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Can't sell flat, no choice but to let it, tax issues... :(
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brooky_agb wrote: »It's a risk I'm happy taking. BTW the flat was purchased in 2005, doing a nethouseprices search others in the block went for about the same. In my eyes I paid 130k and I've been offered 100k. That's a 30k loss regardless if I have paid it off or not. It's a stones throw from a main line train station and I know it will be easy to keep rented for three years or so.
Oh here we go - another "I paid X for it so it must be worth that much"
Good luck with that.0 -
Chest_Rockwell wrote: »So what DID you ACTUALLY pay for it?? If you sold at 100k WHAT would you ACTUALLY lose in REAL terms? The TRUTH please!
He paid £130k for it in 2005 according to the other thread and put it on the market at £125k.
http://forums.moneysavingexpert.com/showthread.html?t=1478013&highlight.
To the OP, I think you will have to accept that buying in 2005 you paid an inflated price for this property in a property boom and you are going to take a loss. You say you had silly offers of £100k, did you try negotiating with them to see if they would come up to somewhere in between?
If you mortgage the property in order to free up equity to buy another place, you are going to be doubly exposed to any further falls in the property market, plus there's a real risk that interest rates will go up sharply in the future.0 -
brooky_agb wrote: »If anything there seems to be signs of growing confidense. IMO
Yes quite, which is why your flat is still for sale 4 months after your original post. :rolleyes:0 -
Chest_Rockwell wrote: »The point I was making was that unemployment is rising, being near a train station means diddly squat in a low employment scenario!
the fact remains that a flat in a London commuter town within walking distance of a train station will always be at a premuim to those further away.
Low employment does not mean total unemployment and there are still buyers out there, including astute ones, who realise that 1,2, 3, 4, or 5 years of negative equity is a small risk if you have scooped a long term bargain. I rather like the return I got on the place I bought in 1991's recession
of course the OP may nonetheless be blind to the current economic realities when he sets his asking price or rejects offers, but we haven't seen the flat and don't know its exact location so can hardly comment on its value or average falls in that locality0 -
Golly. There is some serious passion about, not suprising I suppose. For the record I paid £130k in 2005. It was valued at £165k just before things went tits up and I put it on at £160k to try my luck. About three weeks later things did go tits up. I reduced the price twice before taking it off the Market. 4 months ago I put it back on at £125k hoping to achieve £115k. Right away we got offers around £100k. The agents told me not to accept as "we can do better". As it was early days, we had nowhere to move too and from the advice I was given I didn't accept.
In hindsight maybe I should have. However after having low offerers right after it went on the Market I don't regret turning it down.0 -
I just dropped the price by £10,000.......0
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It's on for £115,000 postcode CM233EE. I paid £130,000 in Aug 2005 the price has just been reduced from £125,000. Chech out the competition. It's no doubt the best value flat in town now. I have no intention of suing the EA. Why would I?0
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I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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Yeah that's the one. Feeling a bit cheezed off today. The agent told me to turn down an offer of £112k some months back. I feel like I can't give the place away.0
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brooky_agb wrote: »... Right away we got offers around £100k. The agents told me not to accept as "we can do better". As it was early days, we had nowhere to move too and from the advice I was given I didn't accept.brooky_agb wrote: »The agent told me to turn down an offer of £112k some months back. I feel like I can't give the place away.Chest_Rockwell wrote: »
Are you taking legal action against the EA that said you could do better?
...................I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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