I sunk £50k into an unsellable flat.

Muttleythefrog

gwynlas said:

I was going to respond to the OP but I see they have not replied to any of the advice expressed by others. Whilst they might not hve daily access to the net I would have expected anyone seeking advice to have given us an update by now

They did make one reply but it seemed to fall foul of moderation and got removed.... along with rather more useful posts that quoted it. Doesn't look much like they'll meaningfully engage.

A__L

biberal said:

My flat is a 3 bed maisonette in Aldershot, with a weird/quirky layout, which is putting off buyers. It has been on the market for 2 months and though there have been viewings, no one has made on offer. It is priced for what I paid for it 7 months ago.  I am selling it after having moved back with my mother after my life broke down irretrievably and did not want to live there due to the horrible memories associated with it. I am 23 years old.

I have no idea what to do. I am trying to start over from scratch and start saving up for a new deposit, but even then I will pay a hefty stamp duty tax bill, which will slow down my ability to save even more. I feel completely discouraged and hopeless. I will be living with my mother for AT LEAST 2 years before I can save for another deposit! I think I overpaid. The taxes and wages in this country are outrageous so I am looking to move to Dubai/USA to work so that I can save faster. I am devastated and feel like I've lost my life savings which took me 5 years to accumulate. 

If that is the flat that people shared it doesn't look unsellable. It looks like some better photos are needed and the description needs to be rewritten to include all of the details. Include that it could be a great purchase for a first time buyer. As an option could you rent it out instead while you save?

Sarah1Mitty2

Would auction be a suitable way to get it off your hands?

MalMonroe

This is what the OP said " I am selling it after having moved back with my mother after my life broke down irretrievably and did not want to live there due to the horrible memories associated with it."

They have already moved out of the property and just want to get rid of it. I know that feeling, after having been in a similar situation when I was in my 30s. In such a situation, you can't think straight and you don't want to think straight, either.

It sounds to me as if the OP has been having a really rough time of things and we should try to be even kinder than we have been already (we have been kind, right?). They need support.

If the OP does want to get rid of this property quickly I do agree with those saying take it to auction. Being a big fan of 'Homes under the Hammer', I know - don't laugh! - it seems to me that some people WILL buy anything. I've seen such loads of rubbish being sold at extortionate prices to enthusiastic developers. It's amazing. A developer would love to buy that flat and give it a jolly good sorting out and would probably sell - or rent it out - at a super high price too. 

Anyway, OP, if you do read this, please don't think that all is lost. You've obviously had a really horrible time and you need some time now to recover.

Someone will buy your flat, if you have to take a loss that's not the end of the world. (Again, I know all about that. And I survived.) You are still very young and you have the support of your Mum, which is worth a lot. 

I wish you all the very best. Please take care, and be kind to yourself. 

NameUnavailable

Just to add, OP if you read this, DON'T go for any 'modern method of auction' despite what an estate agent may tell you.

Stick it into a conventional property auction, set your reserve price, add in special conditions that the buyer must pay £X towards your selling costs/auction costs and hope for the best.

Sarah1Mitty2

Would an estate agent actually recommend that though?

markin

The second post was that 'it is a fair price' at 35k over what they paid for it just 5 months ago, and that the average in the area is 200K.

jj_43

Everyone is commenting on what everyone else except the original poster has said 😝 

newsgroupmonkey_

jj_43 said:

Everyone is commenting on what everyone else except the original poster has said 😝 

Usual MO of Crashy and others.The OP hasn't even been back to the thread since they had their first response deleted.

inkydolphin

jj_43 said:

Everyone is commenting on what everyone else except the original poster has said 😝 

It seems to be mostly advice for what they could do, which is what they asked for.