Severe retirement flat selling problem.

Trusting_Fool

LisbonLaura wrote: »

The pain of the correction (or recovery) to sane prices after the liar-loan, irresponsible, generation-wrecking, abundant wholesale money market years is really starting to show.
TF, it might be wise to get out now rather than be chasing the market down for years to come.

Thats a lot of money to just wave goodbye to.

He paid £147k just 4 years ago. What gets me the most is Peverels inflexible attitude. Would you not think they might see me as a potential customer in a couple of decades..?

Generation wrecking...I hear you,

dopester

Trusting_Fool wrote: »

Thats a lot of money to just wave goodbye to.

He paid £147k just 4 years ago. What gets me the most is Peverels inflexible attitude. Would you not think they might see me as a potential customer in a couple of decades..?

Generation wrecking...I hear you,

Hmmmm he paid £147K four years ago you say above, but in your opening post you say...

Trusting_Fool wrote: »

Inhereted a reirement flat 4 years ago, valued £147,000, no sale 2years ago £120,00, December..offers over £96.

Did the buyer pass away soon after buying?

Anyway, values are changeable. Same thing for people who bought RBS shares at £12 per share, for example investing their SIPP pension pot, in February 2007. If they held them they would have seen the shares fall to a low of 10p. You can't wish them back up to £12. Just have to accept the market has changed and value has been lost.

The "million dollars" that a wealthy investor might have thought he had in his bond portfolio or at a stock's peak value can quite rapidly become $50,000 or $5000 or $50. The rest of it just disappears. You see, he never really had a million dollars; all he had was IOUs or stock certificates. The idea that it had a certain financial value was in his head and the heads of others who agreed. When the point of agreement changed, so did the value. !!!!!!! Gone in a flash of aggregated neurons. This is exactly what happens to most investment assets in a period of deflation.

Asset prices rise not because of "buying" per se, because indeed for every buyer, there is a seller. They rise because those transacting agree that their prices should be higher. All that everyone else - including those who own some of that asset and those who do not - need do is nothing. Conversely, for prices of assets to fall, it takes only one seller and one buyer who agree that the former value of an asset was too high. If no other bids are competing with that buyer's, then the value of the asset falls, and it falls for everyone who owns it. If a million other people own it, then their net worth goes down even though they did nothing. Two investors made it happen by transacting, and the rest of the investors made it happen by choosing not to disagree with their price. Financial values can disappear through a decrease in prices for any type of investment asset, including bonds, stocks and land.

Running_Horse

Trusting_Fool wrote: »

Inhereted a reirement flat 4 years ago, valued £147,000, no sale 2years ago £120,00, December..offers over £96.

Its value was not £147,000, because it did not sell.

If you inherited it, why not just reduce the price until sold?

It's not like you have lost anything.

Trusting_Fool

Thanks, sorry I dont wish to argue but if he paid £147k, then that was its value.

All valuations were done by professionals who presumably wanted a sale and were realistic.

Again I dont understand, I inherated an asset worth 147 and now its worth 70, how can you say I havent lost anything, theres a difference there of 70k, an amount Ill never recoup.

Yes, my father passed away 3 months after buying, he was under the impression it was a kind and hassle free way for me to deal with his passing.

Running_Horse

Trusting_Fool wrote: »

Again I dont understand, I inherated an asset worth 147 and now its worth 70, how can you say I havent lost anything, theres a difference there of 70k, an amount Ill never recoup.

And before you inherited the asset you had nothing. Anything above nothing is profit. Staying fixated on 2008 and £147,000 is going to ruin your enjoyment of life.

One thing I realised when losing my dad a couple of years ago is that accumulating money doesn't matter. It's how you live your life that makes the difference. I would get what I can and get on with my life.

Morglin

Trusting_Fool wrote: »

Thanks, sorry I dont wish to argue but if he paid £147k, then that was its value.

All valuations were done by professionals who presumably wanted a sale and were realistic.

Again I dont understand, I inherated an asset worth 147 and now its worth 70, how can you say I havent lost anything, theres a difference there of 70k, an amount Ill never recoup.

Yes, my father passed away 3 months after buying, he was under the impression it was a kind and hassle free way for me to deal with his passing.

To be honest, if you end up with even £30k, that's more than you had before being left the flat.

Retirement flats are murderous to sell, not a good investment, and I would get what you can, before the price drops further.

Clear whatever you owe for maintenance etc., and then just enjoy what money you are left with.

Lin

zappahey

Trusting_Fool wrote: »

Again I dont understand, I inherated an asset worth 147 and now its worth 70, how can you say I havent lost anything, theres a difference there of 70k, an amount Ill never recoup.

No, you inherited an asset that your parent paid £147k for. That may or may not have been the value when he bought it. The value now is what someone will pay for it today and it is clearly much, much less.

That's something that you need to come to terms with if you want to move forward.

ILW

Trusting_Fool wrote: »

Thanks, sorry I dont wish to argue but if he paid £147k, then that was its value.

All valuations were done by professionals who presumably wanted a sale and were realistic.

Again I dont understand, I inherated an asset worth 147 and now its worth 70, how can you say I havent lost anything, theres a difference there of 70k, an amount Ill never recoup.

Yes, my father passed away 3 months after buying, he was under the impression it was a kind and hassle free way for me to deal with his passing.

Any asset can fall in value, can you not understand that simple fact?

HAMISH_MCTAVISH

Trusting_Fool wrote: »

Renting see..thanks, some one gets it. That was my plan, but it needs to be in my name and its stalemate...

Peverrells wont put it in my name untill I pay them £4000...

You have an asset.

At the moment, the asset is worth less than it was 4 years ago, at some time in the future it will almost certainly be worth more.

Your real problem is that you are not generating any return from that asset in the meantime.

Raise the 4K, get it transferred, get it rented out.

Then wait for values to recover while earning some money in the meantime.

Trusting_Fool

dopester wrote: »

"Discusting?" The value has fallen. Probably could have gotten out if cutting it to an attractive market price four years ago, instead of so close to the value you believed it was worth.

aybe you should try and hold them off a bit longer and sell at a bargain price, or one that at least attracts attention of the market, the current market, as it is today? I don't know what asking price that might be.


Many people who were planning to go into retirement apartments are also recoiling from having to sell their houses at lower prices that they were told they were worth around peak. /QUOTE]


Thanks, you dont know what it means to talk to someone who understands.


4 Years ago my Dad died, yes it was put on the market, by a local estate agent, moved after 6 months to Retirement homesearch...another area of fuzzyness.

What can you do, obviously Ive read everyone overvalues, but for 3 years, when it was my executor who was handling it I had no wish to get involved, why would I Id just lost my Mother and Father in quick succession.

Its only the last year, with her having to pay the bills, that matters have become strained.

Since I posted this a Lawyer on Just Answer promoted the possablity of asking for an assent. I think the problem, now clearer, thanks to some replies is my inability to actually get directly involved.

Dunno why my financial consultant cant talk to my solicitor, who then ...oh well you get the picture..