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Hi all,

Just thought id seeks some advice of my current situation…

I wasn’t even looking at moving on but I caught the rightmove search bug

Found a nice house with a bit of land, and thought I could live there and afford it

So went on a viewing put in a cheeky low offer…and was accepted!!.....

I quickly put mine one the market and the vendor told my they were in no rush and were prepared to wait for my property to sell…….well to my surprise 2nd week and only 2nd viewing I was offered full asking for mine and was over the moon, my buyers were cash buyers and could go ASAP…survey was done on mine all ticking along when the house I had offered on suddenly backs out due to family reasons!!...Now

My buyers tell me no rush just take my time finding something else, so last week went on another viewing a nicer location more land ect put in another low offer….ACCEPTED!!..........then bombshell dropped MY buyer now backed out after thinking it through they want to stay put….im gutted to say the least..

I really want this property, I was wondering if anyone could offer advice…

I’m mortgage free with property on market for £159,995 which is a good price,

Looking at paying £230000 for other property, would a BTL mortgage be a better option?...any ideas would be great, I don’t want to lose this other house….even thought of asking if I could rent it out from them until my sale goes through!!..

Thanks and advance apologies for basic questions.

Mr M

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Keep advertising your house and hopefully you will find another buyer. I accepted an offer from a cash buyer and they pulled out on me last July, after they decided that my bungalow was too small for them so I know how depressing this is! Fortunately I didn't have another house lined up to buy (as I'm emigrating to South Africa).

If thinking of taking out a BTL mortgage and renting out your old house then you need to do some research. What monthly rental can be achieved? Multiply this by 11 (allowing for 1 month unoccupied per year) and then take this figure and divide it by the current value. Is this annual rental yield above 6%? If not, you are probably better going all out to find another buyer.

Things are traditionally slow in August, as people are more concerned with looking after the kids during the summer break and arranging holidays etc. After the last aborted deal last year I didn't receive any offers until July this year when 2 people made an offer in the same week. I have signed the exchange documents and I'm just waiting for the buyer's to do the same!

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Thanks for the reply,

We have a few viewings lined up,and check the other property to make sure its not sold,nail biting experience i dont want to go through too often..

On a side note before we found the one im now interested in i wanted to view a 2 bed semi locally,nice rural location large garden but was SSTC within 24hrs!....got a call today from EA....

"would i like to view and put in an offer as they have lost their buyer".....seems to be a pattern here...

I liked the house but checked what they paid in APRIL 2009 £134000....LICK OF PAINT, NEW KITCHEN ECT...jump to today AUG 2011 £215-240 !!!!!!!!!

serious thinking of asking EA what planet these sellers are on,any tips to get them on the ropes??..what would You offer?

Cheers

Ming

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  • 343 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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