Houses

[Stadt]

Had on offer on my first house accepted over the weekend, 11k under the asking price so pleased with that - I negotiated pretty well. 
 

Any advice on furniture and white goods (aside from FB marketplace)?

[kenny]

3 minutes ago, Stadt said:

Had on offer on my first house accepted over the weekend, 11k under the asking price so pleased with that - I negotiated pretty well. 
 

Any advice on furniture and white goods (aside from FB marketplace)?

AO is good for white goods as you don't have to pay for 12 months. You also get 2.25% cash back with Quidco.

 

Ikea offer 12 months interest free on wardrobes which is helpful.

 

[jgtuk]

Ethical dilemma. Due to recent death in the family, my Wife and I have inherited 2 houses. The bigger house is in trust until step-mil either passes away or decides to move but the other has a sitting tenant. We don’t want to be landlords so want to sell asap, tenants can’t afford to buy it but I met with them and they’re petrified of trying to find a new rental. They’ve been model tenants for seven years and I’m gutted for them and feel responsible. 
Has anyone ever sold a property with sitting tenants? 

[Izzy]

8 minutes ago, jgtuk said:

Ethical dilemma. Due to recent death in the family, my Wife and I have inherited 2 houses. The bigger house is in trust until step-mil either passes away or decides to move but the other has a sitting tenant. We don’t want to be landlords so want to sell asap, tenants can’t afford to buy it but I met with them and they’re petrified of trying to find a new rental. They’ve been model tenants for seven years and I’m gutted for them and feel responsible. 
Has anyone ever sold a property with sitting tenants? 

I don't mean to sound like a callous cvnt but I'm sure they understand the risk that as renters, this is always a possibility. I guess that's why tenants sign short term contracts in case the landlord decides to sell or whatever.

 

It's really not your responsibility. They're grown up adults and I'm sure they'll find something else with a good reference from you.

[Zear0]

36 minutes ago, jgtuk said:

Ethical dilemma. Due to recent death in the family, my Wife and I have inherited 2 houses. The bigger house is in trust until step-mil either passes away or decides to move but the other has a sitting tenant. We don’t want to be landlords so want to sell asap, tenants can’t afford to buy it but I met with them and they’re petrified of trying to find a new rental. They’ve been model tenants for seven years and I’m gutted for them and feel responsible. 
Has anyone ever sold a property with sitting tenants? 

You can always advertise it as a rental property with sitting tenants for a few months to see if someone wants to take it off your hands. Having good tenants is worth their weight in gold and is something in your favour.

 

I was in a similar boat a few years ago and inherited a few places from parents that I let out and keep the rent under market value just to keep the same families in. Unruly tenants are a fecking nightmare and having good ones might help you sell to someone who does want to be a landlord.

 

Costs barely anything to list a property and if you tell them you'll only sell to another landlord it might give them peace of mind and also give you more time to figure out what you want to do. 

[Daggers]

Anyone else a Rightmove addict?

 

I love nosing around stuff for sale. With the years I've spent browsing homes, I reckon I've a decent eye for what houses should be on the market for - and so many are unrealistic, especially empty properties. It's like they can afford to leave it hanging and are too proud to drop to a realistic price.

 

And I'm judging your interior design taste - and I tend to find you all wanting! 

[grobyfox1990]

2 hours ago, jgtuk said:

Ethical dilemma. Due to recent death in the family, my Wife and I have inherited 2 houses. The bigger house is in trust until step-mil either passes away or decides to move but the other has a sitting tenant. We don’t want to be landlords so want to sell asap, tenants can’t afford to buy it but I met with them and they’re petrified of trying to find a new rental. They’ve been model tenants for seven years and I’m gutted for them and feel responsible. 
Has anyone ever sold a property with sitting tenants? 

You’ve got a property with high quality tenants in situ that want to stay, you’re sitting on a goldmine. Advertise to BTLs only and say the tenant has an AST beyond the point of sale/explicitly state tenants remaining is a condition of sale 

[VLC86]

2 hours ago, Daggers said:

Anyone else a Rightmove addict?

 

I love nosing around stuff for sale. With the years I've spent browsing homes, I reckon I've a decent eye for what houses should be on the market for - and so many are unrealistic, especially empty properties. It's like they can afford to leave it hanging and are too proud to drop to a realistic price.

 

And I'm judging your interior design taste - and I tend to find you all wanting! 

Check it about 5/6 times a day at the minute . Tempted to move if I find somewhere but would put plans to clear my mortgage pretty soon back a good few years so I’m either being quite picky or subconsciously don’t want to move.

