Am I wasting my time here?

ScorpiondeRooftrouser

As a rough guide, have a look at Rightmove for your area. If there are a few houses around for £120-125K that you'd happily move to because they're better than yours, then everyone else is going to think the same thing and go and see them instead.

Bullfighter

the house is worth 139k

It's only worth what someone is willing to pay. It's clearly not worth £139k to anyone at the moment. Buyers are valuing it at less than half that.

sonastin

mrs.d wrote: »

Yes have looked into auction but it said on the websites we looked at that the morgage must be cleared, ours isnt so I guess we cant put it up at auction.:(

Was that statement perhaps intended for buyers rather than sellers? Or maybe saying that the property must sell for a price that will clear the mortgage so you would need to put a reserve on it of at least £79k?

I am no expert but I find it really surprising that someone facing repossession would not be allowed to go down the auction route to offload their property before the bank came knocking. And by extension, if they can auction with a mortgage on the property, I don't see why you can't.

It might be worth actually speaking to someone at an auction house to ask what would be involved if you went down that route.

Have you worked out the minimum you need to sell for to be able to move on? Are you looking to buy again elsewhere and if so, how much deposit will you need? Or is renting a viable option? In which case, how much is moving going to cost you? Those costs need adding to the £79k if you are going to be setting a reserve for an auction.