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First Time Sellers!
K1RST1E_2
Posts: 176 Forumite
Hi,
My husband and I own a 50% share in property that was £163k in value 6 years ago. We have inherited a 50% share in another property which we would like to move into. The other beneficiary has agreed to us buying them out.
We've had our house valued which varies between £140k - £160k. We knew we were going to lose out when deciding to sell up. The maximum hit we have agreed we'd take is upto £10k however we do want a quick sale.
The EA who we are going with to sell our property have advised to market our share at £75k but realistically, won't people come in with an offer of £70k or less to start? Ideally, we don't want to lose the £10k but it's a worst case scenario.
I was thinking of marketing it at £77,500 in the hope that we'd not have to take an offer of £70k. I'm new to selling so not sure what to do for the best. I guess we can see how that goes and if we get no interest at all then lower it to £75k.
There is a house down the road from ours exactly the same who had theirs up for £169,999 for 13 months now. They have now just lowered it to £159,999 so our share is still less than what theres is. Unfortunately for them, they bought their house for £172k a year before us so are losing out quite heavily.
Thanks.
My husband and I own a 50% share in property that was £163k in value 6 years ago. We have inherited a 50% share in another property which we would like to move into. The other beneficiary has agreed to us buying them out.
We've had our house valued which varies between £140k - £160k. We knew we were going to lose out when deciding to sell up. The maximum hit we have agreed we'd take is upto £10k however we do want a quick sale.
The EA who we are going with to sell our property have advised to market our share at £75k but realistically, won't people come in with an offer of £70k or less to start? Ideally, we don't want to lose the £10k but it's a worst case scenario.
I was thinking of marketing it at £77,500 in the hope that we'd not have to take an offer of £70k. I'm new to selling so not sure what to do for the best. I guess we can see how that goes and if we get no interest at all then lower it to £75k.
There is a house down the road from ours exactly the same who had theirs up for £169,999 for 13 months now. They have now just lowered it to £159,999 so our share is still less than what theres is. Unfortunately for them, they bought their house for £172k a year before us so are losing out quite heavily.
Thanks.
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Comments
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We are 1st time sellers too. I hope it all goes well for you. I don't understand the share selling though lolHave a Bsc Hons open degree from the Open University 2015 :j:D:eek::T0
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Presumably this is a shared ownership property?
What is the HA's perspective on the sale price?I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Yes, the property is a shared ownership. We have a mortgage for £79k on our share and pay rental of £336 on the other half to the HA. They are fully aware of our intentions and circumstances but advised that if we're selling our share only, that they don't need to valuate it separately nor are they interested in what we are selling our share for.
They have told me that the rent will remain the same; it's not based on the value of the property. I can only assume it's a figure they pluck out of thin air and increase it annually with inflation. The rent is now on par with our mortgage payment.
Thanks.0
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