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Need advice for quick sale please!!
Comments
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If you dont want to lose one of these houses, the price is the only variable factor that you have any influence over. If you drop it to £120k for example, you'll find that you'll get a load of interest and if you get two or more people interested then they will bid it up to the market price.
It really isn't rocket science, its just supply and demand.0 -
Thanks for all your advice - I appreciate it - Oh and thanks for pointing out the mistakes on the details!! & you are right to say that we shouldnt be advertising the fact that the bathroom was fitted 5yrs ago so I will get those issues corrected!!
Our house was put on the market in March 2008 for £162000 - it was put back on 2mths ago for £149950 and has now been reduced to £145k so it has been reduced by 10% so is that not enough?
Unfortunately, there have been a couple of repos on our estate which will be bringing the figures down on these websites so does that make it a true reflection of the value of ours?
I still dont know what to do - I know the majority of you are saying the house is overpriced but it is hard to believe and we have done so much work inside and out.0 -
Unfortunately, 10% off the price, when prices in your area generally have fallen 17% (somebody said above), isn't enough to even keep up with being a "regular seller who can wait it out".
Any repossessions in your estate will bring down all the prices, but you yourself have benefitted from another repo so it's all swings and roundabouts.
If you were advising somebody else you'd be telling them they can't really expect to snap up a bargain repo on the one hand, yet hold out for the highest price on your original house on the other. It's swings and roundabouts.
I'm tempted to agree with #12 above that says £120k to stimulate interest. Speak to your EA.
It's not easy to take this in, but try to detach yourself from it and really dig around for what IS selling and at how much - and then bear in mind you are now a "distressed seller". If you rent it out, it might be worth only £110k this time next year, can you take that risk?0 -
karenthemummy79 wrote: »Unfortunately, there have been a couple of repos on our estate which will be bringing the figures down on these websites so does that make it a true reflection of the value of ours?
Cut the price and sell it. If you can't afford two mortgages you risk one or both becoming a repo.0 -
As a buyer, I don't care why you're selling, I look and see the house in the street behind £30k cheaper than yours. Doesn't really matter to me that one is a repo.I refuse to enter a battle of wits with an unarmed opponent:rolleyes:0
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I cant believe people are suggesting I drop the price to £120k!!!! if I was to drop it by 17% then that would be £135k!!! To drop it to £120k would be over 25% - Surely that isnt best advice in a market that is supposedly starting to pick up?!
If I drop the price again after only dropping it 2 weeks ago - could it not start to look like we are desperate? I know we do want to sell but we are not as desperate as some of you are suggesting by saying that one or both of the houses may become repos! We have not overstretched ourselves so much that we would get into arrears! I am more responsible than that - I know we are taking risks but I have 2 young children and would not have proceeded if I thought there was a chance of getting into arrears!!! If I did I could lose my job as I work for a bank and sell loans etc and am not allowed to do so if my credit rating is bad!0 -
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karenthemummy79 wrote: »could it not start to look like we are desperate?
If you can pay both mortgages you could wait.0 -
The cost of both mortgages is not much more than we were paying at the peak in interest rates last year! We could prob change the one on this house to interest only aswell which would be more affordable again but maybe not as the mortgage provider say they will only do this if the loan to value is less than 75% which I thought it was but judging by these valuations it isnt!0
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The house was on the market for 12mths last year without a single viewing for £162k.
This tells me something!0
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