Unable to sell house- getting desperate - please help

ljfx_2

We've had our property up for almost a year now. Its on a popular road in a good area yet we've seen houses up for sale and then sold quickly on the same road since ours has been up

We've used almost every estate agent in the are - currently up with 3 now

We've reduced the price as much as we can

We are now desperate and can hardly afford the mortgage each month

We are thinking about going to an auction to sell it off quick - any advice?

izzybusy23

ljfx wrote: »

We've had our property up for almost a year now. Its on a popular road in a good area yet we've seen houses up for sale and then sold quickly on the same road since ours has been up

We've used almost every estate agent in the are - currently up with 3 now

We've reduced the price as much as we can

We are now desperate and can hardly afford the mortgage each month

We are thinking about going to an auction to sell it off quick - any advice?

Hi there

Sorry I don't have any advice on auctions as such, all I know is that they are the last resort really. However, sometimes this can be good as some properties go over their reserve price BUT I have seen a few auctions lately whereby the properties haven't made their reserve price.

Can you not look to rent it out instead? How is the rental market in your area, is it bouyant or oversupplied or do you think there is a lack of suitable rentals? I ask because if its saturated with BTL then you will have to keep reducing rents to compete with other landlords and could end up subsidising your tenants rents.

How about going interest only until you get back on your feet financially. Is that an option you could consider?

Unfortunately I think you are not alone. It seems to be increasingly more difficult for people to sell their homes.

Good luck with whatever your choose to do.

BlondeHeadOn

Can you post a link to the house on one of the agents websites or Rightmove/etc.? It might help if people on the forum can see what you are tyring to sell - someone might have some bright ideas to help.

grade15

is it cleaned up and looking fab inside..anything wrong with the property..
no DIY disasters ?
think we need more info..? to analyse your problem..

Debt_Free_Chick

ljfx wrote: »

We've had our property up for almost a year now. Its on a popular road in a good area yet we've seen houses up for sale and then sold quickly on the same road since ours has been up

Do you know what they went for? Ignore the price on the sale particulars ... what did they actually sell for?

We've used almost every estate agent in the are - currently up with 3 now

We've reduced the price as much as we can

But something about the house is not getting prospective buyers excited when they see the price (or vice-versa ... they see the price and are disappointed about what they're getting).

We are now desperate and can hardly afford the mortgage each month

Have you switched to interest only?

We are thinking about going to an auction to sell it off quick - any advice?

If you want a minimum of £x you will have to set a reserve for this amount. If no-one is prepared to pay the reserve, the auction will fail i.e. the house won't be sold.

If you don't set a reserve, then the house may be sold for far less than you want.

Most people buying at auction expect to "get a bargain" so if the price you want is too high, an auction is not going to work for you.

fishseal

Please whatever you do, don't auction. Auctioning is a sign of a weak sell which means people will come with the sole intent of undervalueing your property.

There are a few aggressive strategies. I will go over a few considering my time contraints.

1) Offer a marginal incentive to your real-estate. Tell them you will slip them extra cash once the sale has closed if they can get it to close in the next few weeks. Making your property a more valuable sell to the agents will make your property over-valued. Generally, for every $500 extra you offer your agents it has the same effect as taking a few thousand off of your asking price. This is a much more financially viable solution than lowering your house below market value.

2) Another big mistake people make is that they make their house seem empty. Having your house so spotless it barely looks lived in tells prospective buyers that you are in a hurry to 'get-out'. Instinctually people will come in at a lower offer.

I hope these two tid-bits offer some help. I could give you more information provided I know more of the situation. Feel free to e-mail me through my website.

Alias_Omega

I think we need a postcode so we can check the prices the houses sold for.

and as mentioned above, maybe a right move link

ultramagnetic_commuter

Is having it on with 3 agents the right strategy? In my experience, having a single agent dealing with it means they are more likely to push it (paper advertising etc.) than if they know they are in competition with other agents.

boyse7en

I can't see that going to auction is a good strategy. Most people at auctions will do their research and know that the house didn't sell at £xx on the open market, so they won't bid above 10-20% below that.

Basically the asking price is too high for the house. so either you have to lower the price or improve the house's appearance so that the two match up. If other houses in the area have sold then there is no reason you can't sell yours, but it is either going to take some effort on the presentation or you will have to take less money. It doesn't matter that you have lowered the price to 's low as you can go, you have to lower it to as high as the buyers will go.

ljfx_2

Thanks all for your replies so far :beer:


Its exactly the right price for the road- detached houses on the same road go for £800k!

We've been with single agents up till now giving them each a certain amount of time to sell it - and now have just decided to go with more than one

lynzpower

Ok Ive had a lok at it, and heres my feeling. please dont be offended, by anything here, I am trying to help.

the first thing Id say is that the house looks unlived in. I know its hard to find that balance between blank canvas, and homely, but it looks just "empty". the dining room & lounge in particular. why no plants in the garden? Why no softness? the furniture looks a bit 2dolls house" very small against the size of the property, im not sure why?

the second thing when I saw the price I simply thought "ooof, expensive". Why do you NEED that for it? Is that what you paid? with the greatest of respects its obviously not the "right price" otherwise I dont see why it would still be on the market a year on. plus the market is topping and what you could have got 6 months ago, you miht not achieve now with the rise in interest rates and so forth.

how many viewers have you had? what was thier feedback ?

why no pics of bedrooms?