Advise Please on sale of flat

newgirl23

My 1 bed falt has been up for sale for 6 weeks now and is priced at 126,995, i live in the south east and bought the flat 2 years ago for 119,995. We have only had 1 viewing about 3 weeks ago and the person offered us 120,000. I have turned down this offer. We only put 5% deposit down on the flat and we would like to move to a property and re-mortgage for about 180000, so we need to make a small profit for our deposit.

Any advise appreciated as not sure what to do and if i was right to turn down the offer, but dont want in a years time to drop even more below what we paid for it.

Help me please

Snooze

newgirl23 wrote: »

My 1 bed falt has been up for sale for 6 weeks now and is priced at 126,995, i live in the south east and bought the flat 2 years ago for 119,995. We have only had 1 viewing about 3 weeks ago and the person offered us 120,000. I have turned down this offer. We only put 5% deposit down on the flat and we would like to move to a property and re-mortgage for about 180000, so we need to make a small profit for our deposit.

Any advise appreciated as not sure what to do and if i was right to turn down the offer, but dont want in a years time to drop even more below what we paid for it.

Help me please

In fear of sounding somewhat blunt (is there ever a time when I don't? ), tough luck kiddo.

If the figures don't add up then you need to lower your sights from £180k. Personally in the current market I think you were off your rocker not to accept £120k on a £127k place. You will live to regret that decision I fear.

Nowt you can do other than drop the price of your flat if you want to sell it; the market is against you and it's only gonna get worse for the forseeable future.

Rob

Curious_Moose

Check what other flats have actually sold for recently. http://www.nethouseprices.com/

Why not sell your flat and rent somewhere for 6 months rather than try and sell and buy at the same time? You'd be in a more flexible position.

newgirl23

thats what i have been worried about! dont you think i will be able to make any profit? i think i bought at the height of the market and to be honest think on todays prices is maybe worth what i paid for it which i am gutted about.

we are not desparate to sell but thought if we wait for another 2 years it will drop even more and dont want to have negative equity.

Also as its the first time i am selling a property i was not sure on how low people will offer but i did think it would be sold by now as its in the best location in our area and a modern decorated flat but it was a new build when we bought it.

what would you do in my situation?

newgirl23

http://www.rightmove.co.uk/viewdetails-10206474.rsp?pa_n=1&tr_t=buy

above is the link to my flat, any feedbck?

i have just looked at the nethouseprices in my area and the last 1 bed flat sold for 121000 in March

teabelly

If it is a new build flat and you paid 120k then it is probably really worth 100-110k as developers over charge significantly. Go back to the ones that offered 120k and say for 122k you will agree the deal. If they say yes then jump for joy and keep your fingers crossed they can get a mortgage. If they say no to 122k then go back and accept the 120k as you have decided an offer in the bag now is worth it as you really need to move. New build flats are in over supply. There are areas where they have been selling for half their new price. If you get what you paid to begin with then you are doing pretty well.

bonvonnie

Flat looks nice, but the market is against you now.

Although a 1bed sold for 121 in March, that was still before the 'credit crunch' and the offer probably would have been accepted around Dec/Jan time, to complete in March

I personally would have accepted the 120. is it worth asking your agents to contact the 120 bidder again, in hope that they havent found anywhere else.

whatever happens, good luck

Curious_Moose

Like everyone else says, i'd take that £120,000 if it's still available. The downside is more than the upside at that price.

KiKi

I concur with others - I would take the £120K now. Otherwise you could well be waiting a few years before you get back into making a profit again.

It's unfortunate, but it leaves you in a good position as a buyer, as people selling to you are in the same boat of house prices going down.

Good luck.
KiKi

Henwen

I think it's early days for a final decision so you may have been right to reject the first offer. Sale might take a while and prices do seem to be dropping. It may be worth ringing the agents to complain that they are not trying hard enough.
Could you perhaps rent out your flat and not sell? Bear in mind that the first mortgage would become more expensive as it would be at buy-to-let rates.

Henwen

ianian99

take the 120 while you can.