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    • gazfocus
    • By gazfocus 11th Jul 17, 3:13 PM
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    gazfocus
    Selling - 1 Viewing in 2 weeks
    • #1
    • 11th Jul 17, 3:13 PM
    Selling - 1 Viewing in 2 weeks 11th Jul 17 at 3:13 PM
    We had a buyer for our house (found privately), but their circumstances changed part way through the process, so we have had to put the house up for sale - this time with an estate agents.

    The house has been on the market now for 2 weeks and so far we've only had 1 viewing. The house is a shared ownership 3 bed semi with a large recent conservatory and the price is in line with other shared ownership properties that have sold recently so just wondered if anyone could give any feedback on why it may not be getting more interest (other than it being shared ownership).

    We do have the option of selling the house as a 100% outright sale, which I have mentioned to the estate agents but so far they've not responded to the suggestion.

    Rightmove Link: http://www.rightmove.co.uk/property-for-sale/property-67265630.html
Page 1
    • spadoosh
    • By spadoosh 11th Jul 17, 3:49 PM
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    spadoosh
    • #2
    • 11th Jul 17, 3:49 PM
    • #2
    • 11th Jul 17, 3:49 PM
    Im ignorant on shared ownership so that in itself would be a biggish barrier for me to booking a viewing.


    Firstly, the house itself is fine. You can tell its lived in so there isnt that much in the way of show home photos. The garden is a bit weedy looking but probably too much a pita to sort. Just little things like the washing basket and the loose wiring from the tv etc. General stuff in the conservatory.

    Im in penwortham in a 3 bed semi and somewhat conservatively value it at £120k in my head. For that i get a lot more garden space but i dont get the newer build nor the conservatory. Chorley seems to me to be a bit cheaper than preston so id say it was a touch over priced.

    The local market is full of similar houses. So buyers have plenty to choose from. Dont think its ever been an area where properties sell really quick, i think its just a case of patience with the price your asking.
    Don't be angry!
    • fairy lights
    • By fairy lights 11th Jul 17, 4:03 PM
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    fairy lights
    • #3
    • 11th Jul 17, 4:03 PM
    • #3
    • 11th Jul 17, 4:03 PM
    The photos aren't great - I can clearly see what the arms of your sofas and that one particular segment of kitchen worktop look like, but I can't tell how spacious the house is or get any idea of the layout - where's the floorplan?
    Is there room for a dining space anywhere?
    Garden could do with a good weeding session.
    • Ragtimeplayer
    • By Ragtimeplayer 11th Jul 17, 4:33 PM
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    Ragtimeplayer
    • #4
    • 11th Jul 17, 4:33 PM
    • #4
    • 11th Jul 17, 4:33 PM
    It looks like a really nice house and very cheaply priced. have you had a look at what others have sold for recently in your area?
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    • Cakeguts
    • By Cakeguts 11th Jul 17, 5:00 PM
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    Cakeguts
    • #5
    • 11th Jul 17, 5:00 PM
    • #5
    • 11th Jul 17, 5:00 PM
    I think it is quite expensive for 50% share leasehold house. You can buy a 3 bed house non leasehold 100% for less than £140k in Chorley.
    • teddysmum
    • By teddysmum 11th Jul 17, 5:09 PM
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    teddysmum
    • #6
    • 11th Jul 17, 5:09 PM
    • #6
    • 11th Jul 17, 5:09 PM
    Quite simply: shared ownership has limited appeal. Also, the price of £75000 looks very appealing until you read on and find it's shared ownership. (My son was drawn in, then disappointed by such an EA ad some years ago)
    The conservatory looks like a dumping ground and a simple bottle of lawn weedkiller and a lawnmower would sort the lawn in a couple of days.
    • gazfocus
    • By gazfocus 11th Jul 17, 6:49 PM
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    gazfocus
    • #7
    • 11th Jul 17, 6:49 PM
    • #7
    • 11th Jul 17, 6:49 PM
    Thanks for the comments so far.

    I agree that the biggest stumbling block is it being shared ownership.

