need to move...how do I do it?

mrskpickles

Hey everyone

I bought my house in July 2007 for £96,500. I have been trying to get it valued but esate agents are not returning my call, have been checking out local selling prices which are anywhere between £95,000 and £110,000.

I have a 100% mortgage, so no equity. I desperately want to move house for many reasons. I have just returned to work after maternity leave and have used my savings. So no cash, £20k unsecured debt and no equity! How do I move.

There is a development I like called woodlands park, with miller homes in Darwen. They do two schemes "miway" and "homebuy direct" I am a keyworker but they don;t do the scheme up north. I don't know whether either of these options is worthwhile, or where to go next.

I am so lost and confused?! The likelyhood of me be able to save money for deposit etc is zilch...so how do I move?

Thank you

K

getmore4less

so how do I move?

Sell and rent,

buying another place is not going to be easy without a deposit and £20k of debt.

JayZed

mrsk, sorry to be blunt, but if you bought your house in July 2007, I find it highly unlikely that it's worth more than you paid for it. More likely that it will be worth a fair bit less now, and if you have a 100% mortgage you may well be stuck.

You need to have the house valued. Why aren't the estate agents returning your calls? And where are you getting these selling prices of 95-110K from? Are you sure those are current selling prices for similar properties to yours?

mrskpickles

thank you for your advice.

The current selling prices are from checking on the internet at simliar house in surrounding streets. Thats why I put a wideish bracket on, I obviously don't know how simliar the specs are on the other houses.

I can;t really speak for the estate agents, I have spoken to two in my area who said they would get a valuer to call me...but they didn't, slightly out of my control. I will keep trying on that score.

pinkshoes

mrskpickles wrote: »

thank you for your advice.

The current selling prices are from checking on the internet at simliar house in surrounding streets. Thats why I put a wideish bracket on, I obviously don't know how simliar the specs are on the other houses.

I can;t really speak for the estate agents, I have spoken to two in my area who said they would get a valuer to call me...but they didn't, slightly out of my control. I will keep trying on that score.

Which web site did you get the selling prices off? If you looked on rightmove, they are not selling prices, they are ASKING prices, so expect to see offers of 20% below this!! Use houseprices.co.uk or similar.

Could you clarify WHY you want to move? I'd say there's a high chance you have negative equity, so if you already have an unsecured debt, then where would you get the extra money from to pay off any shortfall of what you owe the mortgage company?

Your chances of buying again without a deposit are now zero, so forget this idea.

Rent it out and rent somewhere cheaper?

I think you seriously need to question why you want to move, as you might have to stay put for a few years.

QTPie

Which website are you using to see that similar houses in your area have sold for those amounts?

Although not ALL areas of the country have seem house price decreases, very few haven't and most have been between 15/20% ish, especially at the "lower end" of the market...

That is odd about the estate agents not calling back: most would bite your hand off to have your propety on their books at the moment... Call again. If that doesn't work (and they don't call back), then call the day after and the day after... Make sure that you are choosing "suitable" agents (i.e. agents that have very similar propeties on their books).

Good luck
QT

tara747

QTPie wrote: »

Which website are you using to see that similar houses in your area have sold for those amounts?

Although not ALL areas of the country have seem house price decreases, very few haven't and most have been between 15/20% ish, especially at the "lower end" of the market...

That is odd about the estate agents not calling back: most would bite your hand off to have your propety on their books at the moment... Call again. If that doesn't work (and they don't call back), then call the day after and the day after... Make sure that you are choosing "suitable" agents (i.e. agents that have very similar propeties on their books).

Good luck
QT

Why? When they probably already have a massive stock of unsold homes on their books, why would they want another one?

QTPie

tara747 wrote: »

Why? When they probably already have a massive stock of unsold homes on their books, why would they want another one?

Something fresh to the market - might stimulate interest....?

If you are shopping for clothes, would you go to the store that has the same clothes as it did 9 months ago (and that you have looked through HUNDREDS of times?) or would you go to the store that has just had a new batch of clothes in?

Estate agents are just like any other "shop": they want new stock regularly, BUT it has to be the type of stock that they are good at selling....

QT

p00hsticks

QTPie wrote: »

Estate agents are just like any other "shop": they want new stock regularly, BUT it has to be the type of stock that they are good at selling....

QT

And in this particular case, if the poster has let the estate agent know that they only boguht the house in July 2007 with a 100% mortgage, it could be that they're thinking that it's going to be very difficult to sell because there is no room to reduce the price to a sensible value and still get the mortgage paid off .....

mrskpickles

as per usual, I am barking up all the wrong trees in some desperate pathetic attempt make myself happy!!!

I think the only answer is just to stick at what I am doing and pay some of the debts of and move another time...one step at a time!! I get an idea in my head, and the usualt result is disaster!

Thank you every one for bringing me back down to earth!

jaynes2326

One possibility - you could ask the developer of the new build property you want to buy if they do exchange deals.

The developer would offer you less than the current market value for your current property (maybe 10 or 15% less), would that give you enough to buy a property you want in their development??

I doubt it will work with absolutely no equity or savings but you can try.