Please please please please sell!!!!

Spring_Time

I think its the area Sorry. I know Cornwall, its where we are from. What reports do the local schools have from ofstead?

Good luck op. I would though be inclined to take on board what hcb42 has pointed out. Not many vendors would drop 30k off a price because they liked your hair style or something Maybe some games going on

kr15snw

They havent dropped 30k as such but we agreed on 180 as that is what they would be happy to accept. Another house in similar condition sold last week for 210, hense we know the value drop. They keep telling us they would rather we had the house as the daughter grew up there and wants it to go to a family rather than a developer (which are the other people sniffing).

We get the impression they are hugely emotionally attached to it (family home for 50 years) and so are concerned it's going to just go to a developer (which I get as I imagine id be the same with my nans place!)

Blobby8_2

And the money is going to go to the council (in effect) to offset care home costs, sniff.

kr15snw

Blobby, I don't get what you mean? They will be using the money to pay for their mums care home fee's?

Blobby8_2

kr15snw wrote: »

Blobby, I don't get what you mean? They will be using the money to pay for their mums care home fee's?

Thats right, and when it runs out the council will pay (hopefully).

kr15snw

I doubt the council will pay when they know she has a property?

Blobby8_2

kr15snw wrote: »

I doubt the council will pay when they know she has a property?

No but when the proceeds are exhausted the council picks up the tab (what I meant). Consequently whatever they sell for will go on care costs until it runs out, or until the old dear pops her clogs.
£180000 divided by say £600/week = 6 years.

hazyjo

kr15snw wrote: »

...and will be worth about 270k once we've finished with it (cost about 30k to do up) not that we want to sell it!

Think you'll find the £250k stamp duty level drags anything 'worth' £270k down to £250k or less. Know you said you're not planning on selling after doing it up, but you don't want to put yourselves in negative equity or overspend on doing it up, thinking it'll be worth more. Might be that you're way out of pocket when you do eventually come to sell. Just bear it in mind for the future. If you're going to stay there til the mortgage is paid off and have no intention of moving again, that's a different matter.

Also, just cos you've got £30k off their asking price, it still doesn't mean it's a bargain. The one we bought had dropped £65k from their original asking price (including the £15k we knocked off) - but only because it was overpriced to start with.

Jx

spandles

Have you considered getting a surveyor in to check over the property (there may be some nasty surprises) and a builder (to get some idea if your plans are feasible/affordable). It may not quite the dream home you currently feel it is if it hasn't been maintained by the old dear.

Also, we lost a house due to our buyer messing about with 'funds', so from experience, try to detach yourself a little so if the worst happens it's not as bad. My second 'dream home (honestly how many can I have!!!:o) was taken off the market when the vendors lost their dream home. We are staying put for a few more years and paying off the mortgage and saving a deposit so Im never in that position again. I think it's human nature to want something more if we can't have it.

I think your home looks lovely, I can't see why it wouldn't sell but I think the market quietens down during the school holidays which are only 7 weeks away. The spring and autumn always seem to produce lots of sold signs around here (North east).

Good luck anyway

kr15snw

Hey hazyjo,

When I say ‘worth 270k’ I mean properties have sold in that street recently for 270, they all started out on the market for 290ish. We’ve also seen similar condition properties (to the one we like) go for 205 – 215 in the past year (hence the bargain comment).

We’re in a lucky position that to buy the place and put aside 40k for refurbishment work and still only have a mortgage of 120k, so we shouldn’t have a negative equity issue (unless there is a major major crash!)

With regards to surveyors / builder, luckily my husband is a builder and has had a good snoop with some of his work mates to check it out. Im no builder so don’t get the technical talk but apparently ‘their not phased by it!’ J