Had a cash offer, what to do next?

delboypass

im sorry for confusion.
I do post on other site too but never slated the OP.
I know hes just trying to get the most as we would all try to do.

(in my evidence, 2 friends just sold, 1 market price, 1 overpriced..1 couldnt sell..you can guess and keep going on about how much his flat is worth..it isnt and hell end up bankrupt at this rate)

In my post, i was only stating the facts that i know now and up to original OP to take these into consideration...

If he wishes to hold out, they thats his right...

I know plenty of people who have made money on property (not old enough to have lived through any crash).

All i know now though is that sentiment is definately turning...

And rather than OP holding out for 1 or 2 thousand pounds to ship it out early and make an investment in cash.

If OP wishes to post his outgoings on flat..morgage costs per month, utilities, council tax ect....then we can weigh up the benefits of waiting 3/4 more months heading into the dead season for selling anway...

Just remember all the ponzi schemes that have gone on of the past..like empowering women blah

dolce_vita

Gorgeous_George wrote: »

That is probably one of the few things that you don't know.

Tighter lending criteria will not impact BTL mortgages very much IMHO as these are provided on the security of the likely yield. Any lender providing a BTL usually has two potential properties that any losses could be recovered from - the BTL itself and the borrower's own home.

Thinking about it, BTL mortgages should be cheaper than residential mortgages as they are more secure PROVIDING THE NUMBERS STACKED UP IN THE FIRST PLACE!

PS. OP, snap their hands off but say you want to exchange within 3 weeks or so.

GG

Thanks for that George.

You're right, I don't know for certain; because during the last crash BTL mortgages weren't around so there's no comparison. But what I do know is that it was harder to get a mortgage unless you had a decent wedge as a deposit.

This time around I would guess that most of the "15% deposit" that most recent BTLers have put down on their "investment property" has come from MEW.

If the perceived value of people's house drops then so will their ability to raise funds to purchase said property.



As I said, during a crash, cash is king.

Beware of debt masquerading as wealth.

bigjoe

jonewer wrote: »

Eh-hex-cuse me!?

And where the hell are you from numnuts?

I'm from London.

bigjoe

SquatNow wrote: »

Basic economics: Until the buyers cash is in your bank account, your flat is worth exactly £0.

You need to resit basic economics mate because that is nonsense.

LandyAndy

bigjoe wrote: »

You need to resit basic economics mate because that is nonsense.

:rotfl:

Thanks, I was beginning to think that my entire life was worthless because I hadn't sold it.

iainkane

Hi Gorgeous George thanks for comments, dolce vita I am more than aware of the other things that would go along with a crash (degree in economics and work the industry).

When there is any extreme change in markets, and that is any markets (give or take) some people make money and some people lose money, normally alot lose and a few gain a huge amount and alot of it comes from being in the right place at the right time, taking a chance and having the backing to take that chance. In my opinion and it is only my opinion there will not be a great crash, but if there is prices will recover as they did after the last one. If you have a property and the price crashes then you still have the property you are still paying the same amount each month for the mortgage but you are tied in if you have negative equity as you cannot move house, remortgage etc this was created last time by the huge rise in interest rates (dont get me started with the that) as people were unable to afford their own mortgages or new mortgages to move. This rise in interest rates is unlike to happen again as the government doesn't have control of rates any more, this rise in rates meant people could no longer afford their property and could not sell as they couldnt clear their mortgage with the sales price.

People who invested in property after the crash, those with money and willing to take a chance, made money from it. I dont want a crash as it would cause a huge amount of people alot of unhappyness but if it does I'm going to be doing what I can to make the best of it.

Sorry for the length...

iainkane

One other thing dolce vita you have no idea what I have and don't have in terms of starting a property empire, as you put it, but to give you an idea i am 25 and made about £40k from my first property and I am about to buy somewhere else at...in fact I dont need to justify myself to anyone I know what I've got in the bank but it is a varied portfolio of property, cash, shares etc so they ain't all going to crash on me...

bigjoe

search2007 wrote: »

In reply to the first post in this thread, one option to consider when selling your home is a house buying company such as the one I represent - www.quickmugnow.com. If you're looking for a quick house sale, whatever your situation, Quick Mug Now can help. As the largest independent provider of home sale solutions in the UK, they understand the problems that can crop up when trying to sell your home.

What they do is simple – they help people who need a fast and easy house sale with the certainty that only a professional homebuyer can provide.

What's the catch? There isn't one. They pay up to 90% of the appraised value of your home based on the opinions of 3 independent local Estate Agents. There are no charges to obtain an offer on your home, and they can even pay up to £500 towards your solicitor's fees.

Get your free estimate and start moving on!

Visit http://www.quickmugnow.com for more details

HOW DARE YOU POST ON HERE!!!

Go away you maggot. This forum is about making the most of your money. Not being fleeced by the likes of you. :mad:

BobProperty

search2007 wrote: »

In reply to the first post in this thread, one option to consider when selling your home is a house buying company such as the one I represent - https://www.imtryingtomakeaquickbuck.com As the largest independent provider of home sale solutions in our street, they understand the problems that can crop up when trying to sell your home. Like being hassled by sharks.

What they do is simple – so simple I think I can do it. They help people who need a fast and easy house sale with the certainty that only a professional homebuyer can provide. If you can find a professional homebuyer.....

What's the catch? There isn't one. They pay up to 9% of the appraised value of your home based on the opinions of 3 independent local Estate Agents. There are no charges to obtain an offer on your home, and they can even pay up to £500 towards your solicitor's fees.

Get your free estimate and start moving on!

Visit https://www.iamaloserwhothinkshecanmakemoneyatthis.co.uk for more details

Fixed a few things for you.
How long do you expect to stay in business, buying depreciating assets? That and your inability to read details.

bigjoe

BobProperty wrote: »

Fixed a few things for you.
How long do you expect to stay in business, buying depreciating assets? That and your inability to read details.

Well said BobProperty. What a waste of space that guy was. Loser.