Perks when selling a house..10% deposit scheme?

[FlashmanChop]

Right, here is the scenario….

One of my houses which I rent, which I am just evicting the dole crunching tenants out of (or attempting to..) I wish to sell.

My question is… when I have it for sale, with an agent, can I offer to pay the 10% deposit for any first time buyers who are serious (physically I can…) but I wanted to know what the likely hurdles that may lay ahead.

I know quite a few lenders don’t like more than 5%, but this could be overcome.

I am just trying to steer away from the usual stuff out there and offer a slightly better deal to any perspective buyers.

Thanks

[scotal]

One or other of the lawyers will have to complete a form that will list any buyers incentives.
Some lenders will downvalue your place by the equivalent incentive. So it might leave your buyers still lookng for 10% of a lower valuation.

[FlashmanChop]

Scotal,

fair points. and your the man in the know!!

just trying to make it a little more appealing, but i may be creating a viscious cycle.

Its, I guess similar to the mum and dad lending you the money, the banks dont like it

Do you think its even bothering about ?

[scotal]

Personally, I'd adjust the price to make it the most appealing property out there, and keep the transaction as simple as humanly possible.
Especially if your property is anywhere near an SDLt threshold.

[FlashmanChop]

scotal said:

Personally, I'd adjust the price to make it the most appealing property out there, and keep the transaction as simple as humanly possible.
Especially if your property is anywhere near an SDLt threshold.

Scotal,

Its only a chepish proerty, c. £105k, 3 bed semi in Doncaster, fully refrubished 2 years ago. off street parking, 60ft garden.

The way I financed it means I have quite a bit tied up, and its time to make it wash its face, as I wish to move forwards on a few more btl properties.

[touching cloth]

Agree with Scotal, just adjust the price to be what you want out of it, giving 10% off what is ultimately an inflated price (over and above that you would accept as a pure offer) just ends up as smoke and mirrors. Anyone looking will have assumed they need a deposit and have it in place, you can attract these buyers just with price - if people haven't got a deposit then chances are they won't be looking anyway and hence you won't be extending your target to any meaningful degree.

[scotal]

FlashmanChop said:

scotal said:

Personally, I'd adjust the price to make it the most appealing property out there, and keep the transaction as simple as humanly possible.
Especially if your property is anywhere near an SDLt threshold.

Scotal,

Its only a chepish proerty, c. £105k, 3 bed semi in Doncaster, fully refrubished 2 years ago. off street parking, 60ft garden.

The way I financed it means I have quite a bit tied up, and its time to make it wash its face, as I wish to move forwards on a few more btl properties.

So you'd take 105 and give 10 back, effectively a 95k property.

Stick it on at £99,950 (assuming your agents agree) maybe you get out at 95, mybe 97, we've had property going to sealed bids down here, may not happen in Doncaster, but if it does maybe you get close to true value for it.