Flat Sale Fallen Through Close to Completion

ChrissieS_2

The potential buyer of my 1-bedroomed flat pulled out just after her solicitors sent me a letter asking for my suggested completion date. I haven't had the legal bill yet but I've really struggled financially to get this far to put it on the market so I very, very gloomy.

My agents have put it straight back on at £5k cheaper. The first agents I used didn't sell it, the second ones did a group viewing resulting in the time and money-waster who just pulled out. Should I get a third agent involved?

The valuation is probably a bit specialist. It's an ex-LEA flat on an estate. I didn't know this when I bought it because the whole estate was bought from a developer by the council 35 years ago. It's about 50% owned and 50% still council apparently. I know it sounds a bit naive, but as I was a first-time buyer I just thought it was a modern estate. It's set in lovely green surroundings out of the centre of a city.

I am now going to struggle to buy another place whatever I do and will have to rent and try to save for at least a year. Any idea how much I should be pitching below the average local price for a non-LEA? I'm staying with a friend at the moment as I've given away all the furniture and white goods which were usable but pretty old so it looks quite sparse when people are viewing it.

xsor

Probably not helpful.. but what is LEA?

Couldn't find what it means online..

Rambosmum

xsor wrote: »

Probably not helpful.. but what is LEA?

Couldn't find what it means online..

OP means it's an ex-council flat/ local authority.


edited to answer question:


about 10% cheaper, more if bad area or want to sell quickly.



Why have they pulled out? Did they discover something in the searches? Mortgage offer withdrawn?

Not sure why you think a group viewing was a waste of time, I'd have thought several separate viewings would have been worse (and an equal number of time waster to be honest).

ChrissieS_2

I think they got cold feet. The reasons given were that the lease would cost approx £2k to add 99 years to. (There are 97 years on at the mo'.) Also the cost of any potential major works in the future. I'm in a block of 4 and the cost would be shared equally. We pay £21.50/month for management and maintenance and have done for the last 6 years. The problem is that all maintenance notifications for the whole estate are sent to every household and it looks like lots of work will be going on. Bad advice from their solicitor may have come into play here and not asking me exactly how much I'd paid for maint and repairs over the 6 years I've lived there.

Rambosmum - the group viewing wasn't a waste of time. It was the person who pulled who is the money and time waster. I'm all for getting viewings done in one day.

hazyjo

A third agent as in put it on with 3 agents at the same time, or switch to a third?


I wouldn't even put a property up with 2 agents, let alone 3. Smacks of desperation and you're likely to get investors offering low.


Have presumed Rambosmum is right and it's ex-LA (not sure what the E bit means though, like xsor).


It's really not going to look appealing with nothing in it. Is there any way you can dress it? Blow up bed with nice bed linen, nice light shades, sofa, etc.

ChrissieS_2

OK - it sounds like it's priced reasonably for the area. I'm in Bristol and it's now on at £145k. It's not in tip-top condition and the electric storage heaters work but they're old and unattractive. I costed those previously as well as a new shower (again works but is old). Tired decor is how I would describe the bits I haven't done. I decorated all the rooms except the lounge which is wallpapered in a neutral colour but it does need replacing. I would also replace both bathroom and kitchen linos if I moved in, but it's definitely liveable with nothing urgent to do upfront.

ChrissieS_2

I think I'm not a very clear poster. Sorry!

The first agents got 11 viewings - no offers. Sacked.
The second agents got 4/5 viewings - one offer (person who pulled).
Now thinking of sacking them and trying a third.

We had to carve the sofa to get it out of the flat. I can't get another one lugged up the stairs. I'm on my own and really not very well-off at all. I'm getting an agent into have a look. Maybe I can move some lamps and chairs in from a friend's house ...

Superclarkkent

hazyjo wrote: »

A third agent as in put it on with 3 agents at the same time, or switch to a third?


I wouldn't even put a property up with 2 agents, let alone 3. Smacks of desperation and you're likely to get investors offering low.


Have presumed Rambosmum is right and it's ex-LA (not sure what the E bit means though, like xsor).


It's really not going to look appealing with nothing in it. Is there any way you can dress it? Blow up bed with nice bed linen, nice light shades, sofa, etc.

Disagree.


I had a flat on with one agent and they seemed to have little motivation to sell. After two months I switched to two (different) agents and there was an instant increase in the number and quality of viewings because the two agents were competing against one another to get the sale (and therefore the commission). We achieved 97.5% of asking price from an owner-occupier.

sheramber

ChrissieS wrote: »

OK - it sounds like it's priced reasonably for the area. I'm in Bristol and it's now on at £145k. It's not in tip-top condition and the electric storage heaters work but they're old and unattractive. I costed those previously as well as a new shower (again works but is old). Tired decor is how I would describe the bits I haven't done. I decorated all the rooms except the lounge which is wallpapered in a neutral colour but it does need replacing. I would also replace both bathroom and kitchen linos if I moved in, but it's definitely liveable with nothing urgent to do upfront.

All these things will look much worse with no furniture in the flat.

hazyjo

Superclarkkent wrote: »

Disagree.


I had a flat on with one agent and they seemed to have little motivation to sell. After two months I switched to two (different) agents and there was an instant increase in the number and quality of viewings because the two agents were competing against one another to get the sale (and therefore the commission). We achieved 97.5% of asking price from an owner-occupier.

That's with 2 agents. I meant 3 smacks of desperation. When I see a property up with 3 agents, my first thought is what's wrong with it.

marliepanda

LEA is usually local education authority (burned into my brain from my teaching days)

OP just means LA, general local authority as you’ve worked out.