Need advice for quick sale please!!

karenthemummy79

Hi - I recently had a thread about a repo I was buying and now we have exchanged contracts I am getting very worried about the fact that we still havent had any interest in our existing property and paying the 2 mortgages will be a struggle!!

The house was on the market for 12mths last year without a single viewing for £162k. We put it back on the market for £149950 8 weeks ago and reduced it again to £145k a couple of weeks ago and have STILL had no interest!!

I do think it is priced right even though we havent had any viewings as it is now the cheapest on the road and needs absolutely nothing doing to it at all.

The agent that I am on with really doesnt seem to be pushing the house at all in my opinion and I want to change agents, however, they are 1% fee and the best one in town would charge us £3k+vat!!! big difference!! The better agent is Beresford Adams so because it is a national company they will not budge on their price.

I had another agent out that charges 1.5%+vat but they are based in a different town and I dont know if that is advisable.

The agent we bought the repo through have been very good throughout and they have offered to match the 1% fee but they are not on Rightmove! Just PropertyFinder.com which really puts me off.

I just dont know what to do for the best!! Both of the other 2 agents recommended reducing the house to £139950 for a quick sale (before I reduced it to 145k) but I am reluctant to go that low as all it will do is make the EAs job alot easier!!! But it could also have a negative result by putting people off thinking there is something wrong with it!

Here is a link for Rightmove if anyone is interested and can give me some much needed advice!
http://www.rightmove.co.uk/property-for-sale/property-21925294.html?locationIdentifier=REGION%5E5631&maxPrice=150000&pageNumber=1&backToListURL=%2Fproperty-for-sale%2Ffind.html%3FsearchType%3DSALE%26locationIdentifier%3DREGION%255E5631%26radius%3D0.0%26displayPropertyType%3D%26minBedrooms%3D%26maxBedrooms%3D%26minPrice%3D%26maxPrice%3D150000%26maxDaysSinceAdded%3D%26retirement%3D%26partBuyPartRent%3Dfalse%26_includeSSTC%3Don%26sortByPriceDescending%3D%26primaryDisplayPropertyType%3D%26secondaryDisplayPropertyType%3D%26oldDisplayPropertyType%3D%26oldPrimaryDisplayPropertyType%3D%26oldSecondaryDisplayPropertyType%3D%26newHome%3D%26auction%3Dfalse%26x%3D85%26y%3D13

Trollfever

we have exchanged contracts

:eek:

Your solicitor advised you to do this?

PasturesNew

Well, there are 3 in your postcode that are pricier than yours, the one £5k more than yours has been for sale at that price since April 2008 without selling or reducing their price.

This would indicate that maybe the price of all four houses in your road are over-priced.

Looking at land registry, only two houses sold in your village/postcode area from 1/1/09 to 31/05/09 - so volumes are very low.

It's a nice enough house... so it's got to be price. There are very few buyers in your area so you have to make sure you get the very next one by pricing even more competitively than all the rest.

It is this type of situation that leads to a repo being available.

poppysarah

Right price but no viewings? I seriously doubt it's the right price.

So who's given you the second mortgage?

karenthemummy79

We got the 2nd mortgage based on income and managed to proceed before selling this house because a family member kindly helped us with the 25% deposit which we will pay back when we sell this house.

I just dont want to struggle with the 2 payments and I know that if it doesnt get an offer within the next 6 weeks or so (the time it will probably take us to do the work to the other house) then we will have to rent it out which I would prefer not to do as I want to repay the family member (they were fully aware that it could take a long time to repay).

I know some of you will think that what we have done is very risky and I fully agree but the house we have bought is totally worth the risk!!

Blacksheep1979

If two payments are going to be a struggle then would it not be wise to knock a significant chunk off your asking price for a quick sale?

House prices have fallen 15-20%, depending on area, from last year and you've knocked less than 10% off what you were asking for last year, to me that sounds like you're overestimating the value of your house. I'd say you need to knock at least another £8k off and maybe more to even come into line with the depreciated value let alone making it attractive to others.

mumoftwoandapig

Just a quick hijack (sorry) but does the agents "pushing" a property really help?

Lots of people claim their agents don't do enough but surely if you are looking to buy such a large purchase you will check out all the houses in the area and buy the best one regardless of how many letters and phonecalls the agent gives you.

As for the OP, sorry but it sounds like your house is overpriced.

poppysarah

karenthemummy79 wrote: »

We got the 2nd mortgage based on income and managed to proceed before selling this house because a family member kindly helped us with the 25% deposit which we will pay back when we sell this house.

You got second mortgage based on the income you have to pay two mortgages but you said you can't afford them both?

loki13

There's one (albeit not as nicely done up as yours) on the road behind for £114k. I think it's price.

reef

It seems like its almost definitely the price thats stopping it from selling. The most expensive sale on that street was £162k at the peak (this was Feb 2008 for your area) and according to the Land Registry figures, prices have fallen 17.8% since then. This would essentially mean that house which sold for £162k, is now worth around £133k and thats the most expensive:

http://www1.landregistry.gov.uk/houseprices/housepriceindex/report/default.asp?step=4&locationType=0&area=Flintshire&reporttype=3&datetype=1&from1=01%2F1995&from2=04%2F2009&image2.x=18&image2.y=9

So in essence, you're at least £10k overpriced. You're also fighting a dead market. In your area there were 39 and 38 sales in January and February. In 2007 it was more like 200-250 sales per month.

lincroft1710

Bedrooms seem a reasonable size, even 3rd, and according to brochure all three having windows to front elevation! In comparison downstairs seems small. Also why advertise the fact bathroom suite is 5 yrs old!

From outside house appears a bit plain, but situation seems OK. Can only agree with other posters that it is too highly priced for area.