think about this and if anyone would be interested in crowfunding a property like this.

Example 1

Rent £1,200 Monthly Income £800 Annual Income £9,600 Annual Payout £9.60 Effective Interest 3.6

Example 2

Rent £900 Monthly Income £500 Annual Income £6,000 Annual Payout £6.00 Effective Interest 2.2

EssexHebridean

Do you have any insurance on the mortgage which might cover? If you've had it for some years do check that there wasn't anything you took out at the time you got it which may well still be live.

Have you checked what if any benefits you may be entitled to which might enable you to meet your mortgage payments?

[Deleted User]

Sorry but I don't see anyway for selling this by crowd funding??? How much is outstanding on the mortgage? have you approached the lender for help? As above have you checked your benefits are correct (try CAB).

debbie_debt

I'm so sorry for your ill-health Pagey. My mum is currently in hospital with a stroke so I can only imagine what you're going through at the other end in recovery.

I don't know anything really about crowdfunding, so I won't attempt to advise on that.

You could look into benefits that might help you stay in your home though. Have you considered DLA/PIP/Universal Credit/Attendance Allowance/Employment and Support Allowance? Equally, you could always consider moving into rented accommodation so you qualify for housing benefit and renting your property out at a rent higher than the mortgage (if possible) to provide an extra income. All options to consider and Citizen's Advice Bureau might be able to help with which ones are appropriate for you.

Good luck

Pagey2017

Yes, the problem is really the accumulation of other debt while sick and the need to completely remove all sources of stress so as not to get another attack as I am still at risk. Thus wanting to sell. I heard that some houses had sold very quickly using crowdfunding.

Pagey2017

I you wish your mother well and your whole family. It is terribly stressful for everyone involved.

Pagey2017

That's a great idea about empty houses teams at councils.

PasturesNew

Never sell any property through any "wild scheme ideas" of any sort.

If you want to sell a house there are pretty much two ways to do it:
- estate agent
- auction.

Anything else is strange, dodgy, likely to be risky, turn out to be illegal, you'll have trouble getting enough interest, you'll get rogues turn up out of the woodwork trying to offer you different deals.

Just sell it, as per normal. Anything else is just nonsense and you don't need a life of nonsense right now.