Sell, Rent, Holiday lets?

soccernights

After some advice pretty please

I have a house on the market (buyer pulled out recently) and has been empty since Nov. There has been interest but im sure with all the talks of hpc people are biding their time?
The house was valued by sevaral estate agents at an average of £235k, for the past 2 months its been marketed at 215k which is the min i can accept for the property with the mortgages and loans needed to pay back, but yet nothing?

I need either a quick sale (approached those waste of time as they offered £179k) or my thinking is to rent the property and or do holiday lets as i live in newquay cornwall. I have knocked up a website to start promoting this www.newquayholidayhouse.com but dont know where to start advertising?

obviously i feel the price of the house is a bargain but yet cant get rid quick, a couple of offers from people not in a position to buy as yet as they need to get rid of their chain. The house could sell as a commercial enterprise if people wanted the website also?? is there a place to advertise this?

My position is that i simply i can no longer afford to keep the house empty as it is. Normal pcm rental would not cover the expenses, holiday lets would but with it comes the hassle of running that, ideally i want to simplify my life not create more work.

But as investors, money savers etc what would you do? any help and advice would be greatly appreciated.

thanks in advance

carl

Doozergirl

Are you getting feedback? What have people said?

It seems that you are hardly even coming into the season where you might get potential investors or second home owners looking for property like yours. I'm sure a very slow winter in the property market is not a good time to sell a seaside property. I'd give it a bit longer.

soccernights

True holiday season is a coming.... but with savings gone and now arrears mounting what can i do? the last thing i want is a repossesion and thats on the cards unless
a). i can refinace to a lower deal (but with arrears this may be difficult)
b). put tennants in and swallow the difference.
c). get some holiday lets in for the summer (no idea how to market this)

the feedback from viewers generally has been positive and several second time visits, its nice house in the heart of newquay but yet nobody buying?
hence the need for advice

thanks again

soccernights

What about auctioning? what can i expect to fetch from that? and who would i contact for that in cornwall?

cheers again

Carl

motch

Does it have sea views? briefly looked through ad on rightmove couldn't see it mentioned.

I would of thought newquay must be one of the best areas for holiday lets, but perhaps there are many others doing this? Obviously good for surfers, but how near to the beaches?

motch

just read sea views and 3 min walk. doh!

Pez2

How many months arrears do you have?

soccernights

3 months arrears. since the buyer pulled out and wasted 3 months of my time...wouldnt be so bad but the guy was a property investor and asked me to pull the house off the marke....ive since ran out of dosh to support the house, i would consider a remortgage for the combined loan and mortgage to reduce my outgoings then rent the property but with arrears i would have thought this would be near impossible or at least extortionate. along with gamble of getting decent reliable tennants (some horror stories out there)

cheers

carl

WillowCat

If you're looking at the auction route then Fulfords cover Cornwall. They have an auction 14/15th May for which I think entries close early in April.

http://www.fulfords.co.uk/dynamic.php?id=auctions

Never used them, but might buy from them one of these days.

soccernights

Thanks for that link....anyone know what i can expect to fetch at auction and are there any costs if it does not sell at my reserve or above?

cheers

Carl

Doozergirl

There will be an entry fee for the auction which you won't get back which is likely to be a few hundred. The there will be a % fee for the sale.

If you ask the auctioneer to come out and value the place for you they will give you an idea of what sort of reserve you should set for it. Auctions are funny things - you never genuinely know what sort of price it will go for. Fulfords certainly deal with that area. With your location, it might be worth going with a national auction like Savills, Allsop or Barnard Marcus to attract attention.

The problem is if you can't afford to sell for any less than the £215,000. If you need to sell now then the option is to drop the price again. Otherwise you wait

As for holiday lets, if you google "holiday cottage cornwall" there will plenty of companies who will offer you their marketing services for a fee. Most of these companies I'm sure don't actually own the properties, they just act as a finding service for a proportion of the weekly rate.

You could try selling with someone like House Network instead of your local agent - it can cost under £500. You could use the potential savings to drop the price. If you're getting plenty of viewings then you probably aren't that far off. If the property is repossessed then you will almost certainly wish you'd dropped the price over the associated fees and stress of a repossession. Even then, the property will only sell for what it would have done with you selling it, or less.