Dealing with Time Wasters When Selling Property
Maybe we just met Mr Murphy with Murphy’s law but we had 2 sales fall through on Social HMOs. One was an offshore investor who gave us a proof of funds of several million GBP. Everything was in slow motion with them. They could not decide on which surveyor. This took several weeks. Then to better the story, we told them from Day 1 these Social HMOs are cash only as banks will not lend on them, only to several days before conveyance they insisted they now have a MIP and want a mortgage. We were beyond clear from day one….what was so confusing ….Bottom line time waster!
One better was a sourcer who brought us a client to buy one of our Social HMOs. As we insist surveyors are done timely when we sell properties, we had a surveyor scheduled last Weds at 12pm. At 11.55pm were told the surveyor had an urgent issue and could not attend. 1 hour drive wasted, but anything can happen and we were understanding. We rescheduled for this Weds at 12pm. On Monday this sourcer asked if we could move the appointment to 11am. We confirmed with the housing officer and appointment set. Then today at 9.30am we received a phone and we were told the surveyor can only come at 10am. We told him we doubted the housing officer could reschedule and asked if the surveyor could proceed on the exterior. This was not possible. This was beyond non professional and arrogant.
We contacted our solicitors to ask for contracts to be returned and already re-marketed the property. Just finished sending out the mailer to our update list. Really not sure where someone could achieve almost a 10% net return without all the headaches of management and maintenance. Maybe I am gripping but so many people who want to invest in property are beyond unrealistic. However most of our properties are being sold and close to conveyance. We have buyers coming out of everywhere….On Friday we are meeting some gents from India. Tomorrow we have a London investor and then another investor I believe from Cambridge…
Back to gripping before lunch….We have one gent who emails and calls all the time.10% net is not good enough for him. He insists on 12% Net again without management…voids…maintenance..Makes ridiculous offers below what properties cost us…I have no idea where someone can get this return. Yes they can lured into mid teen returns in dodgy areas only to have management nightmares ….voids and non pays….
We have been keeping more and more properties ourselves. This might be the direction. We are always trying to learn and grow.
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