House will not sell !

booksurr

benidorm59 wrote: »

Its not over priced for the area no defects and in good order, but middle terraced and house next door is rented to a young mother who does store rubbish in the garden eg old televisions. She has lowered the price changed estate agents, tidied her garden etc but no viewings. What sort of price would these buy any house offer, the property is on for 95k at the moment

it is overpriced otherwise it would have sold

since no one has viewed it whatever the next door neighbour does in their own garden is irrelevant as no one has seen that


lack of viewers is because everyone goes to look at better value property elsewhere. If she wants viewers then she needs to drop her price.

thestens

Perhaps people are driving by for a quick look before booking a viewing and seeing the crap in next door's garden and not bothering? I've usually driven by myself before booking a viewing, as often things become apparent that aren't in the estate agent's photos! So it probably would be worth approaching next door about helping her to tidy up, as well as talking to the estate agent. In fact, I'd be changing my agent if nothing had happened over that period of time!

eddddy

benidorm59 wrote: »

Friend has a house that she cant sell, house is in good condition etc but no has not had any interest at all She is thinking of getting one of these house buyer companies in, and was wondering if anyone knows the best one to approach, or has anyone got experience of this or should she just forget it ??

Briefly, the way quick house buying companies work...

1) They work out what price the house has to be to get a sale within 2 weeks (probably much less than the current asking price)
2) They offer 80% of that price (they want to keep the other 20%)
3) They try to find a buyer (if they can't find a buyer, they withdraw their offer)


So... your friend could just ask the EA to drop the asking price to the level at step 1 above.

Then your friend will get 100% of that price, instead of only 80% of that price.

moneyistooshorttomention

I'll second the thought of offering the neighbour help to remove the rubbish in garden.

She may be a "litterer" on the one hand - in which case it won't work.

On the other hand - it could be that she has genuine problems in getting rid of the rubbish (eg no car etc) - in which case it might work.

Voice of experience time - from my current neighbour having done endless "disapproving" of rubbish in my garden (whilst I was renovating the house) and zilch offers of helping to dispose of it. So I just let her go on "disapproving":cool: ....

Running_Horse

I'd pay them £1 for it.

I wouldn't pay them £1 million.

Somewhere in between is a price someone will pay.

getmore4less

Street view and google maps often throw up things even though they may be old people realise most places don't change much.

Might also be a known street in known area we have some of those.

if OK property at the right price an investor may go for it.
(but the tenant market for them is like the next door even investor may be an issue.

What would it rent £pm*12*10 for 10% gross yield some will buy on lower yields but mad to go below 5%.

£95k needs rent £400pm-£800pm higher the better.

Riggyman

It must be over-priced, otherwise someone would have bought it.

Mallotum_X

If it was sale for £1 it would sell. At 95k it won't... After 18 months it's the price, so she needs to work out how much lower the correct price is.

Mossfarr

The fact that they have tenants in the neighbouring property may suggest to some people that it is predominantly a 'rental area'. If this is the case then they are probably only going to get interest from BTL investors who won't bother viewing until it is a rock bottom price.
Your friend is probably hoping to have gained a bit of equity but in some areas this is still not possible. If they are keen to move they need to grit their teeth and reduce the price to a more realistic level (which may even be less than they bought for).