rent out property for 6 months whilst selling or sell empty?

Crashy_Time

Red-Squirrel wrote: »

Accept the 115k offer.

You want rid of the house, they want to buy it, it’s a reasonable offer less than 5% under asking price.

Don’t cut your nose off to spite your face.

Very good advice.

YoungBlueEyes

Seems to me this is a matter of perspective. Think of it this way.

If a shop was advertising sale items at "less than 5% off", would you consider them cheap? I appreciate 5% of a house can be a bunch of money, but you see what I mean.

Take the offer. Congratulate yourself on getting more than 95% of AP

logan5

Yes but going back to the original valuation of £127500, by 2 agents, it’s not 5% it’s more like 10%.

I’ve now accepted an offer of £118. Hopefully I can attach a rocket to the deal and get it through quick, not like when we bought our current home and ended up taking 6 months because of mortgage offers taking ages.

YoungBlueEyes

I can confidently say that EA valuations are more like notions really. If a house had a definitive value EA's wouldn't vary so much. It's only worth £x when someone actually pays you that amount.

When we had our house on the market the valuations we got were double from bottom to top. The lower one she admitted she wanted to buy it herself and tried to scare us into taking it. (Oh it'll never sell in this condition... wants SOOO much work doing to it.... you'll be on the market for well over a year.... Sell it to me and saves yourselves the hassle etc etc.)
The top of the highest one was double that, from a most effusive EA. (This is one of the top 3 roads in this town and always has been! It's where the monied come to buy true quality! They just don't come up very often! My god this is perfect for someone to create a stunning victorian home! Such a rare opportunity! YOU'LL BE FIGHTING THEM OFF WITH STICKS!!)

So the AP isn't it's value, the money someone gives you for it is.

Congrats on the £118 btw

kinger101

Properties still sell in winter. At most, sales volumes are reduced 30% from peak. I'd view a property on 24th December. I'd never knowingly cross the doorstep of one tenanted.

MalMonroe

Using Brexit as an excuse is clutching at straws, big time. Not to mention utterly ridiculous. I agree with others who have said that a house is worth only what people want to pay for it. The price could go down even more. It's also a big liability. Where I live (North) we have to pay full council tax on empty houses. It seems like you're just willing to lose money hand over fist than accept an offer of £115,000. If I were you I'd cut my losses and accept the low offer, or maybe try to negotiate a little higher but you're going to be left with something you can't get rid of, while paying costs on it. Getting a tenant in would be catastrophic because - well, have you never seen those programmes on telly where tenants come in and then don't pay rent for years and landlords can't get rid of them without paying vast sums of money??? Not worth it. Sell that property. Snatch their hand off at £115k. Even if you wait until you get a higher offer, you're still paying council tax so you won't gain a penny. Not worth it.

getmore4less

Remember there was an offer on the table at £120k while the tenant was still in and paying rent.

Got greedy and regected the offer, tenant jumped ship and here we are a few month later a good few£k out of pocket nursing the costs of an empty property.

logan5

yeah not to worry have managed to get it upto 118 now. so hopefully all systems go.