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

[Deleted User]

Is your agent doing all that they could/should to get people through the door viewing? - If not then consider switching.

Is it on rightmove? Are the pictures and descriptions acurate, clear, well presented and describe your property well?

Where else are properties advertised locally - in the estate agents window? Local paper? etc - wherever it is, make sure yours is there

HTH

D9

HAMISH_MCTAVISH

Orpheo wrote: »

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

poppysarah wrote: »

Not rationing the amount of money people can borrow?

Rationing is defined as:

"The controlled distribution of scarce resources, goods, or services."

Mortgage Rationing is therefore a completely accurate term.

In this case, banks are controlling distribution of mortgages through increasing deposit requirements, margins and credit scores until the pool of borrowers has shrunk to match the pool of available credit.

Gorgeous_George

There isn't enough information to decide what I would do.

Options...

1. Let the 1 bed and rent somwhere yourself.

2. Sell (at auction if necessary) and rent somewhere yourself.

3. Hope somebody as equally short-sighted as yourself decides they want to buy a one bedroom home and buys your property at a price that allows you to buy something more sensible.

The best option depends on the area and letability.

Waiting for things to settle down could be a long wait. Settling down may see your property worth much less than it is now.

I would never buy a one bedroom house and I feel that the best option would be to sell - just in case the market takes a turn for the worse. Or, find a more creditworthy girlfriend .

GG

berbasulk

Thanks for this idea Hamish. Do you really think the banks will take rental income into account when deciding on the amount they will lend me? Is so would this apply to all lenders or just a few selected ones?

magpiehill

There is always the option of auctioning the property. A good auction house usually has a high % sale rate (depending on location), so if the reserve isn't unrealistic it should sell. Even if it it fails to sell in real time, there will often be the chance to agree a price with one of the bidders on the auction day if the last offer was close to the reserve. Also, there are the advantages of it being legally binding at the fall of the hammer and 28 day completion.

Obvuiosly some reserarch would be needed on who to go with and a chat with a solicitor before proceeding would be highly essential to my mind.

HAMISH_MCTAVISH

berbasulk wrote: »

Thanks for this idea Hamish. Do you really think the banks will take rental income into account when deciding on the amount they will lend me? Is so would this apply to all lenders or just a few selected ones?

Most banks will take additional income into account, but you'll have to prove you're getting it. This may involve moving into rented yourself for 6-12 months, so you can rent out your own place during that time to prove it's viable as a source of income.

Bit of upheaval, but possibly worth it.

For other ideas we'd need more info.

What's the flat worth, what would it sell for, what's your income, and her income, how much in savings (versus equity in the flat) and what price house are you wanting to buy?

missile

You could consider a part exchange deal, where the developer buys your old house.

missile

berbasulk wrote: »

She had a bankruptcy about 4 years ago

You want to think very carefully before entering into any joint financial commitments

myhouse_2

HAMISH_MCTAVISH wrote: »

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.

Somwhat simplistic. If there are 3 buyers in an area and 10 houses for sale, all 10 will sell if they are all sufficiently affordable to encourage buyers into the market.

Gorgeous_George

myhouse wrote: »

Somwhat simplistic. If there are 3 buyers in an area and 10 houses for sale, all 10 will sell if they are all sufficiently affordable to encourage buyers into the market.

Indeed. At the right price I'd buy without a viewing. Let's start the bidding at a tenner.

Prices are too high generally although i confess to buying one in February.

GG