Can't sell our house!

Becks045

We've decided to sell this investment property as its unusal and if the market does crash or decline then we have our strongest properties left.

Although it does pay for itself its the one we want to get rid of the most!

CB1979_2

but it doesn't make financial sense, as you've said:
it rents out the day it's available (PLUS POINT),
it's not in an enviable location (BAD)
it's an unsual property so appeals to probably 0.5% of buyers (BAD),
it has no garden, so take that 0.5% down to 0.1% of buyers (BAD).
it needs updating (BAD)
it's overpriced. (BAD)

surely you'd rather this property take a hit that's ideal for letting than your other more "normal" properties that could sell easier???

it sounds like it's more don't want to sell, rather than can't sell.
if you want to sell you have to take in all the above and price the property realistically.

Becks045

CB1979 wrote: »

but it doesn't make financial sense, as you've said:
it rents out the day it's available (PLUS POINT),
it's not in an enviable location (BAD)
it's an unsual property so appeals to probably 0.5% of buyers (BAD),
it has no garden, so take that 0.5% down to 0.1% of buyers (BAD).
it needs updating (BAD)
it's overpriced. (BAD)

surely you'd rather this property take a hit that's ideal for letting than your other more "normal" properties that could sell easier???

it sounds like it's more don't want to sell, rather than can't sell.
if you want to sell you have to take in all the above and price the property realistically.

It does have a garden (all paved rather than lawn) and it has a roof terrace, ok, not a huge traditional garden but there is outside space.

Its been redecorated so doesn't need updating that much. Has new wiring, boiler and double glazing, surely a plus?

We have reduced by £30k which is a bid reduction and we are going to offer to pay the purchasers stamp duty at 3%. It could entice people.

We do want to sell this property as all of our other properties are in fixed-rate mortages and it wouldn't make any sense to pay redemption fees.

Badger_Lady

I think you need to target investment buyers - a small and picky market, but if you can show an existing income from the business, pay their stamp duty and offer a competitive price you'll have it. Your EA is probably not targeting that specific group (judging from RM link).

However, it's still not a dead cert beause any investment buyer will have resale value in mind as well and confidence is low on conventional properties right now, let alone a "risk".

Where do you look when you're hoping to add to your property portfolio? What do you look for? Whatever the answers, this is how you need to advertise your place.

Conrad

People who get few viewings make me laugh, you could'nt make it up!

Let's see, I want to open a hotdog stall and charge £4.00 a dawg. If I get no customers what does this mean?

Hm, tricky one this.......mmmmm

Oh, perhaps the price is too high? Is that the answer?

Wow, that was a tough one Sherlock.


Seriously I dont want to be rude, buy I'm so exasperated with such stories. Any EA will always have these unrealistic vendors on thier books, sometimes for years. The vendors always refuse steadfastly to acknowledge the answer to thier great mystery

THEY'RE OVER PRICED

If something doesnt sell it's overpriced.

Becks045

Conrad wrote: »

People who get few viewings make me laugh, you could'nt make it up!

Let's see, I want to open a hotdog stall and charge £4.00 a dawg. If I get no customers what does this mean?

Hm, tricky one this.......mmmmm

Oh, perhaps the price is too high? Is that the answer?

Wow, that was a tough one Sherlock.


Seriously I dont want to be rude, buy I'm so exasperated with such stories. Any EA will always have these unrealistic vendors on thier books, sometimes for years. The vendors always refuse steadfastly to acknowledge the answer to thier great mystery

THEY'RE OVER PRICED

If something doesnt sell it's overpriced.

There is no need to be sarcastic, clearly its overpriced and/or the current market conditions aren't helping. Anything will sell for the right price. And afteralll an estate agents valuation means nothing at all if no-one is prepared to pay it!!!

I am realistic and have said to myself that the 4 estate agents that all valued it at £300k plus must have overpriced it. I've looked around hensce why I can see myself its overpriced. Thats why we've reduced it by £30k to £285k. We are now going to offer to pay stamp duty and see how that goes for a few weeks.

Thanks Conrad for such wise words!!!!!!!!!!!!!!!!!!!!!!

dealornodeal_3

Becks045 wrote: »

We've got an investment property which we purchased a couple of years ago which we have now decided to sell.

Its been on the market for over 6 weeks and in that time we've had one viewing. The feedback was they wanted a large garden and the house only offers a small'ish garden and roof terrace so not a lot we could do about that.

The estate agents have been rubbish and given us no indication of why we've had so little interest. We have reduced the price by £30,000 but still no interest.

It is a little unusal in that its a 3 bed house with a seperate 1 bed detached cottage (granny annexe/buy-to-let/holiday home) however I thought we would have had more interest than this!

Any advice on what we can do to get prospective viewers through the door?

Its now on the market for £285,000 (situated in Margate, Kent). May be we should consider offering to pay the vednors stamp duty as an incentive? Or an auction? Any thoughts gratefully received.

I think everybody is sitting tight at present, because of the Uncertainty in the Markets:eek:

jonewer

To be honest Becks, it depends on you and how much you want to sell. Paying the stamp duty is a nice sweetner but looking at the other properties on rightmove, its like asking £20k for an Austin Allegro and offering a free toaster to sweeten the deal.

Now you MIGHT get an offer tomorrow, but more likely you will have to wait a long time to sell this one.

Given the current uncertainty in the markets, this might mean sitting on a devaluing asset...........

PasturesNew

jonewer wrote: »

this might mean sitting on a devaluing asset...........

Which is additionally costing you mortgage payments (£1000 per month?) and insurance (ins co happy it's empty more than 30 days?) and council tax.

Do a spreadsheet which shows:
profit, banked and earning 6% interest
Over time, when looking that the ongoing cost of having it sitting there.

Now imagine it doesn't sell for 12 months - during which time you reduce it by varying amounts (or re-arranging the deckchairs on the Titanic)

Then see how you might make more money in the long run than sitting on it at the higher price waiting for the right buyer.

If I'd dropped my house price by £23k on day 1 and taken the first buyer offering me £250k, then I'd have saved myself the hassle/cost/stress of going through the viewings and wondering "when ...." - and ultimately I'd have got on with my life 1 year earlier - with NO difference in the money I actually had (even though I DID end up selling it quite a bit over the £250k, ALL that "extra profit" was MORE than gobbled up just keeping the house mortgaged/running)

Good luck

dolce_vita

What amuses me about this thread is how someone (in this case the OP) can "accumulate" several properties without the faintest idea of how the market works.

This alone should tell you what a mess we are in.



But that's bubbles for you.