To those selling in these difficult times

BrandNewDay

zee wrote: »

Have just decided to sell my home on barra in outer hebrides and stay on mainland with family about for health reasons, what a time to start selling a home, I dread it.

Before the crash, were such houses popular with rich English? That was the case with houses up in Argyll. They were all rushing to snap up properties, convinced they could make a mint off them as holiday lets, then retire to them in their old age.

Davesnave

Some people like to buy in to a lifestyle.

We walked away from a place that had been 'done over' to the tune of at least £50k. Some of the work was useful, like updated wiring, boiler, etc. but DW and I couldn't cope with the idea of ripping out brand new stuff that cost thousands. It was so much 'someone else's house' we'd have had no alternative.

We know what the place eventually sold for, and it is a fair bet that the vendors never got their money back.

BrandNewDay

Davesnave wrote: »

We walked away from a place that had been 'done over' to the tune of at least £50k. Some of the work was useful, like updated wiring, boiler, etc. but DW and I couldn't cope with the idea of ripping out brand new stuff that cost thousands. It was so much 'someone else's house' we'd have had no alternative.

We know what the place eventually sold for, and it is a fair bet that the vendors never got their money back.

I agree with that.

I sometimes see houses listed where the owners clearly can't be bothered with decorating and it's reflected in the price - I do like that. What I can't stand is to see expensive decoration that is to a particular taste. I'd feel expected to pay for that. Slap some magnolia paint on the walls, install a basic kitchen, etc if that's what you need to do. Or, discount the property and let the new owner do as they like.

Davesnave

Slap some magnolia paint on the walls, install a basic kitchen, etc if that's what you need to do. Or, discount the property and let the new owner do as they like.

Absolutely right....except it is soooo hard! We had to do up an inherited property, which wasn't what an investor would really look for and which had to be done throughout because the target buyers would be 70+. Up till then we'd laughed at people on Property Ladder, but then we found ourselves spending an inordinately long time in DIY emporiums, trying desperately to steer between totally bland or too much of our tastes. We almost got it right.....I think!

lisa-loves-cats

so... EA advised me to drop the asking price by another 10k, so a total of 30k altogether now, i just hope that i can knock it against the offer i put in on the property we do want.

have figured that maybe you just gotta cut your loses and move on, after all, i just feel like our lifes are on hold and we all know that it doesn't actually go on hold, we won't be able to live these days again and the house we have was never an investment and the house we want isn't an investment either.

wish me luck guys!

pawpurrs

Good luck Lisa.

pawpurrs

Help! Its 20k under asking price and 14k less than I paid for it two years ago.
I have spent about 10k on the house, in that time updating it.
The buyer has NTS and has mortgage agreed in principle, what should I do?

Davesnave

pawpurrs wrote: »

Help! Its 20k under asking price and 14k less than I paid for it two years ago.
I have spent about 10k on the house, in that time updating it.
The buyer has NTS and has mortgage agreed in principle, what should I do?

I don't know the facts & figures, but you should first consider what it might be worth in another 6 months!

I've heard a few people on the radio talking things up, (speaking specifically about Freddie Mac and Fannie Mae yesterday, but implying an improvement in borrowing liquidity soon in the UK too.) However, I'm sceptical that there will be a rally or revival in prices, even if borrowing becomes slightly easier. For that reason I know what I'd choose.

However, all that aside, you have received an offer and there is nothing wrong with further negotiation if you think it is too cheeky. Much also depends on where you are going next and whether someone else can pick up a little of your financial pain. This is certainly the way that chains are functioning now.

pawpurrs

I am going to rent for a while I think......... although I have seen somewhere I am interested in.......... but its needs a fortune spending on it and I dont have a fortune so not sure. My house hasnt really got comparables, but period houses that need a lot of work are on the market for 30k more than mine, so its kinda competivetly priced, but I dont want to lose the buyer either. As you say I could sit here for another six mths and end up getting less then. Sigh who knows?

Davesnave

Yes, it's all a bit of a gamble, which is what I was implying. Realistically, we shall get £70k less than the original valuation, if the folk with a firm offer can come up with the goods. However, we've been running it at the same price as houses without our £30k extension to get this level of interest. We've no idea what the other two parties who want it are willing to pay though.

Like you, I think we'll rent until we either find another dream house or until 'the price is right.' Because we're after a country property with a bit of land, the 'dream' bit is really more practical than it it sounds & would include things like major works already done and/or a plot that provides some income. A source of free fuel for the forseeable future would be worth a few bob too.