[ajthefox]

On 14/05/2024 at 14:34, Stadt said:

Had on offer on my first house accepted over the weekend, 11k under the asking price so pleased with that - I negotiated pretty well. 
 

Any advice on furniture and white goods (aside from FB marketplace)?

Congrats.

 

Freecycle - you need to be on it regularly to get anything good but I've had a few bits over the years.

 

Depending on what your taste is and how quickly you want to get everything sorted it might be worth looking for local antique type/second hand warehouse places.

[FoyleFox]

4 hours ago, jgtuk said:

Ethical dilemma. Due to recent death in the family, my Wife and I have inherited 2 houses. The bigger house is in trust until step-mil either passes away or decides to move but the other has a sitting tenant. We don’t want to be landlords so want to sell asap, tenants can’t afford to buy it but I met with them and they’re petrified of trying to find a new rental. They’ve been model tenants for seven years and I’m gutted for them and feel responsible. 
Has anyone ever sold a property with sitting tenants? 

You're going to be restricting your sale options significantly if you're selling with tenants. You've done the hard part in discussing it with them.  I know that's a difficult conversation to initiate, I've done it and yes, you do feel mean but it's up to them to find alternative accommodation. If you're giving plenty of notice they should find somewhere else. 

[Innovindil]

5 hours ago, jgtuk said:

Ethical dilemma. Due to recent death in the family, my Wife and I have inherited 2 houses. The bigger house is in trust until step-mil either passes away or decides to move but the other has a sitting tenant. We don’t want to be landlords so want to sell asap, tenants can’t afford to buy it but I met with them and they’re petrified of trying to find a new rental. They’ve been model tenants for seven years and I’m gutted for them and feel responsible. 
Has anyone ever sold a property with sitting tenants? 

If you don't need the money now then it needs pointing out that when interest rates start falling, probably later this year, house prices will probably boom again. Might be worth holding out for a short time, especially since decent tenants are hard to find and it sounds like the house will be kept in good nick.

[jgtuk]

Thanks for the replies. 
I’m going to have the conversation but give them as long as they need to find a place but probably look for a BTL buyer in the meantime. 
It’s a 3 bed semi, new build in 2016 if anyone is interested in an investment 👀 

I know it’s a better financial investment to keep it , at least until the market picks up but we just don’t want to be landlords at all. 
We have an interesting project (3 barns on our land) to put the money towards so it will be useful in that regard. 
 

[Tommy G]

Some advice. Sold our house today for c£30k less than we originally put it up for (went on high and reduced).

 

We made an offer on a house for £630k 3 months ago, was rejected - stupid at the time as we hadn’t sold ours. 
 

fast fwd 3 months, said house which was on for offers over £650k is now reduced to offers over £600k, it’s no chain as they have emigrated to Australia. 
 

Not sure where to pitch our bid, I’m thinking £580k - they haven’t had any offers since ours hence the reduction in price but they will be cheesed off we have dropped our bid £50k from where it once was. 
 

Any advice appreciated 

[Izzy]

7 hours ago, Tommy G said:

Some advice. Sold our house today for c£30k less than we originally put it up for (went on high and reduced).

 

We made an offer on a house for £630k 3 months ago, was rejected - stupid at the time as we hadn’t sold ours. 
 

fast fwd 3 months, said house which was on for offers over £650k is now reduced to offers over £600k, it’s no chain as they have emigrated to Australia. 
 

Not sure where to pitch our bid, I’m thinking £580k - they haven’t had any offers since ours hence the reduction in price but they will be cheesed off we have dropped our bid £50k from where it once was. 
 

Any advice appreciated 

I wouldn’t give a fvck if they’re cheesed off, it’s not your problem.

 

The question to ask is if you had to sell this new house the day after you moved in (for some unforeseen circumstances), how much would you get for it?

 

If you think you could definitely get £580k back, then offer that.

 

If your instinct says you'd get less than that, then that's what you should offer.

 

Edited Thursday at 05:46 by Izzy

[Raj]

8 hours ago, Tommy G said:

Some advice. Sold our house today for c£30k less than we originally put it up for (went on high and reduced).

 

We made an offer on a house for £630k 3 months ago, was rejected - stupid at the time as we hadn’t sold ours. 
 

fast fwd 3 months, said house which was on for offers over £650k is now reduced to offers over £600k, it’s no chain as they have emigrated to Australia. 
 

Not sure where to pitch our bid, I’m thinking £580k - they haven’t had any offers since ours hence the reduction in price but they will be cheesed off we have dropped our bid £50k from where it once was. 
 

Any advice appreciated 

Izzys bang on.

Not your fault the situations changed, id suggest your in a prime position to bid low if they have fecked off to Aus they will want a quick sell.

