Unsellable Falts/ apartments

dopester

deleted by dopester

Update: Good luck to Middleton £90K ex council flats = you're gonna need it

real1314

1. Ryder and Dutton have 8 properties on Baguley Cres, yours is dearer than any of them. (ryder-dutton.co.uk) (£75k,£80k,£80k,£90k,£90k,£90k,£93k,£95k then your at £100k)

2. The one priced at £75k appears to be at the furthest end from the M60 - not far from yours. Yours is not 2 mins from the M60 unless you drive at 6mph.

3. New carpets etc will only add £500 at best to these sort of properties.

4. If an agent has a number of similar properties and prices one quite high, a few in the middle and a couple at the lower end, it makes the cheaper ones look like bargains, the middle ones look ok-ish and the top one looks over-priced, but that top one helps the others sell. You appear to be the fall guy for the other sales imho.

You need to go below £90k at the very least. £87.5k might get things moving. And sort out the kitchen units - a door off looks like a kitchen that will "do for now but needs replacing". Move the dish drainer out of picture.
Change pic 4 - the shadow cast by the light shade makes the room look like it's gonna lack natural light. A better photo wouldn't look this way.
Get a valance sheet for the bed and change the quilt cover - maybe just throw some material over it to co-ordinate better.
Need a pic of bed2

teabelly

Auction is an excellent idea. Make sure they take much, much better photos. One other idea is to put it on with 'deposit paid for FTBs' ie a 5% gifted deposit which stands it out from the others.

The equity release firm may just have to lose the money if you sell for less than is owed. They can't chase any of you for it. This is the trouble with equity release the firms want to take chunks of appreciation but don't want to take losses when the market for a particular property type in a particular area takes a dive. Neither do they want to wait.

I think an auction is a good idea. If it doesn't reach the reserve and just skims under it then sell it to the highest bidder as that may be the best you are going to get. If it only reaches 70k then unfortunately that might be the market price at this time so you can either wait it out or sell it for just over after auction if you can squeeze any more out of them.

Ewarwoowar2

anne211981 wrote: »

rentting it out is not an option due to our circumstances we would be penailsed for extra income, and its linked to a equity release so cant be rented out it has to be sold.

i suppose if we have to keep it so be it for the next god knows how many years. the least we can take is 85k to keep everyone happy.

I don't get this. Why would you be better off to leave it empty than renting it out?

poppy10_2

Ewarwoowar2 wrote: »

I don't get this. Why would you be better off to leave it empty than renting it out?

Sounds like they are claiming benefits:

due to our circumstances we would be penailsed for extra income

Ewarwoowar2

Maybe there's a way the OP could adjust the benefits they claim. I.e. getting less from the state and a new stream of income from the rent. Less burden on the tax payer and a new way of earning for the OP.

neas

What did you purchase the flat for?

New decor... does not cost 25k. Few tins of paint from B+Q in the colour I want would cost max 500 quid to repaint a flat out.

And it would be personalised.... Your just being unrealistic bordering on greedy... for this you will only get burned because when prices drop.. (and they are doing already so you might be too late) Flats are the hardest to shift.... you will end up selling for 50k in 3-4 years time.

Just looked at the 'decor'... the only thing that looks new is the kitchen the rest of it looks tatty and puts me off... Carpets look horrible and used (from pics), bathroom is in a really bad cheap style, bed looks crap and doesnt make me 'want to buy'.

If your aiming at the top of your market then its got to look like a palace not someone thats been flipped over with the cheapest material possible (the kitchen looks like flat pack from B+Q... i used to work there :P). Also all the pictures are dark.

So what did you really pay for it? Are you being unrealistic in the price?

silvercar

There is equity release and the property is going to be split 4 ways and you don't want an income from it.

Do you actually want anything for it? Or is it just a burden? If it is just a headache you don't need, I would be tempted to let one of the other 4 buy you out for a low price and walk away from the problem.

Say you sold it for 85k and there was 40k equity to be repaid to the equity release people. You then have to deduct selling costs and legal fees and then split the remaining money; that could leave only 10k each. WHy not offer one of the other 4 your share for 10k and walk away now?

If the figures are worse than this I might be tempted to hand the keys back to the equity release company and let them deal with it. They have a duty to sell for the best price that can be quickly obtained and to return any proceeds to you.

Their costs in repossession may be higher but they would auction it off quickly and deal with all the hassle.

As the flat was in your father-in-laws name, yor own credit rating shouldn't be affected.

oswestry123

http://www.rightmove.co.uk/viewdetails-13315060.rsp?pa_n=1&tr_t=buy

Just had a quick look on rightmove and found this one for 99 grand which I am sorry is done out to a higher standard than yours and its brand new.

The pics on your link are terrible.

I think drop the price by 10k put some new pics on and you will see some viewers. try 89k and see what happens.

Riq

Being a ground floor flat in that area of Manchester is not great, I personally would never buy a groundfloor flat and I'm your target market for a flat. 24, no kids & FTB.

I used to drive on that road into Manchester to work and always wondered how much those flats went for, now I know. Thanks for that at least.