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House sale panic!
mandrose
Posts: 196 Forumite
Selling mine and Mum's house to buy a bigger one together. Both of us have only ever had one house, me for 23 years and Mum for 47 years, so we are both complete novices at this buying and selling lark!
Our dilemma - we have found a bungalow that matches our requirements exactly for a granny conversion. No other properties we have seen have the ground floor space we need. The bungalow has been on and off the market and the EA keeps telling us the seller is delicate as she recently lost a property!
We sold Mum's house to a developer and although he is dragging his feet slightly, I am confident it will go ahead as my fantastic solicitors are on the case.
I called the EA for the bungalow just over a week ago to ask him to put a proposal to the seller. If I reduced my property to force a sell, would she accept full asking price and move out? Response was yes and that she would move into son's house. I know there is other interest in the property and wanted to secure it as much as possible.
My house needs a fair bit of work doing on it such as new kitchen and central heating. Decorating is also a must! (planned to do this in 2008/9 but my Dad got very poorly and then died last year). Consequently when I put the house on the market it was for below market value by approx £5K. No interest made me reduce by a further £5K just after xmas. To force the sale I have reduced again another £5K to £189,950, which for a 3 bed town with drive and garage is very good value in Reading.
Dilemma is I have had an offer today from a young couple. They offered £184K, which I really can't go for. I asked my EA to go back and say £187,950 which I thought was very fair. They have said they will think about it and let us know! Yet another night of no sleep!
My question is - do you think I have been over ambitious in refusing their offer and increasing it by £3,950? I'm very nervous as I can't bear to think of the bungalow being sold before we are ready! Because we have reduced so much, money is getting tight but as I've never done this selling business before I'm not sure if I'm shooting myself in the foot!
Sorry for rambling but I'm so stressed I can't begin to tell you! Any advise will be gratefully accepted!
Our dilemma - we have found a bungalow that matches our requirements exactly for a granny conversion. No other properties we have seen have the ground floor space we need. The bungalow has been on and off the market and the EA keeps telling us the seller is delicate as she recently lost a property!
We sold Mum's house to a developer and although he is dragging his feet slightly, I am confident it will go ahead as my fantastic solicitors are on the case.
I called the EA for the bungalow just over a week ago to ask him to put a proposal to the seller. If I reduced my property to force a sell, would she accept full asking price and move out? Response was yes and that she would move into son's house. I know there is other interest in the property and wanted to secure it as much as possible.
My house needs a fair bit of work doing on it such as new kitchen and central heating. Decorating is also a must! (planned to do this in 2008/9 but my Dad got very poorly and then died last year). Consequently when I put the house on the market it was for below market value by approx £5K. No interest made me reduce by a further £5K just after xmas. To force the sale I have reduced again another £5K to £189,950, which for a 3 bed town with drive and garage is very good value in Reading.
Dilemma is I have had an offer today from a young couple. They offered £184K, which I really can't go for. I asked my EA to go back and say £187,950 which I thought was very fair. They have said they will think about it and let us know! Yet another night of no sleep!
My question is - do you think I have been over ambitious in refusing their offer and increasing it by £3,950? I'm very nervous as I can't bear to think of the bungalow being sold before we are ready! Because we have reduced so much, money is getting tight but as I've never done this selling business before I'm not sure if I'm shooting myself in the foot!
Sorry for rambling but I'm so stressed I can't begin to tell you! Any advise will be gratefully accepted!
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Comments
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I'll give you more stress then... not sure what you mean by granny annexe as it does have several variations ... but to change one property to 1+Granny usually requires planning permission, certainly needs building regs and you'll need to pay 2 lots of council tax on it.
The term can mean anything from: sharing the house, but each have your own bathroom/bedroom and living room, right through to constructing a new extension in the garden (attached or detached), with its own entrance.0 -
PasturesNew wrote: »I'll give you more stress then... not sure what you mean by granny annexe as it does have several variations ... but to change one property to 1+Granny usually requires planning permission, certainly needs building regs and you'll need to pay 2 lots of council tax on it.
The term can mean anything from: sharing the house, but each have your own bathroom/bedroom and living room, right through to constructing a new extension in the garden (attached or detached), with its own entrance.
Sorry, I should have explained. We are not going to have an annexe in the true sense. The bungalow has a wide double length garage and we are converting that. We know we need building regs and possibly planning permission and have budgeted for that and the building work needed. The garage also has a room behind it which leads onto the dining room so we will have our own living areas etc but live in the same house.
Thats why we don't want to drop the price of my house too much as it will be eating into these funds!0 -
We sold Mum's house to a developer and although he is dragging his feet slightly, I am confident it will go ahead as my fantastic solicitors are on the case.
Alarm bells should be ringing. A good tactic for the developer is to wait until you have everything lined up and you're all keyed up to go, then gazunder, perhaps on the day you are due to exchange on all 3 properties. Have a chat with your fantastic solicitors about this and try to find out as much as you can about the developer. Do not assume that your estate agent is acting entirely on your behalf.No reliance should be placed on the above! Absolutely none, do you hear?0 -
Alarm bells should be ringing. A good tactic for the developer is to wait until you have everything lined up and you're all keyed up to go, then gazunder, perhaps on the day you are due to exchange on all 3 properties. Have a chat with your fantastic solicitors about this and try to find out as much as you can about the developer. Do not assume that your estate agent is acting entirely on your behalf.
Alarm bells are well and truly ringing! I spoke to the EA today, apparently buyer has been asked to provide extra info for mortgage and he is in process of providing this. He reckons survey will be done within the next 2 weeks but I have said I will give give just over 7 days for action!
My buyers came back today with the price I asked for so I'm very happy with that and have accepted. There is nothing I can do now other than cross my fingers I suppose!0
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