Struggling to Sell Flat

NameUnavailable

diystarter7 said:

NameUnavailable said:

diystarter7 said:

pinkshoes said:

Why not auction it? You could always set the minimum at the price you paid for it? That way you will hopefully sell!

Hi

OP, please be fully aware that selling at auction is not a bad idea but be prepared for costs, thousands often even if you don't sell.



Thanks

Not sure about that - I paid a listing fee (several hundred £ and if it didn't sell that included relisting in the next auction) and then the only extra costs were if it sold, and I added a clause in the conditions of sale that the buyer would have to pay 50% of my selling costs, so it worked out - for me - much less expensive than selling the usual way via an agent.

The auction house will however want you to set a realistic reserve price to encourage bidding.

That said, I would say it's more the time of year. As we come into Spring the market should pick up again. It's just not much fun going out looking at property in freezing cold wet weather.

Not sure about that.
Decent auction houses based in London from when i investigated several years ago always charged and i guess offered a discount in you put it in for the next but charged nonetheless.
Thanks

I sold through a London auction house. I wanted a very quick sale and took less than the 'market' value but the speed of sale and lower costs made it worthwhile for me.

NameUnavailable

housebuyer219 said:

I had thought about auction but was unsure. My thought was that auction was more for the do-er upper style houses and that a ready to go flat wouldn’t have much interest.. 
I’ll take another look and see. 

I even tried a “webuyanyhouse” style firm and their offer was hilarious 

Most properties sold via auction are places that would be difficult for someone to get a mortgage on, hence the appeal of cash buyers. There are exceptions, my own being one. However there were issues which whilst wouldn't affect a mortgage, would affect the typical FTB's attitude so rather than waste many months dealing with nervous buyers I opted for auction.

If you need a quick sale it's worth looking into - advice/valuations from auction co's are usually free. Otherwise hold out until Spring and see then.

Sarah1Mitty2

housebuyer219 said:

propertyrental said:

I'm afraid there's only one answer: reduce the price again.....

Have prices for flats dropped that low? We will soon be marketing it at the same price we bought it for in 2016 

In many areas yes I think so, you should grab an offer at 2016 price if you can, things have changed a lot since then.

jimbog

Where you are in the country? What have similar flats in the location selling for? That should be your guide rather than being influenced by what is happening elsewhere 

housebuyer219

jimbog said:

Where you are in the country? What have similar flats in the location selling for? That should be your guide rather than being influenced by what is happening elsewhere 

We are in SE London in a lovely area. It’s hard to compare with other flats as most that are sold are purpose built blocks whereas we are above commercial 

LegallyLandlord

I’m a buy to let investor and won’t look at anything leasehold or even with a share of the freehold.  

I don’t like the lack of control on the service charge, having learned the hard way. Will only buy freehold properties. 

Sarah1Mitty2

housebuyer219 said:

propertyrental said:

I'm afraid there's only one answer: reduce the price again.....

Have prices for flats dropped that low? We will soon be marketing it at the same price we bought it for in 2016 

Are you using a price tracking app to see what other sellers in your area are doing?

housebuyer219

Sarah1Mitty2 said:

housebuyer219 said:

propertyrental said:

I'm afraid there's only one answer: reduce the price again.....

Have prices for flats dropped that low? We will soon be marketing it at the same price we bought it for in 2016 

Are you using a price tracking app to see what other sellers in your area are doing?

I’ve not no, tried to use RM and see what similar properties have gone for. Is there another app I should be using?

jimbog

housebuyer219 said:

Sarah1Mitty2 said:

housebuyer219 said:

propertyrental said:

I'm afraid there's only one answer: reduce the price again.....

Have prices for flats dropped that low? We will soon be marketing it at the same price we bought it for in 2016 

Are you using a price tracking app to see what other sellers in your area are doing?

I’ve not no, tried to use RM and see what similar properties have gone for. Is there another app I should be using?

Property Tracker. If you are using Chrome then click on this link  and then click 'Add to Chrome'. The next time  you visit Rightmove you'll see changes made to asking prices for each property

 https://chrome.google.com/webstore/detail/property-tracker/abgkpdjomdmemeefdefalbeogkmlmand?hl=en-GB

Jonboy_1984

How did you appoint the estate agent? Did you probe them on their experience of specifically selling flats in the area or was your decision based on fee’s?

We had a difficult flat (due to internal layout alterations) and asked questions about the EA’s experience of leasehold specifically. It took them a couple of months and a number of viewings but we got an offer and it went through. 

The unaltered and more attractive flat above went with an EA that had given us a far lower quote and went through three offers/SSTC before getting one that stuck.