Had an offer....what is this a joke?!!

hethmar

So do you really need to sell sucker?

Imp

suckers2008 wrote: »

my mortgage is £210K so I wont make any money if I accept £210K!!

Welcome to the world of property owning post Autumn 2007. How did you get a mortgage for more than the property was worth? If you sell for £210k, bought for £180k you have made £30k, a tidy profit. It's just you have already spent and enjoyed the profit.

QTPie

Smi1er wrote: »

So three years ago you bought a flat for £180K

Spent £40K doing a refurbish to your tastes

Spent £20K extending the lease.

So the flat owes you £240K

You have it on at £250K but have received an offer of £210K. I would say that's very good in the current climate

I agree - I don't think it matters how "sensible" your asking price is, most people are not getting an offer anywhere near it (although an asking price needs to be sensible otherwise you will get no viewings in the first place).

OP, why do you want to sell? It doesn't sound like a good time to do it (considering what you owe and your outlay on the property).

QT

suckers2008

I was promoted a few times at work and went from a sales role to a Director role...I am now redudnat...and pregnant....at a push we could live here with 2 cats and a baby but I would like a house really
We are selling and then looking to rent rather than buy

sarah_elton

suckers2008 wrote: »

my mortgage is £210K so I wont make any money if I accept £210K!!

I'm selling with £6k of negative equity so I wish I was in your boat.

EDIT: That was my 1000th post!!! Damn - if I'd realised I would have made it a better one...

silvercar

It seems that the estate agents said that £210k was realistic, from your earlier thread:

http://forums.moneysavingexpert.com/showthread.html?p=17338973#post17338973

"I am in North London and 4 years ago brought my flat for £180K the flat is in my name and I put it on the market 2 years ago for £250 so I was looking to make some good profit I am now redundant and pregnant and the estate agents are saying I can get £210K for it!! I have £160K outstanding on my mortgage so I would still make some money on the flat"

besonders1

I would agree that the offer does seem very good considering there are few mortgages and further drops are predicted. Selling in todays market is nothing like it was 2 years ago when homes would sell without any questions asked about price, the market has gone from one extreme to the other.

glen8

QTPie wrote: »

Oh if this was always true! The £700k houses that I am looking at would be £475/£525k instead...

QT

How do you work that out?

If house prices drop 10% a house worth £200,000 sells for £180,000 where as a house worth £400,000 sells for £360,000

so the more expensive the house is, the bigger the discounts

sellers always fall into the trap of lowering their house for a sale but then not negotiating hard enough for the one they want to buy

neas

And there in lies the conundrum of the entire nation..

Accept to break even.... now or fall into negative equity and a flat/house that is worth less than your mortgage..... essentially you've had a year.. to see the patterns, a year to understand the 15-16% drop in house prices... and yet ignorance blinds you...

no... greed blinds you :P.

Houses wont level this year... so if you hold on theres all the good chance next year someone will offer 180k on your 205k mortgaged 1 bed boxroom.

If you haven't realised yet, property has been overpriced for soem time, and is now being re-adjusted by market constraitns (lending and income).. il.e in a recession where people dont spend, dont earn alot and lose their job, they certainly wont pay more for your house.

Offer him 215k... use your savings to sell the flat and get out and rent.... without worry.

Don't do it and you'll be forever haunted by the words of a stranger... who once told you to do something wise and sensible.. but you let greed control you.... and lead you into misery/loss

huntersc

Sounds like a realistic offer to me. Personally I would have offered £195k and then have you negotiate me to £210k. You can probably move it up to £220k which is very fair.

You should be happy you have an offer at all.