    With regards to the comments about the price, the previous buyers we had in place had the house valued by their mortgage lender and the valuation came back at £145,000 so £72,000 is about right with the hope of getting around £70,000.

    I'm not overly happy with the photos (that the estate agents did) but there are tenants in the house at present (moving out in a couple of weeks) so I'm inclined to wait til they've moved out, get cleaners in then get some brighter photos done.
    • Cheeky_Monkey
    • By Cheeky_Monkey 11th Jul 17, 8:01 PM
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    Cheeky_Monkey
    • #8
    • 11th Jul 17, 8:01 PM
    • #8
    • 11th Jul 17, 8:01 PM
    Thanks for the comments so far.

    I agree that the biggest stumbling block is it being shared ownership.

    With regards to the comments about the price, the previous buyers we had in place had the house valued by their mortgage lender and the valuation came back at £145,000 so £72,000 is about right with the hope of getting around £70,000.

    I'm not overly happy with the photos (that the estate agents did) but there are tenants in the house at present (moving out in a couple of weeks) so I'm inclined to wait til they've moved out, get cleaners in then get some brighter photos done.
    Originally posted by gazfocus
    IMO, there's your problem right there
    • Dreysha
    • By Dreysha 11th Jul 17, 8:09 PM
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    Dreysha
    • #9
    • 11th Jul 17, 8:09 PM
    • #9
    • 11th Jul 17, 8:09 PM
    Gazfocus, you are trying to sell a shared ownership property yet you've been subletting!? Are you aware you are in breech of your lease?! Shared owners are not permitted to sublet so you shouldn't have any tenants living there. Perhaps the Housing Association should be made aware of this situation...
    • gazfocus
    • By gazfocus 11th Jul 17, 9:20 PM
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    gazfocus
    I disagree that the fact there's tenants in the house is the issue, as no-one would be able to tell that from a Rightmove listing?

    @Dreysha - for your information, the house is being sublet WITH the housing association AND the mortgage lenders permission (the mortgage lenders permission is granted on the condition of written permission from the housing association) so thanks for your concern but please don't make assumptions that I'm not sensible enough to seek permission before risking my house! I also find it amusing that you felt the need to sign up to a forum simply to accuse me of breaching my lease.
    • Crashy Time
    • By Crashy Time 11th Jul 17, 9:32 PM
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    Crashy Time
    Shared ownership works when a property bubble is strong and contagious, people think they have to get a piece of the action or lose out, when that bubble starts to pop it looks like the worst plan on earth (because it is)
    • edwink
    • By edwink 11th Jul 17, 9:51 PM
    • 1,652 Posts
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    edwink
    I disagree that the fact there's tenants in the house is the issue, as no-one would be able to tell that from a Rightmove listing?
    Originally posted by gazfocus
    Sorry to say this but when I took a look at the photos on RM the first thing I thought was "that house has tenants in it" so maybe as someone has already suggested that could be the problem (or some of the problem anyhow). The conservatory definitely looks as though it has a tenant sleeping in there because of the sofa bed, washing basket and the chest of drawers amongst other things which make it so obvious. Also the untidy wires suggests there isn't enough electrical sockets in some of the rooms. And in one photo there is an extension lead with plugs from the TV etc. plugged in to it balancing right on top of a radiator. That looks awful.

    The main kitchen photo is ok-ish but looks as though there is a lack of worktop space because it looks as though the cooker hob is being used as a worktop although I can't clearly see by the photo if it is or not. Then there is the other kitchen photo that is only really showing a worktop and a few cupboards that photo is awful and does nothing to sell the house.

    I agree it needs floor plans because I had trouble trying to work out what the layout was by those photos.

