Exchanged but no deposit

tim123456789

Thanks, I really cannot see why that is not selling


I realise that is not helpful to you


Oh BTW I don't think that it's the type of house that's appropriate for an auction.


It's too expensive for a cash OO buyer, the quick completion required by auctions is going to thwart anybody who needs a mortgage and it isn't the type of property that a developer would be interested in.

phoebe1989seb

It's a lovely house, but does look very tired/not what you'd expect presentation-wise for an 'aspirational' period home in the South East.

Having previously bought a slightly larger character house in Wiltshire that happened to be on a rural A road, we would only be interested if the price reflected this. Coming originally from Hampshire and knowing your location reasonably well - although we've lived out of the area for almost ten years now so are somewhat out of touch with prices - it doesn't seem *ridiculously* overpriced, but the length of time it's taken for you to secure a buyer says otherwise.

I do know that when we came to sell our Wiltshire house after three years of extensive, sensitive restoration works, the five EAs we had round to value it said it would have been worth £150k more had it not been on the A road. In fact one EA (Jackson Stopps) refused to come out to value it, saying their London buyers wouldn't contemplate a weekend home in such a location!

We told the EAs we wanted to achieve a relatively quick sale - having already found our onward purchase - and therefore pitched our price accordingly. Despite mid price range houses taking an average twelve months to sell, we had three offers - one at asking price, that we accepted - within five weeks, although we did drop the price slightly after one month.

Being Grade 2 listed and in a National Park may deter some of your potential buyers. Ours wasn't - although it was in an AONB - and I know one family that offered on it were very concerned that they'd struggle to remove the trees which they assumed had TPOs (they didn't) and were pleased the house itself wasn't listed.

Regarding auction - it's a difficult one as I've always thought that the more unique 'niche' properties are often suited to selling that way. Indeed we have considered this with our current (ridiculously quirky ) house, but on reflection we've decided to go the normal route, using a good local EA.

Living away from the house as I understand you do, I think auctioning may be worth considering, but a decent price drop should have the desired effect without incurring the inflated fees auctioneers apply.

Edited to add: your current 'buyer' sounds way too flakey to be taken seriously, imho.

bertiewhite

bobbicee wrote: »

We've moved out of the house in August into rented accommodation because of my wife's work. The house sits empty, slowly getting damper and unloved but we're still paying a mortgage, council tax (and the new rent) we can ill afford.

In the other linked thread it says the house is rent-free:

bobbicee wrote: »

Last month, my wife got a new job that comes with a rent free house, albeit one that incorporates this fact into her salary.

bobbicee

bertiewhite wrote: »

In the other linked thread it says the house is rent-free:

"...albeit one that incorporates this fact into her salary." is the phrase you're looking for here. But thanks for taking an interest. What advice do you have?

bertiewhite

bobbicee wrote: »

"...albeit one that incorporates this fact into her salary." is the phrase you're looking for here. But thanks for taking an interest. What advice do you have?

I know - I quoted it. Without knowing what your mortgage is and how much of the rent is incorporated into the salary, I can't make that decision.

Slinky

A buyer who can't find 1% for exchange isn't serious. All the time your property is marked up as SSTC your potential buyer could be passing you buy. Get it relisted asap.

bobbicee

Slinky wrote: »

A buyer who can't find 1% for exchange isn't serious. All the time your property is marked up as SSTC your potential buyer could be passing you buy. Get it relisted asap.

You're absolutely right. Thank you. I've given a deadline for the end of this week and will remarket thereafter. Apparently the market is a little busier now and there's a hope that our situation (empty house - no chain) will still be attractive. Fingers crossed. Thanks everyone on here for your input.

bobbicee

bertiewhite wrote: »

I know - I quoted it. Without knowing what your mortgage is and how much of the rent is incorporated into the salary, I can't make that decision.

Don't worry, I'm not asking you to. But thanks for showing an interest. Much appreciated!

AnotherJoe

bobbicee wrote: »

You're absolutely right. Thank you. I've given a deadline for the end of this week and will remarket thereafter. Apparently the market is a little busier now and there's a hope that our situation (empty house - no chain) will still be attractive. Fingers crossed. Thanks everyone on here for your input.

Why are you letting someone who isn't going to be buying your house delay your selling it for yet another week after your previous deadline?

Tell the EA to put it back on now. As in, today. In the vanishingly slight possibility the buyer is serious, they can get their act together even before you have a visit booked by a new prospect, but if they couldn't even raise 1% (whats that, £4,500?) why do you even think they are even to be entertained?

LannieDuck

Move on. Remarket the property today. Your buyer has kept you hanging around for 3 months - perhaps seeing you moving on will light a fire under them. (Although I'll be surprised. It sounds to me as if they're messing you around.)

I voted "give up and tell them the deal's off" - anyone who messed me around that much would be given short-shrift. But I understand you're exhausted and may not want to burn your bridges at this point.

There's nothing to lose by remarketing and still being willing to resurrect the exchange if the buyer magically finds the deposit before you get a new buyer.