Stuck because we can't sell our house. There must be a solution, please help.

berbasulk

My partner and I currently are living together in my one bedroom bachelor pad. We are very keen to move to somewhere bigger so I have been trying (without success) to sell my place for around six months now.

We are fortunate because I don't have a mortgage on my place and between us we have around 90k in savings. However, because my partner cannot get a mortgage we can only borrow money against my income and this doesn't give us enough to buy what we would like/need.

Therefore, unless we can sell my place and release the equity then we appear to be stuck where we are until that happens and it's starting to get us down.

My question is, have I overlooked something? Do we have any other options or do we have to just keep on waiting until we find a buyer?

Thanks, in advance

satchmeister

berbasulk wrote: »

My partner and I currently are living together in my one bedroom bachelor pad. We are very keen to move to somewhere bigger so I have been trying (without success) to sell my place for around six months now.

We are fortunate because I don't have a mortgage on my place and between us we have around 90k in savings. However, because my partner cannot get a mortgage we can only borrow money against my income and this doesn't give us enough to buy what we would like/need.

Therefore, unless we can sell my place and release the equity then we appear to be stuck where we are until that happens and it's starting to get us down.

My question is, have I overlooked something? Do we have any other options or do we have to just keep on waiting until we find a buyer?

Thanks, in advance

There is one reason it is not selling. It is overpriced. Reduce the price and it will sell (unless there is something really wrong - subsidence, new young offenders home built next door ...)

Annisele

Theoretically you could let yours and rent somewhere else...but you might not want to take on the hassle of being a landlord.

berbasulk

I dropped the price last week. So hopefully that will work and we will find a buyer.

Thanks for your reply Satchmeister however, your reply doesn't answer the question or offer any constructive advice.

HAMISH_MCTAVISH

berbasulk wrote: »

constructive advice.

Rent your place out. As it's mortgage free, this is a straightforward process and will increase your income, allowing a bigger mortgage.

Also, you say your partner has income but cannot get a mortgage? Why?

martindow

berbasulk wrote: »

Thanks for your reply Satchmeister however, your reply doesn't answer the question or offer any constructive advice.

It might not be what you are wanting to hear but high prices often are the reason for difficulty in selling.

TOBRUK

I have only just sold my house (contracts not signed yet - cross fingers) and it was on the market for 14 months. I reduced the price by £5000 about 5 months ago and have just got £2,500 under the asking price, which I am extremely happy about - RESULT!

You need to be patient when you are trying to sell. Yes you have to be realistic with the price and don't expect the asking price. Do your sums and work out the lowest price you can accept so that you can buy another property.

I have been checking prices of properties of the area I was selling AND prices where I want to move to for all the 14 months it has been on the market.

Six months on the market is no time really. Have you been having viewings? The past 3 months my viewings were around twice a week a lot more than last year which surprised me.

Good luck.

berbasulk

She had a bankruptcy about 4 years ago

HAMISH_MCTAVISH

martindow wrote: »

It might not be what you are wanting to hear but high prices often are the reason for difficulty in selling.

And they're often not the reason too.

Ultimately, there are only around a third of the number of buyers that the market used to have because banks are rationing mortgages.

If there are only 3 buyers in an area, and 10 houses for sale, then 7 houses will not sell even if everyone drops their price.

Orpheo

HAMISH_MCTAVISH wrote: »

banks are rationing mortgages.

Does that mean everyone is getting a little bit of mortgage?

poppysarah

HAMISH_MCTAVISH wrote: »

Ultimately, there are only around a third of the number of buyers that the market used to have because banks are rationing mortgages.
.

Not rationing the amount of money people can borrow?