Selling a house quickly

ellielou_2

Thanks for the advice everyone. Think I'll try & talk o/h into putting up for less than £150k, although he's more inclined to listen to the local estate agent - unfortunately. Not that I'm saying I know better, but I don't really rate him much, I think he tells people what they want to hear, rather than being honest and telling them the truth - but that's just my opinion.

As for poolers suggestion of paying the deposit for buyers - I've read this article today on fool.co.uk, so I'm not totally convinced this is an option for us. I've posted the link incase anyones interested.

http://www.fool.co.uk/news/property-home/mortgages/2008/06/25/oops-i-committed-mortgage-fraud.aspx?source=uemfoleml0010038

macaque_2

ellielou wrote: »

Hi

My partner and I are moving extending my property so he can move into mine. After the extension is finished we want his to be gone............. sold!

He bought it from his mum & dad several years ago & has basically done nothing to it since - it's slightly dated - green bathroom suite, old fashioned fitted wardrobes & kitchen with a dreaded serving hatch through to the dining room. However, it does have a fantastic garden, not overlooked & a lovely paved drive, with parking for around 3 or 4 cars.

His next door neighbours went up for sale a month ago for £165k & looking at the pictures it's as old fashioned as his, but they're not after a quick sale.

The estate agent has said he has almost 700 properties on the market in the the area & the older houses aren't selling too well due to the number of new properties being built. We're not desperate to sell as we can afford both mortgages but it would just make life so much easier if we can get rid sooner rather than later.

We were considering selling it at auction but we don't have any experience or knowledge of the process to know if this is going to be a good or bad option. So any advice would be greatly appreciated.

It's a 3 bedroom semi with garage in the NW, I forgot to mention that earlier.

Many thanks for reading x

Auctions are a good way of selling homes quickly. They are also a good weather vane for future prices. Based on the Barnard Macus results this week, you should be able to get £50-70K at auction if you are quick.

ellielou_2

macaque at your predicted £50K - £70k at auction we'd be better holding on to it. There's just no point in selling for a price so low.

We're not desperate to sell, so would not even consider the price you predict/suggest. As I said previously we can afford to keep both houses but it would just be easier to get rid of it.

We'll put it on the market and see what happens - watch this space

macaque_2

ellielou wrote: »

macaque at your predicted £50K - £70k at auction we'd be better holding on to it. There's just no point in selling for a price so low.

We're not desperate to sell, so would not even consider the price you predict/suggest. As I said previously we can afford to keep both houses but it would just be easier to get rid of it.

We'll put it on the market and see what happens - watch this space

I agree with you. It would be mad to sell at £50-70K if you have the choice. Auctions are ruthless at discounting anticipated trends. The Barnard Marcus Auction this week was selling properties at the 2002-2003 prices.

http://www.barnardmarcusauctions.co.uk/Auction-Results.html

Even if that is where the market is heading, you would still do better to sell through an agent.

Newbird

EL thanks for that link to TheFool...yep I see now how dodgy that is. Hadn't given it much thought, I'm just aware that in this situation buyers and sellers get desperate, so strange and dodgy things happen I'm sure...but that item spells it out...well you learn something everyday!

SouthCoast

I would put it up for auction with a reserve of say £135k. There is always a demand for properties that need refurbishing.

SquatNow

If it goes to auction with a sensible reseve it will probably sell. Remember though that often if it doesn't you still have to pay auction fees!

pooler_2

Re offering the deposit - that article does point out the way not to do it- by misleading the lender- however any sensible solicitor would not allow it to be done this way. There is a straightforward and 'legal' way to do it- by literally paying part of the deposit to the buyer for their mortage, so it is an option if you have the money available.

from what i've seen of properties selling recently it is the ones with realistic sale prices and honesty in what is being sold- there seem to be quite a few business cash buyers out there at the moment looking for bargains! selling for 'offers over (£140k)' may get the buyers interested, and will bring the property up in more peoples searches with having a lower price :-)

Pooler

Gangstabird

I would offer it to the local council for 5 years. They need it, will do it up to their standards which, going by the fact it's in need of modernisation, can't be worse than what it already is and enjoy the fact that you will get a few quid for it, at the end of the term, see how the market is and either re lease it to them or sell then. They will give you less than the market rent, but it doesn't sound like you need this property to make you money or have a big mortgage on it.

It could prove to be a good earner one day.

IanRR

Why would anyone want to sell a property? The minute you do that, you hand over every penny of its future growth potential to someone else!

Is anyone seriously suggesting that it wont be worth at least double its current value, in 10 years time? That being the case, spend 4 grand on it now, and rent it out for 10 years.... Take out as much equity as you can now, and keep doing that, for the rest of your life. Its like having a money tree, at the end of the garden. But the minute you sell it, you chop down your money tree, to sell it for firewood. Do you want to own an orchard, or a bitof firewood money???

Please think about this.................