Selling house

bluebelt

My house has been on the market for some time the agent asked me to reduce the selling price by over £10000 on a £137000 terraced house, my contract says after 8 weeks, at any time I give a two weeks written notice I can end the selling agreement and remove it from sale with no cost to me for the work already carried out like- notice board and advertising cost. Can anyone tell me how this letter should be worded?
I want to put it back on the market when prices have improved in about 12 to 18 months I understand I will at that time have to pay for a new H.I.P
Help will be appreciated.

Incisor

bluebelt wrote: »

My house has been on the market for some time the agent asked me to reduce the selling price by over £10000 on a £137000 terraced house, my contract says after 8 weeks, at any time I give a two weeks written notice I can end the selling agreement and remove it from sale with no cost to me for the work already carried out like- notice board and advertising cost. Can anyone tell me how this letter should be worded?

"I hereby give 2 weeks written notice to end the selling agreement".

I want to put it back on the market when prices have improved in about 12 to 18 months I understand I will at that time have to pay for a new H.I.P
Help will be appreciated.

when -> IF
I doubt that prices will increase on your timescale.

neverdespairgirl

bluebelt wrote: »

I want to put it back on the market when prices have improved in about 12 to 18 months I understand I will at that time have to pay for a new H.I.P
Help will be appreciated.

I don't think you can assume that the price will be higher in 12 - 18 months. It may be, of course, but my bet is that, as we are now entering a recession, prices will be a lot lower.

Gangstabird

I would word it like this.

Thank you for attempting to sell my house. As it is clearly not selling and we are at the end of my agreement dated xx/xx/xxxx, I would ask you to remove it from the market in 14 days.

Thank you for your time and consideration in the above matter.


Kevin.xxxxx

(I wouldn't really put kisses but you know what I mean)

bluebelt

Thank you all for your time and help, and I do believe things look set to get worse as you all say. regards Jim

david29dpo

And you need a new HIP.

sarkin

Can I ask why you are selling?

bluebelt

To downsize to a one bedroom rented place.

Soot2006

The problem is when house prices "improve", they will start improving from a much lower point that now. So after a year or more of improvement, your house may still not be worth what you want it to be + there's no accounting for long term stabilization at a lower value if lending regulations are tightened.

bluebelt

Yes I take your point. We have had a few Estate agents closed down in the last few months and I think things are going to get worse so I will sit tight and "Batten down the hatches"

brit1234

bluebelt wrote: »

I want to put it back on the market when prices have improved in about 12 to 18 months

Sorry to be the deliverer of bad news but house prices may not recover in the next decade and likely to fall a lot further. Nationwide said now prices were likely to continue falling well into 2010 (your 18 month period).

This 1.5% cut in interest rates won't have any effect on house prices, history has taught us that both here and in the US.

If you intend to sell in 18 months your have to drop the price a lot lower. Most likely 50% from peak as house prices return to normal levels after the bubble.