When should we sell? UPDATE We are now selling - ADVICE PLEASE?

SquatNow

All this of course assumes you can find a buyer in a rapidly falling market who is willing to pay enough for the house to allow you to pay off the outstanding mortgage. If you can't do this you'll need to get an unsecured loan to makeup the difference... you can't sell the flat unless you can pay-off the mortgage in full.

So not a hope in hell then.

If you want to sell and complete before may your going to have to be prepared to knock at least 20% off whatever the EA says the place is worth. And I mean the EA who gives you the lowest valuation, not the highest.

What you need is a real CASH buyer, not someone with an offer in principle, not someone in a chain. Basically you need an act of god.

If you have a large amount of equity in the property, either through having put down a large deposit or through having bought it long enough ago (3+ years) that it has increased in value significantly, then you can cut the price to find a cash buyer.

If you have little or no equity in the property then you are now in what they call "The Negative Equity trap" and I'de advise you to hand the keys back to the bank and declare yourself bankrupt while you still can... this avenue will be closed pretty sharpish once people start to do it.

LouBlue

SquatNow wrote: »

All this of course assumes you can find a buyer in a rapidly falling market who is willing to pay enough for the house to allow you to pay off the outstanding mortgage. If you can't do this you'll need to get an unsecured loan to makeup the difference... you can't sell the flat unless you can pay-off the mortgage in full.

So not a hope in hell then.

If you want to sell and complete before may your going to have to be prepared to knock at least 20% off whatever the EA says the place is worth. And I mean the EA who gives you the lowest valuation, not the highest.

What you need is a real CASH buyer, not someone with an offer in principle, not someone in a chain. Basically you need an act of god.

If you have a large amount of equity in the property, either through having put down a large deposit or through having bought it long enough ago (3+ years) that it has increased in value significantly, then you can cut the price to find a cash buyer.

If you have little or no equity in the property then you are now in what they call "The Negative Equity trap" and I'de advise you to hand the keys back to the bank and declare yourself bankrupt while you still can... this avenue will be closed pretty sharpish once people start to do it.

Wow - that cheered me up!

With a lower end valuation of my flat at the moment, I have around £20k equity in it, but obviously it depends what someone is willing to pay. At the end of the day, we will weigh up what offers we get (if we get) and take it from there.

LouBlue

Right, after lots of advice, have decided to put it on the market next week. Need to clean the whole place first. :rolleyes:

Questions.

1. Shall we use, ie, housenetwork.co.uk. Read a lot about this on here, could really do with saving money on fees. I am not working at the moment, so I am available to get it all sorted and really don't think EAs do a lot for their fee, but obviously, if we get nothing from it, can still go to an EA.

2. HIP pack & EPC. Shall I get one myself, or go through a Solicitor (my friend works for a Conveyancing Solicitor). I want to make sure it is flexible.

3. We have to give a completion date of 1 May, as explained above, re end of fixed rate. Do you think that would put any potential buyers off? But by the time everything has gone through, and also things do go wrong and move slowly, it won't be that far off a moving in date for a potential buyer.

We have a potential £20k equity in the flat, we had 4 EAs round 2 months ago for a valuation and they all came up with the same figure. They were all on a fixed rate, so pretty sure that was a lower end valuation. We have debts to pay off so want to get as much as we can. We are going into rented after, so not in any immediate rush and are obviously chain free, which is a bonus.

Can't think of anything else at the moment, but I am sure there will be more in time. If anyone else can think of anything I need to do, please chip in. Haven't moved for 9 years and things have changed.

Many thanks

itsgototstop

LouBlue wrote: »

Right, after lots of advice, have decided to put it on the market next week. Need to clean the whole place first. :rolleyes:

Questions.

1. Shall we use, ie, housenetwork.co.uk. Read a lot about this on here, could really do with saving money on fees. I am not working at the moment, so I am available to get it all sorted and really don't think EAs do a lot for their fee, but obviously, if we get nothing from it, can still go to an EA.

For what its worth, in this market having an EA encouraging buyers is no bad thing, and following things through and holding hands, no expert but I would appoint one rather than DIY.

2. HIP pack & EPC. Shall I get one myself, or go through a Solicitor (my friend works for a Conveyancing Solicitor). I want to make sure it is flexible.

