been on the market for ages. What to do.

RDB

Trying to sell for ages, had 2 offers we accepted then they couldnt get the mortgage.

We cant drop the price any more its already way down to less then we paid only 2 yrs ago, if we accept too low an offer how do we pay off the outstanding?

My wife makes it look great whenever we get a viewing, thats not the problem. They all like it and agree its competitively priced. Its just no one can come up with the money.


I want a cash buyer to come along the yeild will be good as a BTL.


What else can we do we really want to sell.

Even considered putting in the auction but if the reserve is not met it just costs us hundreds.

Any advice?

ciano125

Is it REALLY competitively priced though? Are you comparing it against other houses in the area that are for sale or against those that have sold? Did the people you accepted offers from not get the mortgage because their valuers said it was worth less than they had agreed or was it for another reason such as their creditworthiness?

Well done on accepting the fact that its worth less than you paid for it, just out of interest, how much less do you think its worth than you paid, and how have you come to this conclusion?

Ultimately if it turns out that the house is worth less than you can afford to sell it for because you cant afford to pay off the negative equity, I'm sorry, but you aren't going anywhere for a while. The best thing to do then would be to overpay on the mortgage every month by as much as you can to try and reduce the outstanding debt so that you're eventually in a position to accept market value for it.

PasturesNew

Unfortunately, if you bought it two years ago, then it is most likely worth less than you paid for it. From a little less to a lot less, depending on location/type of place.

If you can't drop the price, that means your place is over-priced compared to others for sale. If you can't drop the price then you aren't in a position to sell.

They can't come up with the money because lending has changed. A house is 'worth' based majorly on how much people can borrow - and what the valuers value the house at. People viewing property will often get carried away with the niceness of it and don't really know the 'value' and don't know that lending has changed. e.g. a lot of FTBs still don't know they will be required to come up with a 10-25% deposit.

If it does give a good yeild to a BTL (10%) then one would have been there like a shot by now.

What sort of place is it?
What region (first part of postcode)?
How much roughly?

Do you know how the local market has changed/fallen since you bought it?

tessie_bear

could u try another estate agent if u arent getting people round...could u ask the ea opinion on price

ciano125

I'd be pretty sure the Estate Agent isnt going to be the problem here.

Georgie4

Well done on accepting the fact that its worth less than you paid for it, just out of interest, how much less do you think its worth than you paid, and how have you come to this conclusion?

Ultimately if it turns out that the house is worth less than you can afford to sell it for because you cant afford to pay off the negative equity, I'm sorry, but you aren't going anywhere for a while. The best thing to do then would be to overpay on the mortgage every month by as much as you can to try and reduce the outstanding debt so that you're eventually in a position to accept market value for it.[/QUOTE]

Or as an alternative to the doom mongers maybe you will be able to hold onto it until house prices start to rise again - which will happen as ALL economies at every given decade in history go in cycles and yes this happened quickly this time but things WILL get better eventually:rolleyes:

poppysarah

Your loss on what you paid two years ago is your problem. If you want to sell then you have to be prepared to deal with that.

You want a cash buyer. They'll want to pay a lot less than the 07 price.

Blacksheep1979

RDB wrote: »

Trying to sell for ages, had 2 offers we accepted then they couldnt get the mortgage.

That's because it's overpriced

RDB wrote: »

We cant drop the price any more its already way down to less then we paid only 2 yrs ago

Houses are worth less than they were two years ago, it's something you're going to have to accept.

RDB wrote: »

I want a cash buyer to come along the yeild will be good as a BTL.

If it's that great an opportunity why don't you rent it out yourself?

RDB wrote: »

What else can we do we really want to sell.

Even considered putting in the auction but if the reserve is not met it just costs us hundreds.

Any advice?

It won't make your reserve if people don't think it's worth it and they currently aren't - you need to drop the price, stay put or let it out.

Georgie4 wrote: »

Well done on accepting the fact that its worth less than you paid for it, just out of interest, how much less do you think its worth than you paid, and how have you come to this conclusion?

Erm where did they say that - they said they didn't want to drop the price below the 2007 price, they think what they're trying to sell at now is correct?

thriftyminx13

Can't understand why you'd want to sell if you know that you are going to lose a lot of money. Can you not wait a few years? Depending on what mortgage you took out if it is a question of repayments not being met then banks will try to switch people to interest only mortgages in the interim so they are getting some money back.

novazombie

thriftyminx13 wrote: »

Can't understand why you'd want to sell if you know that you are going to lose a lot of money. Can you not wait a few years? Depending on what mortgage you took out if it is a question of repayments not being met then banks will try to switch people to interest only mortgages in the interim so they are getting some money back.

Wait a few years and it could be worth half what it is now.

pawpurrs

Im not sure this is a Genuine post? Just going on OP other posts, I recall on the other side?