Stuck between rock and hard place - what to do?

NameUnavailable

As said, take a close look at your asking price and compare with other SOLD homes around you.

Drop the price to make yours one of the lowest priced of its type and it should sell quickly, assuming there are no fundamental reasons why it won't appeal to most buyers. The problem will be, if you do get and accept an offer, how long it will then take to complete. Even with no chains expect about 3 months and hope that the buyer doesn't pull out for any reason. .

Another option is to put it to auction (proper auction, not the 'modern method'), you might have to accept a bit less than on the traditional market (where you wait for a buyer who loves your house as opposed to mostly investment buyers) but if it sells you will exchange the same day and complete 2 - 4 weeks later, job done and you can both move on with your lives and no fears of a sale falling through and not being able to pay the mortgage in a few months time.

Davesnave

Your title says it all. Our vendor was in a very similar position at a similar time (2009) but she got her ex to see sense, marketed at an attractive price and we paid cash for the property, which was by then unmortgageable.

We still know our vendor and her family. Put it this way, we couldn't afford to buy the house she lives in now. It's possible to turn situations like yours around, but it begins by being totally realistic. Not selling since last September means something's very wrong, and that something will be price.

blue_max_3

I don't know your financial situation, but be aware that renting is not an easy process. 
If you have no income, it's not certain you'll be eligible. This more applies to your ex though. You are likely to be required to pay up to six months rent, plus deposit upfront. With house exchange/completion happening the same day now, you won't see any cash until you have to leave your property, which may make things difficult.
Have you got a financial agreement in place yet? I'd not take any financial decisions until you have. So many people don't get this resolved and regret it further down the line.
This is when you will need lines of credit more than ever. Having a home repossessed is the last thing you need.
Been there and know how tough it is. Good luck. 

swajarbal

NameUnavailable said:

Another option is to put it to auction (proper auction, not the 'modern method')

Interested to know why not the modern auction method? We recently sold the wife's parents house using this method, and got a good price for it. House was empty and needed a bit of work though. Was about 56 days from final bidding date to completion, with a few extra days added on during covid.

Scotbot

swajarbal said:

NameUnavailable said:

Another option is to put it to auction (proper auction, not the 'modern method')

Interested to know why not the modern auction method? We recently sold the wife's parents house using this method, and got a good price for it. House was empty and needed a bit of work though. Was about 56 days from final bidding date to completion, with a few extra days added on during covid.

Because the fees paid by the buyer are extortionate, much higher than EA fees for a normal sale or fees for a proper auction. Most buyers for auctions are cash buyers and aware of this so avoid the modern auction method.
Very good comment by Richard an auctioneer on this post that explains it in detail.
https://forums.moneysavingexpert.com/discussion/3090250/modern-auction-method/p6

Crashy_Time

NameUnavailable said:

As said, take a close look at your asking price and compare with other SOLD homes around you.

Drop the price to make yours one of the lowest priced of its type and it should sell quickly, assuming there are no fundamental reasons why it won't appeal to most buyers. The problem will be, if you do get and accept an offer, how long it will then take to complete. Even with no chains expect about 3 months and hope that the buyer doesn't pull out for any reason. .

Another option is to put it to auction (proper auction, not the 'modern method'), you might have to accept a bit less than on the traditional market (where you wait for a buyer who loves your house as opposed to mostly investment buyers) but if it sells you will exchange the same day and complete 2 - 4 weeks later, job done and you can both move on with your lives and no fears of a sale falling through and not being able to pay the mortgage in a few months time.

Yep, price to sell quickly, but obviously we are not in normal times, buying property is probably not at the forefront of many people`s minds.

swajarbal

Scotbot said:

swajarbal said:

NameUnavailable said:

Another option is to put it to auction (proper auction, not the 'modern method')

Interested to know why not the modern auction method? We recently sold the wife's parents house using this method, and got a good price for it. House was empty and needed a bit of work though. Was about 56 days from final bidding date to completion, with a few extra days added on during covid.

Because the fees paid by the buyer are extortionate, much higher than EA fees for a normal sale or fees for a proper auction. Most buyers for auctions are cash buyers and aware of this so avoid the modern auction method.
Very good comment by Richard an auctioneer on this post that explains it in detail.
https://forums.moneysavingexpert.com/discussion/3090250/modern-auction-method/p6

It didn't stop us getting loads of bids, and the auction time-limit was extended automatically as 2 or 3 buyers were bidding against each other at the end. A reserve can be set, so if you get less than this the seller can choose whether to accept or try again. Bidding takes place online, so probably much more convenient for most people, especially at the moment. I'd definitely do it again if I needed a quick sale.

Scotbot

swajarbal said:

Scotbot said:

swajarbal said:

NameUnavailable said:

Another option is to put it to auction (proper auction, not the 'modern method')

Interested to know why not the modern auction method? We recently sold the wife's parents house using this method, and got a good price for it. House was empty and needed a bit of work though. Was about 56 days from final bidding date to completion, with a few extra days added on during covid.

Because the fees paid by the buyer are extortionate, much higher than EA fees for a normal sale or fees for a proper auction. Most buyers for auctions are cash buyers and aware of this so avoid the modern auction method.
Very good comment by Richard an auctioneer on this post that explains it in detail.
https://forums.moneysavingexpert.com/discussion/3090250/modern-auction-method/p6

It didn't stop us getting loads of bids, and the auction time-limit was extended automatically as 2 or 3 buyers were bidding against each other at the end. A reserve can be set, so if you get less than this the seller can choose whether to accept or try again. Bidding takes place online, so probably much more convenient for most people, especially at the moment. I'd definitely do it again if I needed a quick sale.

You can bid online  and set a reserve at normal auctions but you pay a smaller fee. Plus if applicable  SDLT is higher as a result of the higher fee

TheMole2020

We have already compared prices with other properties around us and it seems we are already fairly priced, given that right now, there are very few properties of our size on the market around here to compare with.  We have dropped price, too, but to say the local situation remains sluggish would be something of an understatement. 

The auction route sounds a bit scary and not one I’d even thought of. Will mull it over.

Not sure what the post about renting was all about , this isn’t  an option.

TheMole2020

Vestraun said:

Clearly a troll, all the estate agents have told us there’s ‘pent up demand’ and everything is flying off the shelf. 

Well, thanks for that, never been called a troll before. Many things but not that.
You are lucky that ‘all’ the estate agents have told you there’s pent up demand. Not the case where I live. And I am watching what is happening around here very closely, believe me.
We will drop the price again in a matter of weeks if nothing changes.
We don’t believe it is to do with poor pix or presentation, we have sought views from a number of uninvolved people to see what the comments are. All say lovely house, nicely presented, looks attractive, lovely area etc etc.
Thank you to everyone who has offered positive (non troll) comments / advice. Appreciated.