Id bid 575

[Tommy G]

3 hours ago, Raj said:

Izzys bang on.

Not your fault the situations changed, id suggest your in a prime position to bid low if they have fecked off to Aus they will want a quick sell.

Id bid 575

Thanks Raj

[Tommy G]

4 hours ago, Izzy said:

I wouldn’t give a fvck if they’re cheesed off, it’s not your problem.

 

The question to ask is if you had to sell this new house the day after you moved in (for some unforeseen circumstances), how much would you get for it?

 

If you think you could definitely get £580k back, then offer that.

 

If your instinct says you'd get less than that, then that's what you should offer.

 

If they knock it back, I think we'll sit tight and let them think on it - if 2 or 3 weeks go past and they have no further interest they might come back to us if the clock continues to tick. I dont really want to be going back and upping my bid by £5k a go.

[Lako42]

I'd ask why they haven't had a single offer in three months 

[Tommy G]

1 hour ago, Lako42 said:

I'd ask why they haven't had a single offer in three months 

Its clearly overpriced. 

[Lako42]

5 minutes ago, Tommy G said:

Its clearly overpriced. 

To not even have offers suggests by quite a bit. 

 

I generally wouldn't give two shits about going in low in that scenario as they will clearly not sell anywhere near the asking price. 

 

Be ballsy with the offer imo. 

[Izzy]

1 hour ago, Tommy G said:

If they knock it back, I think we'll sit tight and let them think on it - if 2 or 3 weeks go past and they have no further interest they might come back to us if the clock continues to tick. I dont really want to be going back and upping my bid by £5k a go.

You can always put in a 'final offer' bid with a deadline by e-mail.

 

It's a risky move but if you're confident they won't get any other offers, you could give them say two weeks to decide. Tell them that's your final offer and if they don't accept in your timeframe then you'll just walk away and look elsewhere.

 

Takes the hassle out of negotiating and if they're keen to sell they might just accept it.

[Tommy G]

On 06/06/2024 at 08:05, Raj said:

Izzys bang on.

Not your fault the situations changed, id suggest your in a prime position to bid low if they have fecked off to Aus they will want a quick sell.

Id bid 575

Not sure I’d ever imagine I’d  say this but I’ve gone with your advice @Raj

 

the estate agent was a bit hostile and grumpy (forgot to mention they were our initial agents but we binned them off 2 weeks ago) 

 

I’m suspecting they will knock it back 

[Raj]

14 minutes ago, Tommy G said:

Not sure I’d ever imagine I’d  say this but I’ve gone with your advice @Raj

 

the estate agent was a bit hostile and grumpy (forgot to mention they were our initial agents but we binned them off 2 weeks ago) 

 

I’m suspecting they will knock it back 

You must be in a hole to take advice off me!!🤭

You should take Lakos suggestion and ask the agent have you received much interest in the house, any other offeres etc?

Just to let him know that YOU know he hasnt and yours is a firm offer waiting to go.

 

I had loads of this shit when selling my dads house a couple of years ago, its all a fecking game mate. Goid luck

[Izzy]

2 hours ago, Tommy G said:

Not sure I’d ever imagine I’d  say this but I’ve gone with your advice @Raj

 

the estate agent was a bit hostile and grumpy (forgot to mention they were our initial agents but we binned them off 2 weeks ago) 

 

I’m suspecting they will knock it back 

Of course the agent was grumpy, and proves why you were right to bin them off.

 

I've known lots of people who've offered low but explicitly made it a final offer with a two or three week deadline for the seller to decide.

 

Amazing how many times the offer get's instantly knocked back but then a day or two before the deadline they come crawling back saying "Actually, on reflection....."

 

 

Edited Friday at 13:21 by Izzy

[Raj]

18 minutes ago, Izzy said:

Of course the agent was grumpy, and proves why you were right to bin them off.

 

I've known lots of people who've offered low but explicitly made it a final offer with a two or three week deadline for the seller to decide.

 

Amazing how many times the offer get's instantly knocked back but then a day or two before the deadline they come crawling back saying "Actually, on reflection....."

 

 

This is bang on by the main man again.

And i actually DID say this on my dads house!

Its emotional and you feel like its a kick in the teeth when you get a low bid.

The sellers will get Tommys offer at 575 when they had it up at ^00 and the testerone kicks in.

feck that, the cheeky git, who does he think he is etc...

BUT when they sleep on it and ask themselves what Lako said "How many offers HAVE you had"? Erm NONE!!!

 

Why- Cos its overpriced...its been up for 6 months and Tommys was the only offer....er okay actually on reflection!!!