Selling a week after moving in

peachyprice

kevc1985 wrote: »

No but if I were asked the question at least I have an answer.

You know you can't give financial advice, yes?

I would run a mile from any seller who tried to tell me I could only buy the house if I used a certain lender.

bengalknights

I would forget all this try and find a lender for the buyer stuff and instead put it straight up on purple bricks or similar as quick sale needed preferably cash due to personal circumstance change.

When they come give then the 40% or so discount and you will be moved in a month.

paddy's_mum

We would be no credit to the ethos of MSE if we didn't warn of the pitfalls and suggest plausible solutions.

sal_III

kevc1985 wrote: »

The house will sell my worry is the mortgage part, by asking the opening question it would help if any potential buyers asked me about mortgage companies then I could do my best to help.

Every house sells, for the right price. Which in your case will be significantly less than what you paid.

The sole reason for selling 1 week after moving in being too big "too big" will wipe out like 90% of the pool of potential buyers this will incldue the majority of the cash buyers who are savvy enough to know better. Half of he remaining "brave" souls will be discouraged by the requirement to use a small pool of Lenders comfortable with less than 6m between sales. Of the remaining about 5% the majority will smell the desperation and will go for way below market offers. Unless this is some extremely sought after location you are probably looking at several months until you get any offer on the table. Might as well sit out 6m and then market it with more believable explanation that you can't afford it. Even if "too big" is the real reason it's too bonkers for most potential buyers to comprehend.

If you are loosing sleep over 5k additional cost of redecoration and furnishing and say 1k/y higher running costs, how are you going to swallow 20k+ loss for selling so soon?

There are plenty of more sensible solutions to your problem already posted, but you seem to have made your mind, so no point in adding any more to the list.

Please do keep us updated with the result, either to prove the naysayers they were wrong, or to warn others not to do the same mistake.

ThePants999

I'm not often envious, but I wish my financial situation were such that throwing away tens of thousands of pounds looked like an attractive solution to a problem of having a bit too much decorating to do.

lincroft1710

You say the rooms are "too large", but what are the actual dimensions?

sal_III

lincroft1710 wrote: »

You say the rooms are "too large", but what are the actual dimensions?

It's irrelevant, as "too large" is subjective. Most people here would agree that there isn't such thing
as "too large" rooms, especially once kids are involved.

While knowing the exact dimensions might help calculate the cost for extra decorating/furnishing, at this point it's clear that OP has made their mind and not interested in alternatives to immediate sale

hazyjo

lincroft1710 wrote: »

You say the rooms are "too large", but what are the actual dimensions?

Was going to ask earlier, but the OP seemed to go from saying "the rooms are huge with this house and we want something smaller" to "The house is too big, by that I mean space, cost of council tax on a bigger house, cost of heating, cost of decorating. This house is too expensive for us to run without the help of MIL."

So basically it's not the room sizes.

They then said "We have equity in the house which we can move over to a smaller house that we could manage on our own. As it’s a new house we wouldn’t have to decorate."

So they've obviously found a new(er) house they want to buy. Which in turn is likely to carry a premium if it's actually brand new and lose them money in the short term if they sell again.

Nothing wrong with making a big mistake. Lots have done it. But I agree with those saying wait 6 months. Or at least 4 before remarketing so it'll be over 6 months by the time someone completes. A week is way too soon and EVERYONE buying will be suspicious. Obviously. I'd not even got all the boxes unpacked after a week!

I'm not saying there is definitely a dodgy reason that the OP is selling. And not saying they're lying or trolling. Not at all. But I absolutely wouldn't touch it with a bargepole if looking for houses in the area. I stand by the fact that everyone saying that is helpful to the OP. They really should take notice.

Gary123456790

I feel for the OP, they clearly bought a house based on a certain set of circumstances and now this has changed. It is a very difficult circumstance to find yourself in.

I get the feeling that they would not have bought this house had the MIL not been involved, so they are left in a house which financially stretches them and having spent a lot of money on a house that they don't want. It sounds like there were some planned works which the MIL would have funded.

I know it is hard but you will benefit by thousands of pounds if you can stick it out for a few months.

I feel for you, hang in there!!

babyblade41

Gary123456790 wrote: »

I feel for the OP, they clearly bought a house based on a certain set of circumstances and now this has changed. It is a very difficult circumstance to find yourself in.

I get the feeling that they would not have bought this house had the MIL not been involved, so they are left in a house which financially stretches them and having spent a lot of money on a house that they don't want. It sounds like there were some planned works which the MIL would have funded.

I know it is hard but you will benefit by thousands of pounds if you can stick it out for a few months.

I feel for you, hang in there!!

But surely their change of circumstances happened well before exchange ...