Selling house before 6 months

Tootling

I was a bit suspicious of a house that i saw was up for sale 2 years after purchase!

As a recent house hunter i can say that if i saw it had only been bought 6 months ago I'd probably not even bother. Past sales history being one of the first things i look at. Unless the place looked really good and there wasn't much else.

It was also one of the first questions i asked... Why are they selling? I always felt the answer "just felt like moving" to be a funny reason. Why? You want more bedrooms, better area, work reasons, school?

But there will doubtless be people who will see past that though I've they see the place. And be up front with your reason.

I still find it hard to really understand how one goes off a house so much they want to get rid of it straight away though. It's a house but a pair of shoes.

What drew you to it on the that place? Would it not be better to live in it first before deciding to sell... Which would surely cost you more with all the fees and be stuff. Even if you sell it the the same price without a loss you'll lose out.

Maybe rent it out for a year.

Beardmidget

I think you’ll be pretty lucky if you come out of this without a fairly stinging loss.

The market is tougher now than when you bought. You may not get an offer that matched yours originally.
You will have to pay estate agent fees & solicitor fees.
If you have a mortgage, you will lose what you spent on arrangement/survey/valuation, and the conveyancing fees when you purchased. You may have a penalty to exit your mortgage.

As others have pointed out, a recent sale without it being obvious that the vendor has done, say, a full renovation project, would be a big red warning light to me

If I was in your position (where it sounds like you are going to continue living where you currently do, presumably cheaply/free) I would think very seriously about letting the property out (if it is possible to do so with your mortgage).

Money_maker

Bungalows sell well in most areas so you may be ok. You might want to check your buildings insurance as most companies allow the property to be empty for less than a month.

Haz29

The area is a sought after area
And yes i know about fees
Total fees i paid for everything was £380 didnt need to pay anything else

Solicitor fees for selling are approx 1500 and mortgage exit fee are the same too

warby68

You can do it but beware the mortgage restriction - you may be OK though as a small bungalow could be a downsizer property rather a starter home so a buyer might not need a mortgage.

People WILL be wary/suspicious and you have given several reasons here already - fallen 'out of love' plus circumstances have changed and you need to be nearer to somewhere else. The second actually sounds more convincing eg if you suddenly have to take care of someone or your job changed. The former makes you look a bit flighty ie you might change your mind again.

You sound like you're willing to take a bit of a financial hit so if you're determined I'd get it up for sale at the peak time which is usually around now but be open about the 6m bit and make it clear whether you will accept an offer and then wait or whether you want cash sooner. 6m passes quickly in the housing game.

AdrianC

Haz29 wrote: »

And yes i know about fees
Total fees i paid for everything was £380 didnt need to pay anything else

Solicitor fees for selling are approx 1500 and mortgage exit fee are the same too

Sorry, that makes zero sense.


Solicitor fees for buying are higher than for selling. Sale just involves preparing the draft contract. Purchase involves going through that draft contract carefully, requesting and going through the searches, confirming everything on behalf of the lender, etc etc.


And what about SDLT?

buglawton

Op should live in the house for a while. That way you gain vital experience of home ownership and maintenance and what it’s like having your own neighbours. This experience will make you much better able to choose your next home. Unfortunately you’ve lost your free 1st time buyer stamp duty allowance.

loveka

If you are determine to sell, then just say your circumstances have changed and you need to be closer to work.

I was very suspicious buying a house that they bought only 3 years ago! The circumstances had changed dramatically. The vendor did the viewing and explained it to me.

If it were me I would rent it out.

Haz29

@ AdrianC no i paid £389 solicitor fees total, i paid my house deposit and £389 nothing more nothing less
It was a deal offered hy my mortgage provider for taking the deal with them i paid nothing for valuation etc

Haz29

@warby68 wouldnt outting it on now and telling potential vievers to wait till 6 m be a turn off