Trying to sell house...

clairabelle_2

Hi there everybody - this is my first post on here!

I need some advice about selling my house. OH and I bought the house 18 months ago and have since had some bad luck with jobs etc and now really cannot afford the mortgage... We have cut back on everything and are selling everything which is not 100% necessary to live, but are still struggling with our mortgage (nearly £1200 per month, interest only!).

We have had our house on the market now for 4 months - it's spotless and was brand new when we moved in. We've had 4 viewings,changed estate agents and made some improvements to make the garden look bigger, but still nothing...

We are now fairly desperate to sell the house, but it's not going anywhere.. Does anyone have any other ideas, bearing in mind that we cannot afford to make a loss on it and cannot reduce the price any further?

Thanks...

lilyann1

Can you post a link to it on the estate agents website???
You don't say anything about what sort house it is or where it is or price??

clutton_2

In my view, and i have viewed hundreds and hundreds of houses, if a house does not sell, it is either overpriced or there is something wrong with it .

The fact that you owe so much money on it, is not a factor which will dictate its market value on any level. If you are in negative equity, you may end up selling the house for less than you owe, and the Lender will still pursue you for the remainder of the debt.

i have spoken to many many folks in your position, and if you wait until you are re-possessed, your lives will be ruined. i know this is harsh, but my beset advice is to drop your price, sell up, move on and go into a cheaper rented house until you are financially more stable again.

best of luck

i know this is not what you wanted to read.

oramgepekoe

Have you asked the estate agents why there's been so few viewings and why no sale?

Are other similar houses selling?

BobProperty

clairabelle wrote:

....We have had our house on the market now for 4 months - it's spotless and was brand new when we moved in. We've had 4 viewings,changed estate agents and made some improvements to make the garden look bigger, but still nothing...

I think that's your problem. Has the estate still got new property for sale?

courtjester

Prices of new homes tend to fall (like cars) in the first few years as they are priced originally at a premium. If you are trying to sell on at or above the original price, that may be the problem where there are other (new homes) available in the area near your price, why would people buy yours instead of a brand new one.....

Comparing price and features of nearby homes competing with yours is the only way to know if your price is achievable - it's not really an option to say you can't go lower - if buyers won't pay that price, you will never sell.

Have you considered broadening your advertising net? - use a private sale website to advertise and sell privately and you can avoid agent's commission, which would in turn enable you to negotiate a lower sale price (if required to achieve a deal). If you use one the of better established national websites, there is no conflict with an agent's contract (if you have sole agency) so you can market the property through both at the same time.