Using "IAmSold" as a SELLER

silk_2

Hiya

I've seen some not so positive threads about this style of auction from a buyer perspective, mainly griping about the £6k fees.

I wondered if anyone could offer feedback or experiences from a seller perspective?

I'm hoping to sell as close to market value as possible (85-90k) but have been told I should set a reserve for 64k - I refused that and we agreed 69k but I haven't signed anything yet.

I would accept a 69k sale as I just want rid of the place now. Mainly because the house can only be unoccupied for 6 months, after which I would have to pay full council tax.

But if I'm willing to go that low does it make more sense to list it as 75-80k as a normal sale?

silk_2

Oh ouch.. just checked and I only get one month with a discount on council tax. Who on earth can sell a house in a month.. what a scam.

mrginge

silk wrote: »

Oh ouch.. just checked and I only get one month with a discount on council tax. Who on earth can sell a house in a month.. what a scam.

The only scam is that you get any discount at all for unoccupied properties

AndyT678

Are you really suggesting that you're willing to forego £15,000 - £20,000 in order to save a few hundred quid on council tax?

If so I'd like to introduce you to my friend who's a financial advisor. He's utterly trustworthy and as a member of the Nigerian royal family has some really good connections and can access some great investments.

silk_2

mrginge wrote: »

The only scam is that you get any discount at all for unoccupied properties

There should be an unoccupied "fee" that increases over time, starting at 0 for the first month and capping at 150% after 15. But heaven forbid we use sensible and fair ways to defeat the issue of empty housing.

In order to sell a house you have to stop letting it and then go through the sales process. This is an unavoidable period where the house will be empty, and therefore charging a landlord for this period is grotesquely unfair.

A penalty should only be applied where there is a means to avoid the situation in which the penalty would be applied. Otherwise it isn't a penalty, it's an unavoidable, thinly disguised cash grab.

If you are able to tell me of a way to avoid having an empty house whilst it's for sale, I'm all ears.

In the meantime an answer to OP would be nice as well.

silk_2

AndyT678 wrote: »

Are you really suggesting that you're willing to forego £15,000 - £20,000 in order to save a few hundred quid on council tax?

If so I'd like to introduce you to my friend who's a financial advisor. He's utterly trustworthy and as a member of the Nigerian royal family has some really good connections and can access some great investments.

It isn't about council tax, sorry for turning it into that. It's more the stress of owning a house half way up the country and not really wanting to let it again.

Never wanted to let it in the first place tbh. It would take 6-12 months to sell at market value, as the area is very slow right now (Bradford). I know this as I tried to sell a while back with no joy hence having to resort to being an accidental (and yes, fully legal with BTL etc) landlady.

If I wanted a genuine quick sale, I wouldn't get much higher than 69k. I reckon I could go for 75k. Not much different to the reserve on the auction hence asking if auction is a good way to go, and hence asking about this company in particular.

There is another house up on the street for 85k, bit worse than mine. Doesn't look to be selling.

P.S. I already have two nigerian friends, surprisingly they're also part of the royal family. Must be a big family.

AndyT678

silk wrote: »

It isn't about council tax, sorry for turning it into that. It's more the stress of owning a house half way up the country and not really wanting to let it again.

Never wanted to let it in the first place tbh. It would take 6-12 months to sell at market value, as the area is very slow right now (Bradford). I know this as I tried to sell a while back with no joy hence having to resort to being an accidental (and yes, fully legal with BTL etc) landlady.

If I wanted a genuine quick sale, I wouldn't get much higher than 69k. I reckon I could go for 75k. Not much different to the reserve on the auction hence asking if auction is a good way to go, and hence asking about this company in particular.

There is another house up on the street for 85k, bit worse than mine. Doesn't look to be selling.

P.S. I already have two nigerian friends, surprisingly they're also part of the royal family. Must be a big family.

That makes more sense!

Sorry I can't help with the auctioneers but if you can only get £75k in the open market then you may struggle to get £75k - £6k fess in the more closed market of an auction.

Good luck with the investments - they're a wonderful family but terribly unlucky in the way they keep getting all their own money stuck in banks that won't release it back to them.

LisbonLaura

silk wrote: »

Oh ouch.. just checked and I only get one month with a discount on council tax. Who on earth can sell a house in a month.. what a scam.

The joys of home ownership.

I'm sure you know the answer really: Pitch it to entice people or you will kill it stone dead.
Either way is a worry, but only one is likely to produce a sale.
.....................
To read the msm you'd think it was boom times for the British obsession.

mrginge

silk wrote: »

There should be an unoccupied "fee" that increases over time, starting at 0 for the first month and capping at 150% after 15. But heaven forbid we use sensible and fair ways to defeat the issue of empty housing.

In order to sell a house you have to stop letting it and then go through the sales process. This is an unavoidable period where the house will be empty, and therefore charging a landlord for this period is grotesquely unfair.

A penalty should only be applied where there is a means to avoid the situation in which the penalty would be applied. Otherwise it isn't a penalty, it's an unavoidable, thinly disguised cash grab.

If you are able to tell me of a way to avoid having an empty house whilst it's for sale, I'm all ears.

In the meantime an answer to OP would be nice as well.

Maybe you could use some of the money you've saved through the many tax breaks you've enjoyed as a landlord to offset this cost?

Or don't those count?

How about you write to gideon and ask him to stop letting you claim your mortgage interest off your tax bill since it's not fair to all those non landlords who don't get the same benefit.

silk_2

mrginge wrote: »

Maybe you could use some of the money you've saved through the many tax breaks you've enjoyed as a landlord to offset this cost?

Or don't those count?

How about you write to gideon and ask him to stop letting you claim your mortgage interest off your tax bill since it's not fair to all those non landlords who don't get the same benefit.

I don't know why you are being so bitter. My rent post-tax barely covered the mortgage, and I ended up paying for many repairs and mishaps during the tenancy. I did not make a profit, and now I am losing money.

You wouldn't buy a house in Bradford if you were in it to make money. I owned the house because I lived there, I still own the house because selling it has so far been a complete pain. Add to this that I bought in 2007.. yes, the unlucky year. Where prices dropped 20% the year after. In 2010 I left Bradford, yet I couldn't sell, I couldn't afford the loss. Now I can afford the loss.

Hence me seeking options such as the Auction company I am asking for feedback about on this thread.