Sell property asap but stay in it, advice please

Section62

mi-key said:

If you have enough equity from the sale then you can always offer to pay a pirvate landlord 6 months or a years rent in advance to make it easier to get somewhere, not many would turn that down.

Unfortunately a lot would turn it down.

Paying 'x' months up front doesn't address the underlying affordability issue - there will always be the question of what happens at the end of the 'x' months.  Paying 'x' months rent from the proceeds of selling the property doesn't guarantee the rent will be paid after that.  If anything, making an offer like that could highlight the would-be tenant's financial predicament.

There's also an issue that people making criminal use of rented properties apparently have a preference for making an up-front payment - so EA's and experienced landlords may regard an offer like this as a risky proposition. 

It doesn't mean the OP wouldn't be able to find a landlord who would be happy with this arrangement, just that they need to be aware it won't necessarily be as easy as it sounds.

gwynlas

You do not need to be in the room for a traditional auction these days, most auction houses acceot on line and telephone bids.

Section62

Rellen said:

As i say I only found out last week about court so I’m just scrambling for the best solution.

The first thing to do is to stop scrambling.  For most people it is difficult to make the best decisions when they feel under pressure and worried.

For example, thinking the modern auction route is a good idea is a symptom of the pressure you feel - it is easy to think that when you read the EA's blurb and it sounds like the perfect solution to the massive problem which is occupying most of your waking thoughts.

Just stop, pause for breath, then seek advice from an organisation like Shelter who can help you navigate a way through this.

Also, traditional auctions generally now don't require bidders to be in the room at a specific time/day.  The lots are advertised online in advance, some will take bids before the auction, there are options for bidding online and (which is as traditional as traditional auctions themselves) the auctioneer will usually also accept 'commission' bids.  If you read negative things about 'traditional' auctions there's a good chance they are written by people making money by promoting 'modern' auctions.  Even the choice of language (i.e. 'modern') is designed to hook people and reel them in.

Rellen

mi-key said:

If you have enough equity from the sale then you can always offer to pay a pirvate landlord 6 months or a years rent in advance to make it easier to get somewhere, not many would turn 

Hope you can get it sorted out though as its a horrible position to be in. 

meeemee said:

Sorry to hear about your situation but I don’t think with any type of sale once completed the new owners would let you stay for a few months. Have you contacted shelter for advice? 

Thank you both so much for your replies. It was an unbelievable shock to get the court papers so It’s been a rough few days, so thank you

I am hoping to have some extra so your advice might be the way. Truth be told I’m more worried about my cat. It’s the only house he’s known, he’s getting on now and I’m devastated I’m going to disrupt him. there’s not many rentals near me and what I’ve seen say no pets. That’s why I was hoping for an agreement with new buyer but I’ll look into private. 

Thank you again

Annisele

Court proceedings don't necessarily mean you'll be evicted immediately (and usually they don't mean that). Evicted soon, yes - but not immediately. If you put the property on the market with a traditional estate agent, find a buyer in the usual way, and then in two months' time show the court that you have a sale underway, it's very unlikely that the court would order an immediate eviction. (If enough has happened for the bank to see that you're serious about selliing, it might even agree to put the possession proceedings on hold).

Also, as others have said, give Shelter a ring. You might be eligible for schemes like an assisted voluntary sale, where the lender will pause repossession action for a few months and maybe even pay some of your conveyancing fees. Or there might be some other options (but none of them will involve modern auction; that's a bad idea all around).

housebuyer143

I wouldn't touch modern method of auction with a barge pole and many others will not also. You will find it will probably alienate buyers and you get less interest. 
Normal auction or normal sale but avoid this modern method. 

Rellen

Section62 said 

The first thing to do is to stop scrambling.  For most people it is difficult to make the best decisions when they feel under pressure and worried.

For example, thinking the modern auction route is a good idea is a symptom of the pressure you feel - it is easy to think that when you read the EA's blurb and it sounds like the perfect solution to the massive problem which is occupying most of your waking thoughts.

Just stop, pause for breath, then seek advice from an organisation like Shelter who can help you navigate a way through this.

Also, traditional auctions generally now don't require bidders to be in the room at a specific time/day.  The lots are advertised online in advance, some will take bids before the auction, there are options for bidding online and (which is as traditional as traditional auctions themselves) the auctioneer will usually also accept 'commission' bids.  If you read negative things about 'traditional' auctions there's a good chance they are written by people making money by promoting 'modern' auctions.  Even the choice of language (i.e. 'modern') is designed to hook people and reel them in.

Thank you for this sound advice : ) 

Can I just ask again. Why are modern auctions so bad? Is just because of that buyers fee? What is it that makes it a bad for a seller.

I thought it’d be a good thing to have a longer auction and more buyers. Also advertising as if on the market and no seller fees but I’m definitely missing something if no one is in favour of it?

Keep_pedalling

How old are you? If over 55 could equity release pay off the existing mortgage? 

Could downsizing pay it off?

[Deleted User]

Rellen said:

Can I just ask again. Why are modern auctions so bad? Is just because of that buyers fee? What is it that makes it a bad for a seller.

Because it’s a non-refundable £6,000 reservation charge that has nothing to do with the property. Basically, I would be paying a lot of money for an opportunity to buy a property. It’s a con. As a future buyer myself, I ignore anything being offered using this method. There are plenty of house buying opportunities available freely.

deannagone

Try putting 'modern auction' into the forum search box at the top of the page. 

Hopefully you will get more of an idea why people experience problems with them.  The thing is, the auctioneer gets £6k every time a buyer wants to buy.  For the buyer, there is no guarantee the auction will succeed (there could be legal problems, structural problems or other problems including over pricing).  So the buyer pulls out, loses the fee they paid, and then the seller waits until another buyer comes along.  While the auctioneer chuckles at getting another £6k.  And the seller finds its not a quick process at all, because the number of buyers that will take the chance of loosing 6k is very very small.