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Need advice for quick sale please!!

11617182022

Comments

  • Alison72_2
    Alison72_2 Posts: 6 Forumite
    :beer: Congratulations Karen glad everything has worked out well
  • dopester
    dopester Posts: 4,890 Forumite
    So..... I am glad I didnt reduce the price further and I do feel that the £132k price is OK but definately alot less that I thought we were going to get 2mths ago!!

    Can you please please please look on the upside?

    I've read the other thread. £132K is a great price when measured against what you got elsewhere.

    We're in a full-on house price crash which is only just getting started.

    You should have relief at selling it two-bones. You got a great deal on the new place so you should have really factored in lowering your own home's value in order to sell at the beginning, because you creamed-off great value on another home. I do think selling, and selling quickly, is the best decision for you. Hope it all runs smoothly. Get rid of it asap imo.
    We are taking alot of risks but I really believe this house is worth it!!! It is a large 4bed detached with a large garden, the drive is 100ft long and the views are amazing!! It is a dream family home for us and to get it for under £145k is a steal!!! There are 3 other houses for sale at the mo that are very similar for £235k, £260k & £320k. We can afford to take a cut on the price of our house because of the low price of this one but at the same time I dont want to just give it away in a rush!!
  • JanCee
    JanCee Posts: 1,241 Forumite
    Congratulations on the offer Karen, I hope it all goes through smoothly for you. As Dopester has said, if you look at the both the sale and purchase together, you have got a great deal. Much better to get the sale completed rather than hold out for an unrealistic price in the current market.

    I bet you are glad you didn't listen to the advice to drop it to £120k though!
  • franklee
    franklee Posts: 3,867 Forumite
    Part of the Furniture 1,000 Posts Photogenic
    edited 9 July 2009 at 1:02AM
    That's a cracking deal overall 13K + cost of boiler, kitchen and drive paving to trade up from the 3 bed semi to a big 4 bed detached with a big garden. Well done :T
  • GracieP
    GracieP Posts: 1,263 Forumite
    Congratulations. Fingers crossed it all works out.
  • Another update...............

    The survey was done yesterday and just as I thought, it has been undervalued!!! the EA rang last thing today to say that they valued it at £122k!! but apparantly she has worked all afternoon to try and get them to increase it and they have to £128k.

    She is going to speak to the buyer on Monday to advise him and see where we go from here but also he was hoping for 575-600 per mth rent but it was valued at 500-550mth.

    So basically I am fully expecting this sale to fall through and after discussions with family tonight I am going to stick to my guns as we simply cannot afford to drop that low so I am going to say that I believe they are getting a good price at £132k and that if they dont want to proceed at that price then we will take the house off the market and will rent it out - with a different agent!!

    I really believe that this is what we will have to do because looking on Rightmove I do think we could get enough rent to cover the mortgage payment and fingers crossed, the market has bottomed out so we may even be in a better position in 6-12mths time.

    I know alot of you will probably disagree with our decision but I thought I would update for those of you that were interested in the progress.
  • Catblue
    Catblue Posts: 872 Forumite
    I really believe that this is what we will have to do because looking on Rightmove I do think we could get enough rent to cover the mortgage payment and fingers crossed, the market has bottomed out so we may even be in a better position in 6-12mths time.

    Karen, can you absolutely not afford to sell for £122K? If you simply can't, then there's nothing to be done about it.

    But if you can afford to sell for £122K then you get to say to yourself "I have just purchased a new house with £100K off the asking price. I have just sold my old house with only £17K off the asking price". That's pretty decent business in this market - make no mistake about it.

    Wanting more is a very dangerous game. Another year's stress at the very least. What if the market is worse in 6-12 months time? What if interest rates have shot up again? What if it takes you over a year to get an offer again? What if you get an offer but the mortgage company says that the house isn't worth that again? Do you really need to go through all of this again? Aren't you supposed to be ENJOYING your new home rather than worrying about having two mortgages to pay? Wasn't that the whole point of trading up?

    Personally, if there was any way in hell that I could afford to sell for £122K then I would and then kick back and enjoy my lovely new house. But then I am a cautious gal. :p

    Thanks for the update.
  • Welshwoofs
    Welshwoofs Posts: 11,146 Forumite
    Karen....

    I'm going to be fairly blunt here, but it's because I live approx 3 miles away from you and I know the area very well.

    If you're smart, you'll drop to the survey valuation on this one.

    Why do I say that? Well to be blunt, Flintshire is stuffed in this market. Do you know that 68% of people in Flintshire are on benefits? It's all very well having a nice view (I've got one too), but there's no work. Have a think about the big industries people commute to.....like Vauxhall's in Ellesmere Port.

    I too have seen large amounts wiped off my own property which is why I'm going to rent it, not sell it. There is a good market for rentals in Flintshire, especially if you'll accept benefits.

    From what I've seen the only places selling easily are the character properties - god, even a 2-bed newly refurbed bungalow down the road from me in Talacre that's literally 30 seconds walk to the beach hasn't moved in over a year. There are 4 houses up in my village which have also been up for that length of time.

    I honestly think the EAs in Flintshire don't know their backside from their elbow, they think they can hold out for premiums because there's a bit of sea in front and a bit of mountain behind...which is nice if you're on holiday, but a fat lot of good if you need to live and work and there aren't any jobs!

    I'd seriously take the offer, I don't think Flintshire is coming up any time soon I'm afraid to say :confused:
    “Don't do it! Stay away from your potential. You'll mess it up, it's potential, leave it. Anyway, it's like your bank balance - you always have a lot less than you think.”
    Dylan Moran
  • Trollfever
    Trollfever Posts: 2,051 Forumite
    Trollfever wrote: »
    :eek:

    Your solicitor advised you to do this?

    I never got a reply to my question.
  • Blacksheep1979
    Blacksheep1979 Posts: 4,224 Forumite
    1,000 Posts Combo Breaker
    There's going to be another thread started soon - 'help, need advice on how to rent my property quickly' which will end up with everyone saying drop the rent and the property going unrented for months and months.

    Basically what I'm saying here is are you sure you're going to be able to rent for what you want to rent it for? 6 months without rent and that 6-8k drop is going to start looking very tempting.
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