Cannot sell - reduce again or rent?

Catliz1

All advice would be appreciated.

House has been up for sale in Withernsea, East Yorkshire for over a year. initially on market at £117,000 and currently on at £99,500.

Mortgage is £73,700 and owe £3000 out of sale plus £3000 to come off approx for buying/selling costs. Also hoping to buy with money left over on like for like as mortgage is portable so would mean buying £6000 under selling price or taking loan/mortgage to run alongside. (know this leaves me with some equatity in house but £3000 is for the ex who has already had £9000 (i remortgaged to get his name off and release) and am totally gutted I am going to come out of this worse them him :-()

Fee to Estate agents for selling is 1.25% and withdrawal fee is going to be approx £400 ( for them doing nothing). Have had a handful of viewings, feedback good not negative except for on main rd.

Do I :-
pay fee and get out? and try another agent wasting money pd to them and hip pack :-(

reduce again which will result in me finding it harder to buy.

suggest to agent dual agency which may me result in paying new agent selling fees and old agent withdrawal?

or take off market completely and rent it out (£500pcm suggested)and rent in area i want to be until market gets better. and try again. (which will prob mean moving twice and might mean children moving schools twice if cannot rent in area i want to buy)

Help please, I am a single mum and really do not know what to do next feel totally stuck and as if my life is on hold.

Thanks

C

satchmeister

Catliz1 wrote: »

All advice would be appreciated.

House has been up for sale in Withernsea, East Yorkshire for over a year. initially on market at £117,000 and currently on at £99,500.

Mortgage is £73,700 and owe £3000 out of sale plus £3000 to come off approx for buying/selling costs. Also hoping to buy with money left over on like for like as mortgage is portable so would mean buying £6000 under selling price or taking loan/mortgage to run alongside. (know this leaves me with some equatity in house but £3000 is for the ex who has already had £9000 (i remortgaged to get his name off and release) and am totally gutted I am going to come out of this worse them him :-()

Fee to Estate agents for selling is 1.25% and withdrawal fee is going to be approx £400 ( for them doing nothing). Have had a handful of viewings, feedback good not negative except for on main rd.

Do I :-
pay fee and get out? and try another agent wasting money pd to them and hip pack :-(

reduce again which will result in me finding it harder to buy.

suggest to agent dual agency which may me result in paying new agent selling fees and old agent withdrawal?

or take off market completely and rent it out (£500pcm suggested)and rent in area i want to be until market gets better. and try again. (which will prob mean moving twice and might mean children moving schools twice if cannot rent in area i want to buy)

Help please, I am a single mum and really do not know what to do next feel totally stuck and as if my life is on hold.

Thanks

C

What makes you think the market will get better? May be better to reduce the price to sell and move to gain some security.

If you rent it out what about any voids, maintenance, non-paying tenants, new boiler required, estate agent fees etc, being a landlord is starting a business and needs to be treated as such.

Catliz1

I know this is my concern about renting, also worried that for any reason house stands empty and have to find money for mortgage and rent. Market - just wishful thinking I guess just cannot beleive how bad its got :-(

house is on rightmove HU19 2DY 33510947
won't let me post link sorry

Catliz1

right move property-for-sale/property-33510947.html

drusilla

Do you really need to move? It seems like a lovely house. What is the area like?

Can you not just hold on and see what happens to the market?

Catliz1

I need to move to be closer to my family as my dad is terminally ill :-( and my youngest child starts school in September and got no support here now since divorce. All my family and friends are in Hull 20 miles away and i work there part of the week to so spending a fortune on petrol. Lived here for ex as his family was from here but want to go back home now. Thank you.I love my house wish I could pick it up and move it, I cannot get anything as nice in the part of Hull i want to be for that price.

Werdnal

Before you go any further into thoughts of letting, as you have a mortgage, do you know if they will allow you to? Some do, some add extra clauses and costs, some refuse.

You would also need landlord insurance, gas safety certificate etc. It is not all profit either, and you would have to declare any money you do make for tax.

If you are desperate to move, and have worries about your father's health, don't saddle yourself with the added complications and hassle of problem tenants, extra expenses etc. Concentrate on your family and their needs first and do whatever you need to sell!

Catliz1

thankyou don't really want to rent just getting desperate to get moved now. do u think its overpriced? needs anything doing? photos ok?

dawyldthing

i'd say try and reduce it further if you can as within 3 miles of your house theres 2 houses with 4 bedrooms under that amount and 76 under 100,000, and I know for me when I eventually buy (some years yet) i will look for the cheapest and closest to where i want to be to be honest

pimento

http://www.rightmove.co.uk/property-for-sale/property-33510947.html

I don't know the area at all, but I think it looks very nice. My one observation is that you might have the outside pictures taken again on a sunny day.

missile

Catliz1 wrote: »

I need to move to be closer to my family as my dad is terminally ill :-( and my youngest child starts school in September and got no support here now since divorce. All my family and friends are in Hull 20 miles away and i work there part of the week to so spending a fortune on petrol. Lived here for ex as his family was from here but want to go back home now. Thank you.I love my house wish I could pick it up and move it, I cannot get anything as nice in the part of Hull i want to be for that price.

Seems like a lot of hassle and expense to move a mere 20 miles