Property Investors HELP

[Richard BF]

Hi guys ,
im after some help after having a distraught mother on the phone , there has been as issue with their property in Manchester and for reasons they have to sell it pretty quickly !

Estate agents aren't having any luck , nobody has viewed the property since it has been up in three or so years. There is currently a tenant in the property and it is renting out for circa £500 pcm.

Is there any networks that i could possibly contact to get hold of a cash buyers to purchase the property , it'll be on the market for 100-110,000 but i imagine they will take 90k for a quick sale .

Property doesn't need any work doing to it and already has tenants in.

if my figures are correct it'll yeild around 6/7% for a £90,000 purchase price.

three bed semi-detached , big rooms throughout , conservatory on the back , quiet residential culdi-sack parking on the front and side for atleast 8 cars.

so does anyone have any suggestions as to how we can sell it quickly ?

any help and advice is greatly appreciated.

 

[vvaannmmaann]

http://www.auctionhouse.uk.net/manchester/

 

[Billmccallum]

http://www.landlordzone.co.uk/forums/forum.php

 

[Billmccallum]

can you PM the postcode?

 

[QuickHomeBuyers]

I think your estimation of the property value maybe a little optimistic. You have narrowed your market by not giving a vacant possession upon completion.

To get maximum value for the property they should be looking at selling vacant upon comp else your market is limited to cash buyers only as most high street lenders are reluctant to lend on a property with sitting tenants for various reasons which are outside the scope of this post.

 

[MASSEY]

Well if urgency is really needed you will probably get cash buyers wanting it for 60% of its real value.

 

[hipwuk]

I was in a similar predicament with a rental property that I needed to sell quickly. I offered my tenants an incentive to vacate by way of paying the difference on another rental property in a more desirable area. If your rent is £500 per month, ask them to look for something around the £600 mark, and pay the £100 difference for the next 6-12 months. This would open up your target market to owner occupiers as well as landlords.

The fact that your property has been on the market for the past 3 years suggests to me the valuation was too high. Everything has a price, and everything can sell - so long as the price is right. The market would have moved on since you initially put the property up for sale. Speak to a few agents and get a feel of what a realistic price would be for a quick sale. I would avoid those specialist agents who sell at way below market value unless you are really desperate.