Living in Spain, trying to sell UK house, no funds left-PLEASE HELP!!!!

Cakeguts

Competitively priced in Estate Agent language translates into English as "we have overpriced it to get your business."  This goes with we have to massage the ego of the seller by telling them their house is worth more than we know that we can ever sell it for in order for them to sell through  us. If we don't do this our competitors will do it instead and we won't get the job. 

Do your own research on sold prices in your area.  You can get the sold prices from Rightmove or Zoopla.

"Offers over" puts people off so you immediately reduce the number of people willing to view which if you are selling any product is not something you want.

If you are not getting many viewings or any offers it is overpriced. People can get something better and cheaper somewhere else.

cattie

If that link is the house, then compared to the last one that sold last June at just under £140k it would seem to be priced quite competively, but empty houses do tend to take longer to sell as buyers like to have an idea of how furniture etc wil fit in. But one would have expected a house to have sold if priced right & on the market since last April. Have you had any offers at all?
I have to agree that renting, even if it only partially covers costs would be a good option whilst you try to secure a sale.

Marvel1

How would renting and trying to sell at the same time work?! 

Doozergirl

Marvel1 said:

How would renting and trying to sell at the same time work?! 

It doesn't.  It isn't a good idea.  

The tenants are in for minimum of six months.  They don't have to accept viewings for the majority of that and they can't really forced to in the time that an agreement says they should.  You don't know how they are going to live, so if that is going to present the house in its best light if they do allow viewings.  

 You also cannot end a tenancy, only the tenant or a court can do that, so if you sell to someone, you have to give vacant possession before exchange of contracts.  You need them to leave, but they don't have to until removed by a court.   Trying to tie exchange of contracts with a tenant's contract, even if they are willing to leave is a bit like trying to herd cats.  

Selling a house with tenants in situ to a landlord reduces your market and reduces the price of the house.  It is already overpriced.  

There are just so many things to go wrong and in likelihood, you won't save much money, if anything.  You are only renting this house yourself if it is IO.  Cut ties.  The stress in the short term will be paid back the day completion takes place and the weight is lifted.  

Drop the price.    Speak to your mortgage company about the shortfall, they should be understanding.   

A year on the market is not a competitively priced house.    'Offers over' is such an awful way to market if that price isn't an absolute bargain. 

Cutting the lawn won't make much of a difference, nor will painting out Sophia's name if you live all the way in Spain.   Drop the price.   Every month you wait with no tenants is effectively a £500 price drop for you but with no benefit to the buyer.  

markin

Every year they rent it out would mean saving around 6K, after 2 years dropping the price by 10K to sell becomes more affordable, and hopefully you can get photos of it fully furnished.

Preferably you would want someone you can trust, Family or an old friend.

Instantly you won't be paying the 150% council TAX.

Or can your OH Get a loan to cover any loss when the time comes?

csgohan4

markin said:

Every year they rent it out would mean saving around 6K, after 2 years dropping the price by 10K to sell becomes more affordable, and hopefully you can get photos of it fully furnished.

Preferably you would want someone you can trust, Family or an old friend.

Instantly you won't be paying the 150% council TAX.

Or can your OH Get a loan to cover any loss when the time comes?

Renting to family and friends is a bad idea. Money and friends/family shouldn't mix, plenty of threads on here regarding the problems. 
If your only offering 6 months contract, not many people will want the instability and having to move again

we get plenty of LL on here who want their cake and eat when trying to sell and renting it out at the same time. 

Madmel

Coming at this from a different angle.  When my sister moved out to Andalusia, she didn't have work.  She printed out some flyers in Spanish and English offering English and Maths teaching.  Her Spanish was pretty good and she had taught English & Maths on Access courses in the UK.  Before she got home from delivering them round her estate, her phone was ringing and she took on as much work as she felt able to do.  Her prices were reasonable and she then ended up with a waiting list.  The contacts she made helped her to get into paid work.  It might be worth a try in your position.

Retireby40

In the next few months many business will be hiring for the summer season. If you ask around mid april start of may you should be able to pick up bar/restaurant work.

Out of interest what is your OH doing? Working? Retired? Are they not in a position to help you for a few months until you find work.

Realistically volunteering isnt going to get you a permanent paid job in Spain. There will always be another person who is either bored or retired who will fill your role without the need for payment.

GDB2222

I think you need to be realistic about what the property will sell for quickly. Nobody here can value it for you, but it’s haemorrhaging money and you can’t go on like this. That means you need to come in a bit below market value so as to get shot of it ASAP. 

Mowing the lawn and changing the toilet seat won’t make any difference.

That may mean selling for less than the mortgage, so for goodness sake discuss this with the lenders ASAP.  If you are only looking at a small shortfall you can perhaps borrow that from family or friends?

Skiddaw1

GDB2222 said:

I think you need to be realistic about what the property will sell for quickly. Nobody here can value it for you, but it’s haemorrhaging money and you can’t go on like this. That means you need to come in a bit below market value so as to get shot of it ASAP. 

Mowing the lawn and changing the toilet seat won’t make any difference.

That may mean selling for less than the mortgage, so for goodness sake discuss this with the lenders ASAP.  If you are only looking at a small shortfall you can perhaps borrow that from family or friends?

Point taken (I was the one who suggested changing the toilet seat) but every little helps. A tidy garden and a more tempting interior might just attract a few more viewings especially if the price is dropped in tandem. Hope OP finds a buyer soon.