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Help a 1st time poster please guys!!
jimbogills
Posts: 5 Forumite
Hi everyone,
Ok, the scenario is:
Own a house in Dover worth £130000 with a mortgage of £86000. Have moved to Norwich with the missus and were renting until we decided where we wanted to be. This was great as her work were paying our first 3 months rent while we sold the house.
Everything was going well. We had a buyer and were due to exchange next week. But.........
Got a call yesterday to say our buyer is pulling out as her survey reckons the house needs £6000 structural repairs. This means we have to start all over again with mortgage and rent!! AAARRGGHH
So what to do? We are now thinking we may rent the house out but haven't the 1st clue where to start. We have a fixed rate mortgage which ends in June. Any advice guys??
Ok, the scenario is:
Own a house in Dover worth £130000 with a mortgage of £86000. Have moved to Norwich with the missus and were renting until we decided where we wanted to be. This was great as her work were paying our first 3 months rent while we sold the house.
Everything was going well. We had a buyer and were due to exchange next week. But.........
Got a call yesterday to say our buyer is pulling out as her survey reckons the house needs £6000 structural repairs. This means we have to start all over again with mortgage and rent!! AAARRGGHH
So what to do? We are now thinking we may rent the house out but haven't the 1st clue where to start. We have a fixed rate mortgage which ends in June. Any advice guys??
0
Comments
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If you are selling, why do you have to start all over again with a mortgage?0
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Sorry, i dont think i was very clear. I meant we'd have to start over finding another buyer while still paying the mortgage and rent in Norwich.
Not sure we'd have much luck selling this year now!0 -
If you think the survey is correct, will the present buyers still be interested with a £6000 reduction? If you prefer to rent the house, you will need to find out what who could expect in rent per month and what you pay in mortgage, plus possible voids,maintenance etc to see if it is worth your while keeping it.0
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As a previous poster has intimated, the buyer maybe looking for a £6K discount. They may be gazundering you and using the survey as a flimsy rationalisation. It is a very common practice I'm afraid.
If it was me I would agree to the reduction (although I might also put their picture on a dart board). I would take the profits and use it to find a decent home where you live.
If you decide to go ahead and give them a reduction, be careful. If they smell blood, they will be back for more later. I would ask the estate why they have given you the info on the £6K. Is it because they have had cold feet or they are still interested. If they are still interested, don't make any hasty decisions and don't angry.0 -
It's a wierd one as they just pulled out. Never even asked me to reduce the price. The estate agents sent their own surveyors round and confirmed the findings but also said they felt that she was never fully committed from the get go.
We can get £570 rental which easily covers the mortgage but it does depend on whether our lender (Nationwide) will allow us to go ahead.0
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