House not selling

BungalowBel

Put it into an auction with a reserve price of £160k. (A proper auction, not a 'modern auction').

Hb92

My house is cheaper than other similar houses and it also has a double driveway and most of the others just have on street parking. I don't see alot being sold over on rightmove so i don't know if there are problems for everyone or just me right now. I'm going to email my EA and see how they are getting on. My EA is the highest selling in my area so i know they're doing a good job.

Yes we had hoped to live in the house for at least 5 years so the loan seemed a good investment at the time but now has come back to bite me in the !!!!!!. As long as i pay off the mortgage and the EA and solicitors fees the loan can always wait. But even just for that i'd need to sell for £163k otherwise i'd have no money to pay any of the fees.

Really appreciate the advice everyone.

I've never looked into an auction before. How does that work with a reserve price?

ReadySteadyPop

uralmaid said:

It is very sad when this sort of situation happens but it is very common.  Speaking as an ex Estate Agent my only advice to anyone is that a property is only worth what someone is prepared to pay for it. Estate Agents can say what they think a property is worth but at the end of the day it isn't them buying it.  So many people make the mistake of thinking that spending x amount on improvements will automatically add that amount to the price and it just isn't true. Obviously hindsight is a wonderful thing and no doubt when you took out the home improvement loan, you thought you would be staying in the property for years to come and so the benefit of the improvement would be worth the cost. However, you can't expect a prospective buyer to feel the same.  The longer the property is on the market, the more it will impact the price and also your wellbeing.  If time isn't an issue then keeping it on the market may  result in a sale but reading your comments, you just want to get it sold and move on with your lives so it may be you have to take a hit on the price to do that. No-one wants debt, especially when you hope that investment into a property will increase the price but it isn't always reality.  Hope you manage to achieve a sale and can move on.

Excellent advice.

ReadySteadyPop

Hb92 said:

My house is cheaper than other similar houses and it also has a double driveway and most of the others just have on street parking. I don't see alot being sold over on rightmove so i don't know if there are problems for everyone or just me right now. I'm going to email my EA and see how they are getting on. My EA is the highest selling in my area so i know they're doing a good job.

Yes we had hoped to live in the house for at least 5 years so the loan seemed a good investment at the time but now has come back to bite me in the !!!!!!. As long as i pay off the mortgage and the EA and solicitors fees the loan can always wait. But even just for that i'd need to sell for £163k otherwise i'd have no money to pay any of the fees.

Really appreciate the advice everyone.

I've never looked into an auction before. How does that work with a reserve price?

Sounds like demand for your area has dropped? I think an auction will be full of cash investors who are going to be very cautious about overpaying and might have an eye on yield if they want to rent it out, is this the best route really do you think?

Hb92

We have decided to drop the price again to £155k on advice by the EA for a quicker sale in the hope we can have a few offers. Yes i'll be in debt but i decided i'd rather that than be stuck to it and my ex. Thankfully i'm in a position where my Dad can pay off the outstanding bills for me and i can just owe him each month rather than the bank.

I've had a new viewing for the lower price now for this Saturday so here's hoping! 

ReadySteadyPop

Hb92 said:

We have decided to drop the price again to £155k on advice by the EA for a quicker sale in the hope we can have a few offers. Yes i'll be in debt but i decided i'd rather that than be stuck to it and my ex. Thankfully i'm in a position where my Dad can pay off the outstanding bills for me and i can just owe him each month rather than the bank.

I've had a new viewing for the lower price now for this Saturday so here's hoping! 

Dropping the price is nearly always the right approach, it gets people interested as you have discovered. Good luck.

RobP69

Neighbour problems, are people parking up and hearing music or chavvy neighbours? 

Hb92

No problems with neighbours, it's a really quiet street so there's never any noise. Mostly elderly people live there

ReadySteadyPop

Hb92 said:

No problems with neighbours, it's a really quiet street so there's never any noise. Mostly elderly people live there

Do houses normally sell quickly in the area?

ReadySteadyPop

Hb92 said:

No problems with neighbours, it's a really quiet street so there's never any noise. Mostly elderly people live there

Could that put off younger buyers?