Aunty Char's Property Problems #1
AGONY AUNT | Issue #1
Hello ladies and gents,
What a torrid time it has been the last 4 weeks with the mini budget, rising mortgage interest rates, house sales falling through and all on top of the cost of living crisis! However, hopefully I can shed some light at the end of what may feel like a very dark tunnel.
We were close to exchange and my buyer has pulled out at the last minute due to getting cold feet after the interest rate change. What do I do now as the house that we were buying is only going to give us 2 weeks to sell before going back on the market?
You could always look at a cash buying company such as The Property Buying Company, for them to purchase your property. They buy at below the market price, so you won’t receive as much as you did from your open market buyer.
However, as soon as you accept the offer then you’ve sold your house allowing you to continue with your purchase! This is a great option, particularly in the current market conditions because they buy with cash and not mortgage. If you can make the figures work, then it’s a good option. There are no hidden costs before or after the sale.
I have a property that is rented out currently, but now with the cost of living crisis and rising Buy to Let mortgage rates, I would prefer to take the equity out and get rid of it.
Ideally, I would like to keep the tenants in there as they have always been good tenants over the years. I think its going to be hard to sell on the open market with a sitting tenant. Is there anything you can suggest please?
Can be very tricky selling with a tenant Peter, because if they are not available for viewings/ won’t allow access easily then you’re not going to get very far! Obviously, most open market buyers are going to want to live in the property themselves and will certainly not want to start evicting a tenant.
If you speak with The Property Buying Company they will be able to give you some good options because they do buy directly with tenants. They also have cash Investors that are looking for pre-tenanted properties as a good to go investment. Prices will vary depending on the property, the overall yield, the area etc and will be below the market price of course. However, it will allow you to sell on the property with the tenant in situ with very little stress. You get the funds, the tenant is happy as they get to remain in their home and the buyer ends up with a great house!
Selling a property with tenants can be difficult, with so much to consider it is easy to feel overwhelmed.
If you are wondering how much notice to give tenants, you can check out our guide here.
For more information about selling a tenanted property you can check out our handy blog.
To get your offer, click here!
My second buyer has just pulled out of our house sale because their mortgage offer has expired, and their new mortgage application has been refused! Our house sale has been dragging on for months. I think we’ve lost the house that we wanted to buy but we’re still keen on downsizing. I don’t want to go back to the market with its uncertainty as this could happen again- is there anything you can suggest?
This is so common at the moment and I know its incredibly frustrating. Selling a house on the open market can be a minefield and can quite easily take at least six months for completion. If you really don’t fancy the open market then there are definitely options if you can be flexible on the price.
The Property Buying Company have a huge network of Investors that they can sell your property to. These Investors are usually cash buyers which means no mortgage, and so a quicker completion time for you. The sale is off the market i.e., it won’t appear on Rightmove, and you won't have a string of buyers through the house. The price of course is lower than the market price, but this is a great alternative.
If you are looking for a different alternative to selling on the open market, we are here to help.
We are able to complete in as little as 7 days and can take the stress out of any house sale.
To find out more and get your offer, click here!