tbh i am just fed up i now dont work coz i thought i would sell the house quick so didnt want to get settled in a jobthe viewings do my head makeing everything spotless all the time.

these parasite companys want it for nothing but i have a feeling i will give in

and we need to have our visas validated before sep/oct and we dont have any money for that unless we get a loan

its just so stressfull trying to come up with ideas and getting my hopes up to be let down.

and my wife just leaves me to it coz she is busy at work and when i do talk to her she just says well you make all the decisions anyway!!

see i dont actually mind kinda loseing on the property coz its still equity well as long as get over i think 68k ie to oay everything off so i suppopose its not all doom and gloom but the wife doesnt see it like that she sees it as well its on the market for £120 when it got valued at £140 why should we accept silly offers....

anyway rant over i have to go shops and get some bits in lol

gerry

All the experts say that property has been over-valued for years, prices for a long time have been far above what people can actually afford to pay. The mortgage lenders have ballsed-up big-style because they were lending money to people who just couldn't afford to pay it back, on houses that just aren't worth what sellers are needing to get so they can move up the ladder. The building societies always only used to offer 3 x the annual salary for a mortgage, that was realistic, but because they were willing to lend more & more, up to 7 times the salary & were offering 115% mortgages in many cases, that drove prices on property up artificially. Because the money was thought to be available for all of this, prices went up, now it's been proven that the money just isn't there any more. There needs to be a big correction in prices, so that the market can start moving again.

What this means in your situation is, that your valuation from the agent is £140K, but that was probably over-inflated. If you take the worst-case scenario of the market dropping by 30%, your house could drop by £42K, bringing it down to true market value of around the £95-100K mark.

If your wife wants to hold out for £120K, obviously that's a decision you both will take together, but I feel that you may have to wait a long time for that & what will it cost you in the meanwhile to stay here, especially if, as you say, you don't want to start work until you get to Oz. When you do sell, you will still have estate agent's fees to take out of your equity too, so adding that to the loss of your earnings in the meantime, seriously, the offer of £95K now looks like a pretty good deal.

I'm not telling you what to do, only you can decide for yourselves what is best, but on the information you've shared with us here, if I was in your position, these are the things I would be thinking about.

Very best of luck

yeah cheers some one who thinks like me lol

i want to sell too

we have had an offer this morning thru one of the companys but what i dont understand is.....

they say they want to buy for 95k but then they will market it and once they get a buyer they will sell same day????

do all the house buying companys do this??? he made out they do and that if they didnt they would end up with 1000s of propertys.......

Some of these companies hold onto property, trying to rent it out - they will be taking the gamble that the market will turn upwards again - that's fine, they can afford to do it. Often they sell on straight away if they can, or use it as security to finance other parts of their businesses. Some places just get levelled, because the plot the house is on, in the right area, can be worth more to them than a dwelling....

But at the end of the day, who cares what they do with it - all you have to focus on is knowing that with the money safely tucked in your back pocket - you're on your way!!!

If tax is on income - and you are not makinging any profit (rent only covers mortgage) surely you would have no tax to pay???

Try giving these guys a ring - You Stay - 0800 804 7265.

I talked about them on another of your posts but not by name.
I called them about selling them my house and then renting back off them - which I know you dont want to do but the reason I am giving you the number is because the lady I was dealing with was reallly really helpful and if you get talking to her she may be able to tell you if what this company you are talking to is telling the truth about marketing it etc.
They may be no help at all but it may be worth a go and it is a freephone number - who knows they may be up for buying your place.

Gerry,

Howz it going now, whats happened on the selling to the company part, I thought they said they would give you the money within 14 days, wish we knew someone that had actually been through one of these companies so they could tell us exactly how and what they do. Taking a couple of paracetamols for ya mate cos Ive got a headache trying to keep up with it too,

We used one of these type of companies in early 1990 when we couldn't sell our house in Lancashire and we needed to move to Yorkshire. We had to take a bridging loan until they sold our old house, but they guaranteed a minimum amount that they would give us. We had it on the market for 84k and their guaranteed figure was 74k.

Unfortunately for them it took a while to sell and then the crash had started, so they sold it quickly for 68k but still gave us 74K. We were so lucky.

I can't remember the name of the company.

The taxable amount is income - offsets NOT income - expenses and the mortgage payments are not necessarily a 100% tax offset. Professional advice is required!

In the UK you could remortgage up to the value of the house when you commenced letting it and get tax relief (by deduction from the rental income) on the interest on the mortgage, but not any capital repayment element of the mortgage payment.

I believe that in Oz you can only offset the interest on a loan taken out to buy the property in the first place. So in this instance, if the OP took out his equity, the interest on the extra loan could not be set against the income for tax purposes.

ok - I dont NEED to be spoken to like a child!