To sell or keep?

allways_injured

Myself and 2 siblings have inherited a 2 bed terraced house which we put on the market just after estate agents were allowed to open, and it sold straight away. since then I ke p reading about a mini housing boom and how houses are at an all time high. I now feel we could have got more for it and felt under pressure to accept the offer of £4,000 less than asking price. I'm now thinking shall we back out and hold on to it and rent it for a couple of years until things have maybe gone back to normal.
Would appreciate any advice from you mse thankyou.

greatcrested

What will you do with it for 2 years? Live in it? Become landlords.......?

There's a whole board here devoted to discussing property prices and trends!

** This thread is intended to provide information to both landlords and tenants relating to Assured Shorthold Tenancies (ASTs) in England and Wales.

Where do you live now? By keeping it, will you/siblings lose FTB status?

Grumpy_chap

At only £4k below asking price, that is pretty good going.  This sounds a bit like greed.

[Deleted User]

Grumpy_chap said:

At only £4k below asking price, that is pretty good going.  This sounds a bit like greed.

This.

theoretica

Do you really want the hassle of going into business with your siblings? It's complicated enough when you don't need to agree with others.  The recriminations if 'things go back to normal' with lower house prices?

p00hsticks

Unless your siblings are also prepared to accept that rather than realising the money from their inheritance straight away they'll just be getting a third of any rental less expenses (which is unlikely to amount as much) for the foreseeable future then you'd have to buy them out to keep the property. Do you have the money to do that ?

JIL

£4000 ÷ 3 = £1333.33.
Is it really worth waiting for its, buts and maybe.

getmore4less

Make a bigger offer, buy it yourself if you want to start a rental business and speculate on house prices, give the siblings the option to cash out now.

[Deleted User]

JIL said:

£4000 ÷ 3 = £1333.33.
Is it really worth waiting for its, buts and maybe.

Couldn't agree more.

Flugelhorn

[Deleted User] said:

JIL said:

£4000 ÷ 3 = £1333.33.
Is it really worth waiting for its, buts and maybe.

Couldn't agree more.

definitely worth selling if you can, sometimes after a mini-boom comes a time of everything grinding to a halt and it taking ages to sell.

GDB2222

allways_injured said:

Myself and 2 siblings have inherited a 2 bed terraced house which we put on the market just after estate agents were allowed to open, and it sold straight away. since then I ke p reading about a mini housing boom and how houses are at an all time high. I now feel we could have got more for it and felt under pressure to accept the offer of £4,000 less than asking price. I'm now thinking shall we back out and hold on to it and rent it for a couple of years until things have maybe gone back to normal.
Would appreciate any advice from you mse thankyou.

To be fair to your buyers, would you compensate them for their expenses? If so, that’s going to knock a chunk out of the £4000. 

There’s something a bit emotional about inheriting a family home, and I can understand the wish not to sever the tie completely by selling it. The practicality of renting it out is rather different. It’s likely you’ll have to get it rewired in order to let it, which will eat up a Large chunk of the rent without adding value to the property. You’ll obviously have to convince your siblings that this is a good idea. And, of course, you’ll be blamed if it turns out badly, whilst your siblings will congratulate themselves on their astuteness if it turns out well.

Perhaps a sensible idea is just to renegotiate the price with the buyer, although there’ll be howls of derision from many people on this forum. If prices have moved significantly since the sale was agreed, there’s some justification.