Unsellable Falts/ apartments

neas

Flats are like the first casualties of a HPC...theres an oversupply of cheap tatty polish-style flats where the aim is to shove as many people in them as possible to maximise profits.

Seen as you didnt buy the flat yourself your not too bad but i feeel sorry for anyone buying one of these flats lol.

Oldernotwiser

anne211981 wrote: »

http://www.rightmove.co.uk/viewdetails-16872904.rsp?pa_n=1&tr_t=buy


all advice will be taken in hand

Only if it's what the poster wants to hear!

real1314

oswestry123 wrote: »

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.

To be fair I think the area you've found isn't as good as the OPs. Although there's probably not much in it.

julz1982

anne211981 wrote: »

putting it on at 70k is just not a option at all. i think my husband would rather burn it down than take 70k. no were not being greedy but we do have to act on behalf of others involved in this property. 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.

It is fairly safe to say house prices are falling, will continue to fall for the next few years, will then bottom and begin to rise again. This cycle will take what, 5 years is as good a guess as any, might be more, might be less, but say 5 years.

Over 5 years keeping it empty is surely going to cost you in service charge, maintenance, insurance, etc etc etc. So that will cost you how many £s thousands? To take off the £85k when you finally get it?

Take £70k now and stick it in the bank at 5% interest pa (you could get more) would be £89k + by the end of the 5th year.

Is £70k now really so bad?

Rachman_2

Something is odd here. If it's an inheritance, nobody is owed (apart from the equity release lender) anything from it. So it's all upside. If your family is too recalcitrant or greedy to take what the real market value is, more fool them. I also love the way that the property and the memory of the deceased seems to have become a money issue so quickly. Where there's a will, there's a relative.

Is it really an inheritance, or did you buy it to resell at a profit and so you can't take less than £70K for it. Or is my cynicism going too far.

Pput bluntly, it was not your house, it was not your liability and it's all 'free money' - what is the problem with taking what it's worth today ?

And I note with interest you have not answered whether it's ex-LA or what the service charge is.....

TTMCMschine

Rachman wrote: »

Something is odd here. If it's an inheritance, nobody is owed (apart from the equity release lender) anything from it. So it's all upside. If your family is too recalcitrant or greedy to take what the real market value is, more fool them. I also love the way that the property and the memory of the deceased seems to have become a money issue so quickly. Where there's a will, there's a relative.

Is it really an inheritance, or did you buy it to resell at a profit and so you can't take less than £70K for it. Or is my cynicism going too far.

Pput bluntly, it was not your house, it was not your liability and it's all 'free money' - what is the problem with taking what it's worth today ?

And I note with interest you have not answered whether it's ex-LA or what the service charge is.....

My grandmother's house is on the market. It has been on the market since september. I have dropped the price four times. It will pay for her nursing home fees.
All these tips about decor, i find a bit silly. When i look to buy a house. I check out number of bedrooms and room size/garden etc. I couldn't care less unless it was a complete state. When somewhere has been done up i just think they are trying to squeeze as much cash as possible. The photo's make no difference. What makes a difference is the price, and room size. Nobody buys a house because of the deco (unless it's the choice between two.) All this talk about painting it will not persuade people to look at it more. The price will. My grandmothers has only one of the outside. It's still had twelve viewings. It's not the decor that is putting people off. they're not buying. The market is quiet.
Remember it is not a seller's market - you can't afford to be choosy - or expect the amount to meet your plans. Prices are falling.

neas

anne211981 wrote: »

the property is priced as a guide, yes ok 99,950 is high. but this flat is the the first block of several in the cresent. the ones higher on the hill go for less and they are smaller desgin is different. flats in this block have sold for over 100k in the last 2 years. putting it on at 70k is just not a option at all. i think my husband would rather burn it down than take 70k. no were not being greedy but we do have to act on behalf of others involved in this property. 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.

OOOOOkkkkaaaayyy let me give you a wake up call... some people are dumb with finances sometimes, blinded by greed.

• You have to pay a mangement fee of £40 a month on the property
• Its priced at the top of the market
• The decorations are NOT aimed toward a FTB (Im a FTB and the decor is utter !!!!!)... and yea maybe it was an older persons home but pensioners dont have 100k hanging around these days to splash on a piece of poopie like this.
• Your reluctance to price it toward a market will end up with all parties loosing out.
• Maybe the equity release value won't even be covered by the eventual sale... leading to a loss or repossession. Yes this could happen depending on how much equity has been released. I'm not too clued up bought equity release... but isnt that just like a re-mortgage and will have an associated interest rate? If it does its pretty dumb to say "We'll keep it forever long as possible"...
• Seriously who would pay anymore than 40-50k for a box flat? Thats really what its worth... and this House price crash/correction will bring it down to that.
• It was never your money in the first place so I guess the above comment doesnt matter :P

An object is only worth how much someone is willing to pay... I can say my dogs crap if worth a million pound but nobody will pay me that... so its not really worth it is it?

geoffky

here are some matches for your husband because thats where the market is now...

Rachman_2

TTMCMschine wrote: »

All these tips about decor, i find a bit silly. When i look to buy a house. I check out number of bedrooms and room size/garden etc. I couldn't care less unless it was a complete state. When somewhere has been done up i just think they are trying to squeeze as much cash as possible. The photo's make no difference. What makes a difference is the price, and room size. Nobody buys a house because of the deco (unless it's the choice between two.) All this talk about painting it will not persuade people to look at it more.

Thing is, for a lot of people, they don't see beyond the carpet and furniture. They can't visualise space and rooms. Part of why developers dress their houses and why you often have to present your place right to get a good price, especially in a falling market.

Oh, and if rental income scuppers your benefits, what will a fat lump sum of cash do to them - assuming you'd not hide it somewhere for 'special reasons' to keep your benefits at the level they are....

bluejake

anne211981 wrote: »

the property is priced as a guide, yes ok 99,950 is high. but this flat is the the first block of several in the cresent. the ones higher on the hill go for less and they are smaller desgin is different. flats in this block have sold for over 100k in the last 2 years. putting it on at 70k is just not a option at all. i think my husband would rather burn it down than take 70k. no were not being greedy but we do have to act on behalf of others involved in this property. 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.

:rotfl:I say troll. If this is what people are really thinking then coming to terms with reality is going to cause many people a lot of pain. That someone would pay 70k for that place is completely crackers. The next five years are going to be such fun.:rotfl:

Someone paid 100k for one of them a couple of years ago? Poor sod.