    HTH

    Edwink
    Last edited by edwink; 11-07-2017 at 9:55 PM.
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    • Cheeky_Monkey
    • By Cheeky_Monkey 11th Jul 17, 10:08 PM
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    Cheeky_Monkey
    I disagree that the fact there's tenants in the house is the issue, as no-one would be able to tell that from a Rightmove listing?
    Originally posted by gazfocus
    Does that mean then that you have not told your EA that you don't actually live there because you have tenants there instead?
    • walwyn1978
    • By walwyn1978 11th Jul 17, 10:30 PM
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    • 306 Thanks
    walwyn1978
    Shift the tenants, tidy up, clean up the garden, take fresh photos would all be a good start. But as already mentioned, the shared ownership is the stumbling block for many. Good luck
    • gazfocus
    • By gazfocus 12th Jul 17, 7:52 AM
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    gazfocus
    Does that mean then that you have not told your EA that you don't actually live there because you have tenants there instead?
    Originally posted by Cheeky_Monkey
    The EA is fully aware there are tenants living there as they have to contact the tenants to arrange viewings.
    • getmore4less
    • By getmore4less 12th Jul 17, 8:23 AM
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    getmore4less
    One issue might be it just is missing from peoples searches if looking for 3 beds,

    MOre like this 3bed upto 160k

    Suggests a lower price of £90-£100k for 3 bed
    Those that do get in included may just not bother if they think it is only SO.

    the other search will be upto £80k

    For £70k I can get all of a 2/3 bed or 1/2 your 3 bed.



    There seems to be better stock available for those with £140k to spend.

    Would have viewed this first.
    http://www.rightmove.co.uk/property-for-sale/property-58220755.html
    • ReadingTim
    • By ReadingTim 12th Jul 17, 9:12 AM
    • 2,000 Posts
    • 2,917 Thanks
    ReadingTim
    I agree that the biggest stumbling block is it being shared ownership.

    With regards to the comments about the price, the previous buyers we had in place had the house valued by their mortgage lender and the valuation came back at £145,000 so £72,000 is about right with the hope of getting around £70,000.
    Originally posted by gazfocus
    Shared ownership isn't the biggest stumbling block - the price is.

    Shared ownership limits the pool of available buyers, but of that smaller pool, none of them thinks it's worth what you want for it. Priced right, anything will sell, even if it's currently got tenants in it.
    • gazfocus
    • By gazfocus 12th Jul 17, 9:35 AM
    • 1,907 Posts
    • 480 Thanks
    gazfocus
    One issue might be it just is missing from peoples searches if looking for 3 beds,

    MOre like this 3bed upto 160k

    Suggests a lower price of £90-£100k for 3 bed
    Those that do get in included may just not bother if they think it is only SO.

    the other search will be upto £80k

    For £70k I can get all of a 2/3 bed or 1/2 your 3 bed.
    Originally posted by getmore4less
    The problem is, your comparing terraced houses to a relatively new build semi detached house - of course you'll get a house cheaper if you're buying a terraced house.

    Shared ownership isn't the biggest stumbling block - the price is.

    Shared ownership limits the pool of available buyers, but of that smaller pool, none of them thinks it's worth what you want for it. Priced right, anything will sell, even if it's currently got tenants in it.
    Originally posted by ReadingTim
    I don't agree that price is the issue - Look at what is for sale/has sold recently within 5 miles of my house: http://www.rightmove.co.uk/property-for-sale/find.html?locationIdentifier=POSTCODE%5E1656174&ma xPrice=160000&minPrice=60000&radius=5.0&includeSST C=true&mustHave=sharedOwnership

    The house is priced in the right ballpark.

    Having said that, I will have a chat with the estate agents and see what they say. Thanks
    Last edited by gazfocus; 12-07-2017 at 9:50 AM.
    • Crashy Time
    • By Crashy Time 12th Jul 17, 12:58 PM
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    Crashy Time
    Shift the tenants, tidy up, clean up the garden, take fresh photos would all be a good start. But as already mentioned, the shared ownership is the stumbling block for many. Good luck
    Originally posted by walwyn1978

    Shared ownership only works in the delusional stage of a property bubble, people think they are losing out and must "get in", when sanity (and falling prices) start to return, people think "No way, let`s just wait instead".
    • Newtown
    • By Newtown 12th Jul 17, 1:02 PM
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    Newtown
    I love the wording "offers in the region of "

    *Shared ownership is the elephant in the room. (No pun intended )

    *my View
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