Why am I Getting No Viewing of My House?

Welshy123_2

Thanks for your input here, much appreciated......

The rooms in our flat are actually quite spacious.

The second bedroom is small, however, all other rooms in the house are very similar sizes to other link houses in the area.

In addition, the rear garden is a decent size, it is bigger than most link houses in the area.

neverdespairgirl wrote: »

I can't comment on the price, I don't know the area at all.

It does seem very small indeed, though, for a 2 bed flat. In particular, the bedrooms are tiny. Do other flats close by offer more space?

Welshy123_2

No the 5% is not given by default, they have to offer us a certain amount to qualify for it. If they offer us that amount then they will be informed that they have qualified for the 5% vendor gifted deposit.
I can't reveal the amount on here that we are prepared to accept for the buyer to qualify for the 5% vendor gifted deposit.
All I will say is that it is towards the "higher end" of the £85K - £95K guide price.

I have checked this out with both my Independant Mortgage Advisor and Solicitor, they both say it is 100% legal.

the_realist wrote: »

so you could end up accepting £85k and then handing over 5% which effectively means selling for £81k?

why not split the difference, drop it to £85k now and get it sold quickly. Forget the 5% deposit thing.

Developers do it to keep sale prices up and I am sure that is why EA's may like the idea too but I really am not sure if you doing it would be classed a falsifying or misrepresenting a sale price to the land registry. I would ask your solicitor what the score is with this.

Welshy123_2

We are the one of the only properties in the area offering the 5% Vendor Gifted Deposit.....

The estate agent told us that this is what would "stand out" in their marketing plan when they are selling our property as it would appeal to first time buyers.

Henry_P_Chester wrote: »

Is that similar to the 'if they don't hold my opinion they must be trying to crash the market' simpleton mentality?


The OPs house needs to stand out from the others which it's not at the moment. there's a lot of competition and few buyers. Either offer something special that others in your price range don't or undercut the other similar properties.

Good luck.

madnessofBruno

Welshy I did struggle to find your property on the Ea's website does not stand out from similar properties.
I did find the Ea's music annoying and that they have not bothered to update the website with reference to HIPS.(my niggle and should not effect you trying to sell)
Agree with the constructive comments concerning fluffy toys photos, clutter and POA (set a valuation).

Do you use propertybee?

Welshy123_2

Thanks for you feedback....

I definetely need to look into the common theme that is coming up here from everyones comments.

To be honest, I am a little peed off that the estate agent isn't advising me of all of these things. Surely its their job.

madnessofBruno wrote: »

Welshy I did struggle to find your property on the Ea's website does not stand out from similar properties.
I did find the Ea's music annoying and that they have not bothered to update the website with reference to HIPS.(my niggle and should not effect you trying to sell)
Agree with the constructive comments concerning fluffy toys photos, clutter and POA (set a valuation).

Do you use propertybee?

pararct

Gifted deposits had the effect of skewing property values on the Land Registry. It was a tactic used by builders in the boom phase to make it look on paper like properties were selling for more than they were worth.

Of course as Agents and potential buyers use the data from the registry as a guide in valuations and in making offers this had the effect of inflating prices beyond the norm. Rinse and repeat and you can quickly get a market that is on the way to getting out of control (which is what we saw).

Banks will look very closely at properties that have such deposits. They may well instruct valuers to bear the deposit in mind when they make the survey.

Even if your potential buyer can find a Company willing to offer a mortgage you may well run into problems such as the buyers offer will not match the mortgage valuation on the property.
This is assuming of course your buyer is able to raise some sort of a deposit and I understand 10% is the minimum these days.

If that happens you either cut your price or the buyer will have no option but to walk away as they simply will not be able to raise the finance!

Sounds like you are opening yourself up to a world of hurt here.

Welshy123_2

Thanks for your opinion.....
What would you do in my shoes???
We hav esort of gone into this blindly, with it being the first time we have sold.
We have placed all our trust in the EA (Silly maybe??)

pararct wrote: »

Gifted deposits had the effect of skewing property values on the Land Registry. It was a tactic used by builders in the boom phase to make it look on paper like properties were selling for more than they were worth.

Of course as Agents and potential buyers use the data from the registry as a guide in valuations and in making offers this had the effect of inflating prices beyond the norm. Rinse and repeat and you can quickly get a market that is on the way to getting out of control (which is what we saw).

Banks will look very closely at properties that have such deposits. They may well instruct valuers to bear the deposit in mind when they make the survey.

Even if your potential buyer can find a Company willing to offer a mortgage you may well run into problems such as the buyers offer will not match the mortgage valuation on the property.
This is assuming of course your buyer is able to raise some sort of a deposit and I understand 10% is the minimum these days.

If that happens you either cut your price or the buyer will have no option but to walk away as they simply will not be able to raise the finance!

Sounds like you are opening yourself up to a world of hurt here.

pararct

Welshy123 wrote: »

Thanks for your opinion.....
What would you do in my shoes???
We hav esort of gone into this blindly, with it being the first time we have sold.
We have placed all our trust in the EA (Silly maybe??)

No of course it is not silly, but you must research all you can.

Knowledge is power and all that. The fact you have asked (and elicited what I hope you see as useful replies) already makes you stand out from the rest.

The Estate Agent will tell you what he/she thinks you want to hear, they want your business after all. If your place doesn't sell then they don't get paid but from their point of view if a potential mortgage offer does not meet the actual cash offer on the table something is better than nothing and this will influence their advice to you as to what you should do. From your point of view the sale will be quite far advanced and it would could mean you being leant on to accommodate a new price.

All you need do is to assemble as much information as you can that will assist in the choices you may have to make along this road.

Welshy123_2

Thanks, we know the price we want and I am pretty hard headed when it comes to any negotiatons....

Doesn't matter what the EA tells me as far as negotiating, its either get our minimum price or we let the potential buyer go...

pararct wrote: »

No of course it is not silly, but you must research all you can.

Knowledge is power and all that. The fact you have asked (and elicited what I hope you see as useful replies) already makes you stand out from the rest.

The Estate Agent will tell you what he/she thinks you want to hear, they want your business after all. If your place doesn't sell then they don't get paid but from their point of view if a potential mortgage offer does not meet the actual cash offer on the table something is better than nothing and this will influence their advice to you as to what you should do. From your point of view the sale will be quite far advanced and it would could mean you being leant on to accommodate a new price.

All you need do is to assemble as much information as you can that will assist in the choices you may have to make along this road.

Welshy123_2

Thanks a lot...

I agree nobody knows the local area like a local EA does, however, I don't trust them 100% I do agree however, that there is an elemant of most EA's "telling you what you want to hear"

MadnessOfHPC wrote: »

With all due respect this is an internet forum infested with crashaholics from housepricecrash who know little, if anything about the property or the area. The EA does however and is in the best position to advise correctly. Take what they recommend with a very large [STRIKE]pinch[/STRIKE] plate of salt.