To those selling in these difficult times Part Deux. AKA sellers support network!

westlondonbuyer

So far, in six months of looking as a cash buyer with the proceeds of our previous sales, only one estate agent (out of a dozen) has actually asked me to provide proof of funds.

WheelieWood

Blodwen wrote: »

Sorry to hear that, and not a nice way to find out either. Hopefully the drop in price will generate some more interest.

Thanks Blodwen. Hanging around waiting for news is bad enough, but yeah find out unofficially nearly 20 hours before it was confirmed was nasty, especially because, not being given a chance to really negotiate, we just felt like we'd been used as a bargaining chip to try to force down the price on the other house.

tawse57

ocalllo wrote: »

need to vent so i will apologise before hand!!!

our house is not selling so we have just spoken to our mortgage provider about 'consent to let'. From proviouse discussions on here - i expected a £100 (ish) fee and a letter but NO!

they would almost double our rate and add £250 - £300pm on to our mortgage!!!! we can't afford to rent it out now!!!
plus there is huge 'arrangement fee' of £599 or £1249 depending if we went for fixed or tracker!!
explained that we not applying for new mortgage we just want to rent and thought all we need was a letter and a fee for letter - they said no we need to apply for a rate chg as our current mortgage is owner/occupiers!!!

can they do this??????????????????????????? :mad:

That is a shocking increase. Sorry to hear that.

So basically you can't sell the house due to the current market... and you cannot rent out the house unless you double your mortgage - ouch!

How much would you need to drop your asking price by in order to not lose money on what you purchased it for - perhaps that is now the only option in order to try and sell.

The banks are scum - they created the housing bubble via lending and now appear to want to put the thumbscrews on by not lending.

ocalllo

tawse57 wrote: »

How much would you need to drop your asking price by in order to not lose money on what you purchased it for - perhaps that is now the only option in order to try and sell.

thanks tawse57
we are already there!
reduced it last week for the second time.
Original estimate was £157k - £165K. we put it up for £157K reduced it to £150K now at £140!!!!!
can't afford to go any lower

EA confirmed that the price is definitely not the prob - just hses not selling.

tawse57

I am so sorry to hear that ocallo - I take it 140K is what you originally purchased the house for? I feel so sorry for people who have lowered the asking price back to their purchase price and still can't sell.

I admit, I have little sympathy for those, and there are many, who want tens of thousands more than they paid just a few years ago. By that, I mean that the housing market is very queered at the moment between those still living in fantasy asking prices land and those, like yourself, who have been trying everything to sell and still cannot sell.

I know it is no help but I think a combination of banks not lending and millions of people fearing for their jobs is why the housing market is grinding to a halt.

Do you need to sell for financial reasons or is it that you just wish to move to a different house? If the latter, perhaps the thing to do now is to simply hunker down and see where the economy goes?

Best of luck.

ocalllo

we paid £137.5K so that + EA fees is £140k +

we need to move so not sure what we are going to do. going to have a wkend off from thinking about it and try and regroup.

have had sooooo many brainstornming sessions on thinking outside the box that our heads hurt

thks for your kind words

brit1234

ocalllo wrote: »

tawse57 wrote: »

EA confirmed that the price is definitely not the prob - just hses not selling.

Houses are not selling because the prices don't match the lending criteria.

Price it right and it will sell, its just sellers are being too stubborn at the moment. Hence more and more estate agents chucking people off lists who won't reduce home prices to current market.

xtra_time

Our viewer last night seemed to like it - we are top of the list for them with 2 houses to see tomorrow.

snowlady07

I've just reduced the asking price of my house to what I paid for it in 2004! If I still don't get any luck I'm renting it.

MissMoneypenny

snowlady07 wrote: »

I've just reduced the asking price of my house to what I paid for it in 2004! If I still don't get any luck I'm renting it.

I just sold a house, for not that much more than was paid for it, in 2004. Nice area, easy commute to London and it still took 5 months to complete from when the offer went in and there were only 3 in the chain!

I upset the neighbours with the house price drop, but that is their problem now. It was one of the happiest days of my life when that house sale completed.