How to sell a property near the £250k SD

thriftychap_2

Could you not take the 250k and ask the buyers to pay your fee's?

brit1234

business_man wrote: »

Anybody who thinks market is goig down is a complete fool. The bottom has gone past! Things are bright guys cheer up!!!!!!!!

Would you like to tell me where the money will come from to stop house prices falling please? I really want to know because the present costs are unsustainable.

martindow

business_man wrote: »

My house is six figure and was bought in this market!

Aren't most houses in six figures?

satchmeister

wanttosellmyproperty wrote: »

I bought my property 5 years ago for £242k, EA's have valued it at £285k, after 4 months dropped to £279k and despite over 30 viewings, no offers except a £250k offer.

We rejected because the minimum we can accept is £260k. We need that extra £10k to put towards deposit.

I have heard rumours of ways to sell a property for £250k but get the buyer to stump up for EA fees etc instead, or we pay the SD for them - but if we did that, whats the point as we need the £10k!

Any clever ideas or explain to me how that could work, because it does not make sense to me??? We are desperate to sell our place and if we could for £250k we would, we know it would be snapped up - how can we get clever and work this out? Or should we just sit it out?

Only two options really. Accept 250k or withdraw and 'wait for the market to recover' or as a third option rent it out until the market recovers. This assumes that the market will recover in the short to medium term. I just do not see how you can magic up the extra 10k as the only offer you have is 250k.

timmyt

wanttosellmyproperty wrote: »

I bought my property 5 years ago for £242k, EA's have valued it at £285k, after 4 months dropped to £279k and despite over 30 viewings, no offers except a £250k offer.

We rejected because the minimum we can accept is £260k. We need that extra £10k to put towards deposit.

I have heard rumours of ways to sell a property for £250k but get the buyer to stump up for EA fees etc instead, or we pay the SD for them - but if we did that, whats the point as we need the £10k!

Any clever ideas or explain to me how that could work, because it does not make sense to me??? We are desperate to sell our place and if we could for £250k we would, we know it would be snapped up - how can we get clever and work this out? Or should we just sit it out?

2 methods -

1. charge a price for the proeprty, and a separate price for ebay valued items insiode you are leaving that a reasonable person would consider normal things a person would remove when selling. SO unlikle yot have a list greater than £2-3k

2. sell for £270 etc, but tell the Buyer you will cover the extra 2% sdlt. How d you do this? YOu ask them to offer on the basis of a 1% sdlt. Then you counteroffer a lower figure once you take that 2% off. YOu get higher than £250k, and they get the extra sdlt paid.

Many many agents fail to understand 2.

good luck.

timmyt

business_man wrote: »

I think what you need is a reality check from somebody in property business. I think your EA is a newbie like yourself.

£10k in a £260k house would not be difficult yes it would, ignore this post as this sort of comment gets people into toruble and delays deals. Contnets must be seconf hand/ebay value, not new prices, not insurance value, as most of our homes would be cleared by seocd hand valuers for next to nothing. If you are close to £250k all it takes is for the Revenue to ask your lawyer for a list of any items sold, and if they consider a fraud/overvalue, it is fines and imprisonment ultimately, for both lawyers, agents and buyer and seller (if they had knowldge of course which most do). In this climtae the Revenue will be looking for every penny for any solicitor show as a schedule of furniture even is HMRC inspects this case, however the chances are slim. However if the buyer was a cash buyer, it wouldnt have arrived to this stage as there are a lot of schemes where you can mitigate the SDLT easily, however in my experience it usually works well in over £500k cases. there is no guarantee as the sdlt is held in a suspese account for 9 months though actually the Revenue can challenge after 9 months I hear

I also buy houses for cash but I dont think this forum would like this.

good luck OP

wanttosellmyproperty

In 10 months time I can afford to keep the place, rent it and buy somewhere anyway. Thanks for the advice and debate. I think sitting it out and waiting is the best thing to do. Fraud is not an option for me because I could jeopordise my career which is why I have made it clear in my posts that I am not interested in anything like that. I just wondered if there was a well known way or a legal loophole getting around it all.
If its fraud to get my EA fees, solictors fees and a couple of £2k for fridge, washing machine, beds, carpets, curtains, tv etc. then Im not interested in that route.