Advice please for My MIL selling her house

marshmallow79

I was wondering if you guys can give me some advice on how to deal with my MIL. She currently has her home up for sale (3 bed Detatched) and it started at £365,000 which she has now dropped to £335,000. She has only had a few viewings and the general feedback isn't looking good for her to get any where near her asking price. The problem that she has it that there are 2 very similar (although not identical) properties for sale in her street and a neighbouring street for £269,000 (and a third that has just sold for that price). There is also another one in her street on the market for the same price as hers (very similar to hers) which I feel is giving her false hope that she will get her asking price.
I just know that with the similar properies at such a low price compared to hers she's going to be luck to even get any more viewings nevermind her asking price. She insists that she won't drop her price any more but then goes on to say that if she doesn't sell by this time next year she won't be able to afford to keep the house.
We have mentioned renting out a room to her (she wouldn't have a problem with being able to afford to stay there then) but she doesn't like the idea of sharing her house with someone she doesn't know (fair enough really) and we've suggested she move into somewhere smaller, renting or buying (she only has a £60,000 mortgage on her home at the moment so could afford it) and rent it out (current rate for a home like hers is around £1400pcm) but then she says she'd never be able to move back in knowing someone else had been living in her home (I know it's stupid right!:rolleyes:).
I really don't know what to say to her to wake her up a bit, she seems to think that things are like they were 18 months ago except a little bit slower. Can anyone please tell me what you would say to her ( in a nice way:p) to make her realise she won't get what she wants before it goes to far and she loses everything?:(

dander

Gosh, how frustrating for you!

I think first of all, I'd show her some prices that houses have actually sold for in her road, on nethouseprices or a similar site so she can think about that rather than asking prices. Then perhaps look for the type of houses she might move to and hope they have a range of asking prices from over-optimistic to realistic and try and talk to her about which she would view to try and get her thinking like a buyer. And maybe try and get some data on the similar houses in the area - for instance, how long has the one at the same price as hers been on the market? How long did the one at 269 take to sell?

Why does she need to get such a high price? If her mortgage is only £60k she can take a big cut surely - if it's because she thinks she needs a certain amount to buy her next place, talk to her about how it won't just be her place that's losing value, it's everywhere, so her money should still stretch to what she wants.

Doozergirl

Not much you can do. Take her to view the other cheaper houses perhaps and a couple on at the same price as hers? If she's that badly overpriced, the difference will be obvious to her. You can't persuade someone with a set of particulars (you end up with comments like oh, but my kitchen is far nicer than that, look, they've got pelmets and I've got that lovely built in trouser press or suchlike)

Knowing In Laws, she'll probably still think hers is better. My MIL was ranting that her brother who lives in a much smaller house but in "The South" has his house on the market for a bit more than we've told her that hers is worth. Over and over we say - yes your house is much more lovely but it's because they live near London. She's not hearing any of it. If they were selling right now, she'd make sure the house was on the market for more than theirs, I'm sure, lol!

marshmallow79

dander wrote: »

I think first of all, I'd show her some prices that houses have actually sold for in her road, on nethouseprices or a similar site so she can think about that rather than asking prices (already done this one but the last property to sell in her street needed a hell of a lot of work and was a semi so no comparison really. There wasn't another one sold before that for 2 years so it's hard to judge). Then perhaps look for the type of houses she might move to and hope they have a range of asking prices from over-optimistic to realistic and try and talk to her about which she would view to try and get her thinking like a buyer. And maybe try and get some data on the similar houses in the area - for instance, how long has the one at the same price as hers been on the market? (It's only just come onto the market this week and has a brand new kitchen and bathroom where as MIL's needs a new kitchen really) How long did the one at 269 take to sell? (The one in the neighbouring street sold in around 2 weeks which is pretty good in todays climate)

Why does she need to get such a high price? (She doesn't she just thinks it's worth it's price, which it was this time last year and won't accept that it's not the same now) If her mortgage is only £60k she can take a big cut surely - if it's because she thinks she needs a certain amount to buy her next place, talk to her about how it won't just be her place that's losing value, it's everywhere, so her money should still stretch to what she wants.

I just can't believe how stubborn she is being about the whole thing! I actually sold my flat that was in the same area 18 months ago myself without the help of an EA and sold it within 2 weeks for it's asking price and she thinks because she has a big nice nearly completely modernised detatched house then she should have no problem selling hers for its asking price just as easily. I understand the market in the area very well because of selling the flat on my own (I surf rightmove still as a hobby and yes I know that sounds sad!:D) but she really believes that she knows better than me and the EA!!!:eek:
I've been trying to sell her house privately for her to (even set her up a website for it!) and I'm wondering if I should shock her into action by telling I won't help her any more until she faces up to the current situation in the property market and makes up her mind what she wants to do. Do you think it might work??? (God I just want to shake her and tell her to wake up and smell the market crash!)

bo_drinker

You and your O H are still children in her eyes. It can be a struggle getting through with some subjects especially where money is involved. Last thing she wants is for you to prove her wrong. Remember mummy knows best (she doesn't) like the customer is always right (they are not). Good luck.

Doozergirl

marshmallow79 wrote: »

I surf rightmove still as a hobby and yes I know that sounds sad!:D

Mate, all we do round here is surf rightmove.

SquatNow

I'de post my standard "it's nor worth x/drop the price" script, but it's on my work PC.

marshmallow79

SquatNow wrote: »

I'de post my standard "it's nor worth x/drop the price" script, but it's on my work PC.

Yeah both me and the EA have told her she needs to drop the price or she might as well take it off the market but she doesn't want to know!:rolleyes:

dander

I suppose you could always just start practicing your, "I told you so" speech ready for this time next year!

I'm off to get me one of those built in trouser presses doozergirl mentioned...

marshmallow79

Thing is I don't want her to lose everything, which , if she keeps going on like this for much longer she's going to do!:mad:
Does anyone know of any graphical predictions or articles about what may be happening by this time next year? It might shock her into swallowing her pride and doing what she's bliming well told for once!:rolleyes:

Doozergirl

marshmallow79 wrote: »

Thing is I don't want her to lose everything, which , if she keeps going on like this for much longer she's going to do!:mad:
Does anyone know of any graphical predictions or articles about what may be happening by this time next year? It might shock her into swallowing her pride and doing what she's bliming well told for once!:rolleyes:

There's a difference of nearly £100,000 in what you and she think it's worth. If you show her an article saying that house prices will drop by 10% a year for three years, she'll think her house will be worth what you say it is in about three years time.

She's not going to lose everything. If her house is cheaper, other houses are cheaper. Admittedly she would lose out if she's downsizing but she won't lose everything.

There are so many people out there with ridiculous idea of what their houses are worth. I remember we had someone here who was clearly overpriced by at least 30% and despite all of us pulling out comparables of almost identical properties in the same street, they were having none of it. Their end of the street was far better, despite the buildings looking exactly the same. In some cases, we seemed to be talking about a difference of 50 yards! I wonder what happened to them.