Beginning to Think Our House Won't Currently Sell at Any Price

westv

4 bed detached. Started beginning of April at 279,995. A few viewings. "Nice house but too small"
Reduced to 269,995. A few viewings. "Nice house but too small"
Reduced to 259,995. A few viewings. "Nice house but too small"
Reduced to 249,995. A few viewings. "Nice house but too small"
Last Monday reduced to 229,995. Two viewings this weekend. A few viewings. "Nice house but too small"
I know it's only been a week since the last reduction but the current price is extremely competitive compared to other similar properties. Further reductions seem totally pointless at present as the market here (Wickford, Essex) appears as dead as a dodo. We aren't desperate to sell but we do have to sell - marital split. Perhaps I might see what one of these "buy your house for cash" people will offer. Won't cost us anything and I'm just curious to know. Would they base any offer on the current price it's being sold at or an EA's valuation (last one suggested was 249,995)?

lincroft1710

These "cash companies" have to make profit and somehow have to fund purchase of houses, they are not renowned for their generosity towards house sellers. They'll base their offer on what the property is worth to them - as Paul Daniels would say "Not a lot"

westv

lincroft1710 wrote: »

These "cash companies" have to make profit and somehow have to fund purchase of houses, they are not renowned for their generosity towards house sellers. They'll base their offer on what the property is worth to them - as Paul Daniels would say "Not a lot"

Well, at the moment, "not a lot" is currently what we're selling it for. :rotfl:

chickmug

As an EA I have regularly talked to parties who have got very excited about a company, they have come across, offering to buy their house off them. I have never talked to anyone who has sold to one of these companies as there is always a catch. I have been know to strongly urge they talk to their solicitor once they get hold of (if they can) more written information (which they can't usually).

westv

chickmug wrote: »

As an EA I have regularly talked to parties who have got very excited about a company, they have come across, offering to buy their house off them. I have never talked to anyone who has sold to one of these companies as there is always a catch. I have been know to strongly urge they talk to their solicitor once they get hold of (if they can) more written information (which they can't usually).

Nobody is getting excited. We all know the catches. I did say I was just curious. I won't lose anything by enquiring. If it's p*ss poor as expected I'll just walk on by.

lincroft1710

I sympathise with your reason for selling - is there any way one party can buy other out.

chickmug

westv wrote: »

Nobody is getting excited. We all know the catches. I did say I was just curious. I won't lose anything by enquiring. If it's p*ss poor as expected I'll just walk on by.

NEVER said you were excited.
I said "many to who I talk".
Just trying to be helpful!

westv

chickmug wrote: »

Just trying to be helpful!

But you're an EA!


...only joking!

westv

lincroft1710 wrote: »

I sympathise with your reason for selling - is there any way one party can buy other out.

Unfortunately it's too expensive.

chickmug

westv wrote: »

But you're an EA!


...only joking!

What are you so I can have a joke at your expense?

RichPenny

If you are having viewings, I would suggest that the market in your area is not completely dead. It's just that people viewing will have a lot more choice in what they can get for the money. When you say your house is competitively priced, how much does it undercut the closest comparable property by? People watching the area may also have seen that your house has dropped 4 times in 3 months and be thinking there are more falls coming.