Advise Please on sale of flat

phlash

My question is, why not ask these questions before turning down the offer??

I acnnot believe in the current climate that you turned it down. Perhaps ring back, and say you'll accept £121,500, in the vein hope that they'll say they won't go above £120,000 at which point you snap their hand off.

Did you not research the market before selling, to see what was achievable? Why should you make a profit anyway, especially after you've used everything and worn it down. I wouldn't buy your car for more than you paid for it.

I hope you get to sell, but that offer will have been one of very few atm.

Snooze

newgirl23 wrote: »

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?

Grab your phone and start doing a hell of a lot of pleading and begging with the person that originally offered you £120k !! And yes I'm serious.

Rob

SouthCoast

Fast forward three months...............

Please help............urgent.

I cannot sell my flat as nobody can get a mortgage to buy it.
I have been offered £65k cash, should I accept it?

poppysarah

When the EA suggested the price did they mention stamp duty

http://www.direct.gov.uk/en/MoneyTaxAndBenefits/Taxes/BeginnersGuideToTax/DG_10010529

And that up to £125k there's no stamp duty
So no one was ever going to pay over that?

You should prob take the 120k offer and try and get them to offer another 1000 and if not, just accept it and then save up for the deposit next time.

mpsavuk

You should have bitten their arm off when they offered 120K. This may be the best offer you ever get.

silvercar

The highest price for your flats was 121, then with prices falling you turned down 120????

Grab that 120 and make some lower offers on the next property.

If you planned on selling at 125 and buying at 200 the difference was 75.

If prices drop by 5% you sell for 118.75 and buy for 190 a difference of 71.25.

If prices drop by 10% you sell for 112.5 and buy for 180 a difference of only 68.5.

pinkshoes

1 bed flats are a niche market, only suitable for singles and childless couples, so therefore you're only looking at a tiny proportion of the market to sell to. In the uncertainty of today's market, you'll have even less buyers, as those potential buyers will no doubt now be hoping to get themselves something bigger!

I'm guessing your mortgage is around £110k, so to rent it out, you'd need to cover around 1.3x the mortgage interest, so it would have to rent for about £715 a month. Is this possible?

newgirl23

thanks for the advise everyone, i am going to call my estate agent tomorrow and ask them to call the man back and see if he is still interested and hopefully he hasnt put an offer in on anything else.

To be honest i didnt do alot of research before selling about what i would get for the flat, but alot of people were saying 'put it up for 125000-130000' so i put it up for inbetween and the estate egent valued it at 127000.

i will come back to let you know if the offer is still available!