need to sell quickly

Helen_from_yorkshire

Did you let the property through an agent? If so, did they have any insurance cover for the damages to rental properties from tenants. One of my local letting agent has insurance cover, although his company is privately owned, unsure whether this applies to them all.

rushnowt

meanmachine wrote:

Sorry but this sounds like general wear and tear to me. And that would no doubt be the defence of your tenants.

Of course, you could be sneaky and try to temporarily conceal any damage. Or would this come up in a surveyor's report?

Can the carpets be steam cleaned? Could you put rugs down? Carefully placed pot plants etc?

Thanks for your input, but as I said earlier, I'm not here to sling mud and go into all the details, suffice to say, it's more than just wear and tear, they we're only in the property for 6 months, to help us cover some of the costs of renovating the property we are now in, I didn't want to sell at the beginning as it was a new venture we were getting involved in and wanted a back up if it all failed.

My original question was should I do what I can and get the bst price I can hope for or go down the road of borrowing money to cover the costs. Also if anyone as any info on whether its a good/bad idea to deal with these companies that purchase for cash quickly.

Whether I get any recompence from the previous tenant or whether its wear and tear etc, is not on my list of priorities at the moment.

My only interest is selling the property, and how best to go about that.

rushnowt

Helen_from_yorkshire wrote:

Did you let the property through an agent? If so, did they have any insurance cover for the damages to rental properties from tenants. One of my local letting agent has insurance cover, although his company is privately owned, unsure whether this applies to them all.

Hiya Helen

No I'm afraid we didn't, it's a long story that I won't bore you with, but the top and bottom of it was we thought we we're helping friends out while having a back up plan for ourselves. We did have everything done properly with a solicitor, but never figured on what as happened.

If nothing else, it's been a lesson learned.

Thanks x

mummytofour

Hi im not sure if this will help
http://www.nationalhomebuyers.co.uk/

I dont know anything about them so please, nobody shoot me, im just trhying to help
Vxx

rushnowt

Thanks very much, I'll have a good read through that and see if they can help.

Debs x

burbs_2

Hi

As someone has said earlier its a buyers market at the moment so if your house is not in top condition then chances are the people looking at it are going to go elsewhere.

If i was you i would borrow the money needed to fix up any problems (from what you say it does not seem as though this will be too much) and then price the house at a price just above the absolute minimum you would be happy with, this way you are going to get the minimum amount you are looking for and hopefully a bit more besides.

Spendless

hi Rush

We were once in a very similar position. We moved out of my house and bought a bigger place as mine was too small and rented it to people we knew. We were unable to sell at that point and also the house was in neg equity.

2 years later the tenants moved out. The property had wear and tear but also damp had got thru window. Also property needed improving (grey bathroom suite, new fence etc -things that we'd have done if we'd remained).

Property prices had gone up in meantime. I don't work, we had 2 pre-school age kids and we didn't have the cash for doing up property. We would have had to borrow the money to do up the house, and paid loan back as well as mortgage on my place and any other costs (insurances etc). We decided to sell property as it was. I had a large amount of interest because it was priced cheaply to take into account that it needed work on it, and when original sale fell thru, it sold again within couple of weeks. We made around £14,000 and ploughed the money into our current home.

I estimate that had we kept my place and done work it would have cost around £10,000. One year later the property sold again for £22,000 more than they'd paid. If we'd done the work we would have had an extra £12,000 profit, but I don't regret the decision we made.

meanmachine_2

Spendless, the market is completely different today.

The OP could borrow money, do the repairs and find that, in the interim the house has actually depreciated by the amount borrowed!

None of us can know what the market will do in the longer term, but right now, and for the foreseeeable future, the market is pretty stagnant and prices are flat.

There isn't a rising market to help pay for any expenditure.

And re: nationalhomebuyers, this has already been discussed on the forum. The general consensus was that, if you can't find a buyer for your home, how can they, unless they're offering to take it off your hands at a huge discount.

It was also suggested that buying homes was their secondary concern, and the main profit driver was vastly inflated surveys.

Doozergirl

Hello Rushnowt,

If you haven't the time or money to fix the problems then don't. As long as your property is set at the right price, it will sell. Of course, it will sell for more if it was immaculate and you will probably STILL make more than you spend, but it may well take longer to sell as people are always desperate for a bargain (hence the popularity of this website I'm sure!)

If you asked an estate agent to market the property as 'needing some work' and set a very low 'offers over' price, budding property developers will be tripping over themselves to view the property. Setting block viewings rather than letting people in 'as and when' is fantastic at stirring up competition.

People very quickly get into a bidding war and you will find that the property will go for very near to what it is worth anyway. We bought two house next door but one to each other - one priced at £170,000 (what it was worth in it's condition) generated no interest and we knocked £10k off the price as a result. The other, a month later, was set at offers over £140,000 and we ended up in a bidding war and paid £171,000 for an identical house (still made a profit though!)

You are still perfectly within your rights to turn down any offers that are too low, so you won't lose anything.

OR what about auction? They charge about 1.5% of the selling price and there's also a fee of £350-500 per auction.

I don't like the idea of these 'buy your house tomorrow' companies. The cost involved in buying a property (stamp duty, searches, fees etc) and then selling again (marketing) means they HAVE to buy at less than the property is worth. I think they are purely there to take avantage of desperate people!

I could talk all day! I hope I've been of some help?

Spendless

meanmachine wrote:

Spendless, the market is completely different today.

The OP could borrow money, do the repairs and find that, in the interim the house has actually depreciated by the amount borrowed!

None of us can know what the market will do in the longer term, but right now, and for the foreseeeable future, the market is pretty stagnant and prices are flat.

There isn't a rising market to help pay for any expenditure.

And re: nationalhomebuyers, this has already been discussed on the forum. The general consensus was that, if you can't find a buyer for your home, how can they, unless they're offering to take it off your hands at a huge discount.

It was also suggested that buying homes was their secondary concern, and the main profit driver was vastly inflated surveys.

For a start unless you know where I live and where Rush lives and what properties we own and when I sold how do you know that the market is completely different?

Secondly I didn't advise Rush to do anything I told her what I did.

If you read my post I don't suggest that she does or doesn't borrow any money for the repairs. I told her what we did.We sold because of the position we were in. I told her what my own position would have been had I had the work done and told her I didn't have any regrets.

It is entirely upto Rush what she does I was just giving her my own experience of a similar situation.