I looked online and if you google you can get one for £250 incl vat? main expense is searches which are fixed cost from council, can you bypass solicitor and het a cheap package online.

3. We have to give a completion date of 1 May, as explained above, re end of fixed rate. Do you think that would put any potential buyers off? But by the time everything has gone through, and also things do go wrong and move slowly, it won't be that far off a moving in date for a potential buyer.

Say nothing unless you get a cash buyer on first viewing, unlikely!

We have a potential £20k equity in the flat, we had 4 EAs round 2 months ago for a valuation and they all came up with the same figure. They were all on a fixed rate, so pretty sure that was a lower end valuation. I did get an EA down to 1% fee, plus VAT. We have debts to pay off so want to get as much as we can. We are going into rented after, so not in any immediate rush and are obviously chain free, which is a bonus.

I shall get slated but put it on for a robust amount maybe and then reduce after a month or instruct solicitor you are open to offers, hopefully IR will be cut soon

Can't think of anything else at the moment, but I am sure there will be more in time. If anyone else can think of anything I need to do, please chip in. Haven't moved for 9 years and things have changed.

Many thanks

All I can think of at the mo, someone more knowledgeable will be along soon

LouBlue

Thanks.

I really want to cut down the fees though, is there anyone here with good or bad experience of selling it yourself without an EA??

Vaux-Hall

It usually takes around 3 months to complete, so now would be about right. Don't forget you could always just try it at an inflated price for a couple of weeks, so that if anyone offers you something approaching it you can pay off the redemption anyway.

I would say that now would be about right though, as markets are in general slow, although picking up a bit by most accounts. By the time you've got your HIP done and it advertised you're unlikely to complete too early. Plus you can always get your solicitor to drag it out a couple of weeks if required.

Doozergirl

House Network isn't selling it yourself! It's using and estate agent without a shop front down the high street.

You can have a professional looking board and more information available to viewers in the way of floor plans etc. on the website. The property appears on Rightmove as well as the House Network website.

It costs less than £500 total and costs you £250 odd upfront. If you want to supplement the board and the web then you can take out ads in the local paper, but most people are looking on the web these days - especially if your target market are people that use the internet!

With a traditional EA, it's not all service - it includes the cost of trying to sell other houses whose vendors change agents and change minds because they didn't pay a fair fee upfront like you do to House Network.

I wouldn't mention the 1st May thing to people viewing but as soon as you receive an offer, I'd mention it straight away. It's not very long at all away anyhow!

Good Luck Selling!!

LouBlue

Doozergirl wrote: »

House Network isn't selling it yourself! It's using and estate agent without a shop front down the high street.

Sorry, I worded it wrong, meant not being shafted by an Estate Agent basically.
I think I will definitely get the flat sorted, de-cluttered and cleaned and give them a call.

So do they value it for me? I assume its the same as an EA, I can put it on for what I like though?

Am very impressed with the housenetwork website. I assume they don't attend viewings though as they are not local?

PasturesNew

LouBlue wrote: »

So do they value it for me? I assume its the same as an EA, I can put it on for what I like though?

See their FAQ http://www.housenetwork.co.uk/faq_value.asp

LouBlue wrote: »

Am very impressed with the housenetwork website. I assume they don't attend viewings though as they are not local?

No they don't attend viewings. See their FAQ: http://www.housenetwork.co.uk/faq_viewings.asp

They arrange the viewing, so will take the phone call and arrange a time between you and the viewer, but then you do the showing around ... so think about your sales pitch (route you will take them round the house, a selling point for each room, etc)

This is what you are paying for, see their FAQ: http://www.housenetwork.co.uk/faq_money.asp

Jawa

PasturesNew wrote: »

See their FAQ http://www.housenetwork.co.uk/faq_value.asp


No they don't attend viewings. See their FAQ: http://www.housenetwork.co.uk/faq_viewings.asp

They arrange the viewing, so will take the phone call and arrange a time between you and the viewer, but then you do the showing around ... so think about your sales pitch (route you will take them round the house, a selling point for each room, etc)

This is what you are paying for, see their FAQ: http://www.housenetwork.co.uk/faq_money.asp

Used Housenetwork to sell our house last year, we saved a small fortune. Loads of photos, video tour, floor plans. They were V professional, for the first time we actually got feedback after viewings. I'd definitely use them again.