Quick home sale

Lisa199211

After moving into a house a few months ago I hate it and have been very depressed since buying it.

I thought it’s what I wanted but realise the mortgage is too much for me (I was mortgage free before I left my old house) and it is costing a lot more than I thought on running costs, I feel really out my depth, it needs a lot of work doing to it and I don’t want to modernise it as I really hate it.

I’ve tried to sell and got no offers. I have a quick sale company offer and stand to lose £40k in total. I’m very worried for my job as they are talking about a huge staff reduction if I leave I can buy a smaller 2 or 3 bed terrace and still be mortgage free or take out a small mortgage for a semi.

The company buying have said I can live rent free in the house for a couple of months to help me find somewhere.

I feel totally lost. I made a bad decision with this house. Has anyone else been through this before or can anyone give me some words of advice.

hazyjo

You won't get a recommendation for a quick buy company here. They will probably drop their offer before exchange. No idea what % £40k is of the price you paid, so can't really comment on that. Could be 1%, could be 50%. They are likely to knock at least 25% off. Just price it to sell.


Or auction?

RelievedSheff

Before you make any hasty decisions give yourself another few months to settle in and get to know your home.

Three months in there is no time at all and while it might feel overwhelming now you might after some time to think about things realise it isn't so bad at all.

Take stock of what needs doing, prioritize a few jobs that will make life more pleasant in the house and give yourself time to settle into a new routine and new finances.

eddddy

Lisa199211 wrote: »

I have a quick sale company offer and stand to lose £40k in total.

The quick sale company will buy it, and then want to sell it on very quickly at a profit.

e.g. They might buy it from you at £40k below your asking price, then quickly sell it on at £20k below your asking price.

So you'd probably get an equally quick sale by knocking £20k off your asking price (instead of £40k), and selling it through a regular EA.

G_M

eddddy wrote: »

The quick sale company will buy it, and then want to sell it on very quickly at a profit.

e.g. They might initially offer to buy it from you at £40k below your asking price, then reduce that by another £20K, and then quickly sell it on at £20k below your asking price.

So you'd probably get an equally quick sale by knocking £20k off your asking price (instead of £40k), and selling it through a regular EA.

The problem with dropping your price now, within 'a few months' of buying, is tat buyers will struggle to get a mortgage. Many lenders won't lend on a property within 6 months of a previous sale.


Either wait for 6 months, or auction.

Davesnave

You're an adult, so start acting like one.

We all make mistakes, but no matter how catastrophic they might seem, the way to deal with them is calmly and methodically, without panicking.

For a start, by trying to sell so soon, you scuppered your chance of anyone who needs a mortgage buying it, because lenders don't usually approve purchases within 6 months of the last completion.

Going to a quick sale company was also a mistake. Essentially, you just wanted to shift the burden of your error quickly at any price, and any price is possibly what you'll end up with, but I think you may have begun to realise that. As hazyjo says, it's not unknown for the initial prices these companies quote to be substantially downgraded on some pretext, once they feel you're committed.

Selling now would also be a bad move, compared with waiting till the spring, when better weather and a possible end to the B-thing (who knows?) will bring buyers back to the market. Now, people are thinking about other stuff.

I'm confident your house will sell. It will have to be at the right price, but that'll still be much better than you'll get from "We Buy Any Property." Just spend the winter considering how you can move on with a realistic price, maybe 10% below what you paid. Check what that'll get you and where. If you never want to see a do-er upper again, that's OK; neither do I!!

It's not a huge sin to make a gross error on a car, house, partner, or whatever. [STRIKE]Most[/STRIKE] All of us have done it and extricated ourselves, usually with a reasonable amount of dignity.

I really disliked the property we're in now after we bought it. It washideous and needed work, but the problems were all in my head and went away after a few years. I'm not saying that will happen to you with this house, but just accepting that you have to wait a while will give it, and you, a fair chance.

GDB2222

Hi Lisa, I knew a headmaster whose motto was "Don't make a catastrophe out of a crisis." The crisis is your not liking the house, but the catastrophe would be selling it in a huge hurry.

The quick sell companies have a terrible reputation. One possibility is that they wait until you have spent money on legal fees etc, and then at the last minute they reduce their offer. You simply cannot trust them.

Do you want to post more details of your house, perhaps?

Bossypants

About 4 years ago, I bought a flat which turned out to be a TERRIBLE decision. I tried to make the best of it (decorating and furnishing it to my taste, trying to fix the most obvious things which bothered me), but after a couple of months, I was forced to accept that I hated both the flat and the location. I was miserable, and my misery was only compounded by the fact that I had desperately want to move to the area and loved the flat from an aesthetic perspective, so I felt really embarrassed about the whole sorry situation.

I was really unhappy, but I knew I had to stay for a full year in order to allow buyers to get a mortgage, so I buckled down and tried to make the situation work for me. I made a list of all the things that made the flat terrible for me, so that I could avoid making the same mistakes again. I spent a lot of time researching potential areas to move to, both on Rightmove (good for home distraction/day dreaming) and physically (good for getting out of the environment which is making you miserable and for exercise to calm the nerves). In the end, I was able to move to a much more suitable house almost exactly a year later. I had to move from that house earlier this year (not because of the house this time, long story), and was able to use what I learned while living in the awful flat a second time, to find a house which suits me even better than the last one did.

In sum, you made a mistake, that's okay. Now it's time to use it and make it work in your favour.

jamie_128

Why is the house so bad? You must have liked it to some extent.

You mention running costs being high but you would be far better financially in keeping it for a couple of years then selling than just selling for a huge loss now, the running costs cant be that bad if your happy to take a 40k loss right off the bat.

DCFC79

What made you buy the house or what did you like about it ?

Re the running costs, you can reduce these, just need to research it.

t1954

Hello new on here. Has anyone sold their property with a company called
housebuyers4u.co.uk? The sale of our mothers bungalow has just fallen through!  My sister cleared the furniture all out because the new owners said they didn’t want any of the furniture left there and now they have pulled out!  My sister is in her 70s now and is the only one near enough to manage the upkeep of the bungalow and gardens, but mentally and healthwise she cannot maintain this through another winter. Which is why we are looking into selling to this company as our mother is in a ‘home’ which the bill will be paid off from the sale of bungalow. Does anyone have any experience with them at all?
Hope someone reads this!