Selling Home HELP!!!

wickedchef123

Me and my partner are thinking of selling our mid terraced house in wigan, we have had halifax and mhl around to value the property. Mhl valued it at 63,950 but was happy to put it on the market at 74,950. There costs fixed fee 1,250 plus vat, 295 plus vat hip pack, 350 plus vat conveyancing. Plus solicitors fees?
Halifax valued it at 69,950 but would put it on the market for 74,950, They charge 1,600 fixed fee plus vat, 415 plus vat hip pack, And solicitors range from 600 to 1000 pound. Halifax are being taken over by reeds rains in jan 2010. With halifax you do not pay anything up front, unless your house does not sell in 10 months. Then you have to pay for the hip pack. I do not know which one to go with or if to sell to people who buy your house for cash instant like national ho,e buyers.

Has anyone got any good advise? We plan to move in a council house, due to finacial reasons.
Thankyou

spudnik

I know a couple in wigan who had to sell their house for finacial reasons and are now in council accomodation.

First there is a HUGE waiting list in wigan for council houses less of a list for the flats but there is an age limit on them (think its 35+) houses usually go to families first rather than couples so if you are under 35 and have no kids your not going to get much luck. (unless your an emergency even then you could be living at the bellingham on b&b for months) The couple i know lived on a couch in someones flat for 6 weeks.

Remember they do not have to put you at the top of the list if you make yourself homeless (this includes selling your house) If you are struggling money wise go to the citizens advice and they will draw up a how much you have to live on statement (i can't remember the exact name) then go to the council and show them you clearly cannot afford to live in your home. The couple i know only had £7.50 a month left for food after mortgage and bills and debts were paid.

As for who to go with before you decide anything go to the citizens advice (its near the parish church) they will guide you through it, you may have to book an appointment cause they are packed at the moment, and unfortunately they are only open when most people are at work.

Oh and MHL are a bit rubbish they drag their heels a lot over sorting out viewings, don't know anything about halifax, although reeds rains are ok (but i have only rented through them)

Good luck hope your troubles ease soon.

Fire_Fox

Are you sure you are entitled to a council property? It's cheaper to get HIP from an online company rather than an estate agent. If you sell to National Homebuyers or similar you will get a much reduced price. Have you researched land registry sold prices in your area? Have you prepared your home for sale?

wickedchef123

Regards to our finacial situation I have been with the cccs for the past 2 years, I still have over 3 years to pay off my creditors. My wife is disabled and we have 2 children. Our house that we are in at the moment is too small only 2 bedrooms. If we get the price we want for the house, we can pay off the mortgage, secured loan on the house and pay off the rest of our creditors. We wont have any money left. But would make a new start. We have registered with wigan council and been given band a priority due to my wifes disability.
We need to know the best estate agent around? And are houses selling at the moment?

PJackson_2

I don't know much about the estate agents as tbh they are different in every area i.e. we have a Halifax and Reeds Rains where we live but they probably are not anything like yours - it often depends on the sales negotiators themselves to some extent. What I will say though is that I am alarmed that they are valuing the house at one figure and then agreeing to put it on for quite a bit more! That to me, in the current climate seems madness and I do think you could be setting yourself up for v little interest - read the 'sellers' threads on here and you will see that people are often dropping their prices or getting v little interest if they don't.

There are buyers out there yes, but they are nearly all wanting a 'bargain' and if they need a mortgage then the majority of lenders' surveyors are undervaluing property. As a result, someone wanting a high LTV mortgage won't get one so, I think, if your property is valued at around 65k, then that is what they will say and will lend (85% of that price at most normally). As a result, your buyer will not get the funds they need (unless you are lucky to get a cash buyer!).

I would seriously reconsider marketing it at above the value you were quoted even if you go for the higher valuation. Would it not be better to market it realistically (as others have said, research what they are going for in your area and be realistic), to get rid of it, even if leaves you with a little debt, it may then get sorted sooner rather than later and means you get to start again quicker. Hope you get sorted - know nothing about council housing but would have thought it may take a while to get sorted....

spudnik

With regards to if they are selling if you look on nethouseprices.com type in your postcode and search for sold prices you can see what has sold in your area in the past month eg wn6 12 houses sold in the last month recorded by the land reg, the website is free.
The couple i know their house was for sale for 6 mths and sold at 14% less than the estate agent originally put it up for the estate agent was mhl.

Running_Horse

It may just be me being thick, but why are you putting it on the market for so much more than it is worth?

wickedchef123

By halifax valued at 69,950 so it is only 5 grand more. Houses in our area sold in 2008 for 71,000. Plus our house has two bathrooms one up and one down stairs. Which the other houses do not in the area.

PJackson_2

At the end of the day try it but tbh if the EA valued it at that, I can't see the potential lender (if there is one) valuing it at any more. If anything, lender valuations are on trend to coming in at LESS than the EA valuations - hence the fact quite a few house sales are falling through. Buyer has offer accepted, goes to lender, lender does valuation and values at less than accepted offer, buyer can't afford the extra cash needed so pulls out. Sad reality of the times we live in right now. The only way around it is a) to make sure you value appropriately and b) hope for cash buyer!!!

PS - £5k to someone who doesn't have that cash to stump up is a lot tbh.

wickedchef123

Would you go with halifax who is being taken over by reeds rains in 2010?

PJackson_2

Sorry, I don't know what they are like in your area.... Have a look at the selling houses thread at the top - there are some good tips in there for choosing an agent i.e. asking them how many houses they've sold etc.

Another thing I've noticed is not all agents chase up for feedback on viewings made. IMO this is very important - it shows they are at least being a little proactive and if you get feedback on something that is putting a buyer off and it's something you can improve on then that is good. So it's worth asking both agents what they do with regard to this.

I'm amazed in this day and age that some agents don't do a follow up call!