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  • FIRST POST
    • wheelz
    • By wheelz 4th Apr 18, 5:47 PM
    • 295Posts
    • 59Thanks
    wheelz
    Selling - lowering price
    • #1
    • 4th Apr 18, 5:47 PM
    Selling - lowering price 4th Apr 18 at 5:47 PM
    My flat went on the market at the end of January. So it's just over 2 months, quite early on I lowered the asking price by 20,000. The EA is suggesting that I might want to lower with another 30,000 which would bring the price to 200,000. I am getting viewers but not that many/enough. The service charges are a bit high but I have a new long lease. A flat in the same block sold for 232 in November. I'm all for lowering the price but by 30,000 seems a bit much and I'm not happy doing that. The EA is saying that we leave the "in excess of" in the ad and if we lower the price to 200,000 I would get more. I am not so convinced, is that really possible? He also seems to have forgotten that early on one viewer said that it wasn't worth more than 210. Why would I lower it that much to then "hope" that he can arrange for buyers to offer enough. I had one person who was interested but he had been stung when buying something in the area and found out late in the process of upcoming works. The flat is in a block and they are doing some interior painting to the doors to the floors, this has only recently been done (last week) so might have put some people off as the doors were bare wood (think replaced to do with fire regulations). Is there any point in lowering by 10,000 now, I think 220,000 is a good price. Or would people just wait until I lower it again seeing as I have already lowered the price before. Any views appreciated.
Page 2
    • lewishardwick
    • By lewishardwick 9th Apr 18, 7:55 AM
    • 549 Posts
    • 686 Thanks
    lewishardwick
    Having been in a chain held up by a tenant eviction, I will never offer on a property with a tenant in situ.

    They also tend to be less well kept. Many landlords will do the bare minimum to a property.

    As others have said, remove off the market, wait for tenant to vacate, refresh (paint, carpets etc) then relist.
    • dunroving
    • By dunroving 9th Apr 18, 9:48 AM
    • 1,284 Posts
    • 889 Thanks
    dunroving
    Not yours though?
    Originally posted by Crashy Time
    That was my point. Keep up!
    (Nearly) dunroving
    • Crashy Time
    • By Crashy Time 9th Apr 18, 11:58 AM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    That was my point. Keep up!
    Originally posted by dunroving

    You should maybe put your price up, perceived value and all that?
    • dunroving
    • By dunroving 9th Apr 18, 12:10 PM
    • 1,284 Posts
    • 889 Thanks
    dunroving
    You should maybe put your price up, perceived value and all that?
    Originally posted by Crashy Time
    Your comments really are quite bizarre sometimes.
    (Nearly) dunroving
    • Crashy Time
    • By Crashy Time 9th Apr 18, 12:12 PM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    Not quite as bizarre as saying houses in your area are selling well, but no one is interested in yours What are you not telling us, is it dilapidated, over-priced, what?
    • dunroving
    • By dunroving 9th Apr 18, 12:24 PM
    • 1,284 Posts
    • 889 Thanks
    dunroving
    Don't be such a pillock, laddie. There's no great conspiracy of silence.
    (Nearly) dunroving
    • Crashy Time
    • By Crashy Time 9th Apr 18, 4:52 PM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    Don't be such a pillock, laddie. There's no great conspiracy of silence.
    Originally posted by dunroving

    ? Your house isn`t selling, or getting viewings, but the area is doing great as far as selling and viewings are concerned? This reads like the climactic part of the novel Man in The High Castle
    • JayZed
    • By JayZed 9th Apr 18, 5:02 PM
    • 712 Posts
    • 595 Thanks
    JayZed
    Ah. That's been thrown in there like it's irrelevant, but actually most people won't buy with a tenant in situ. I would take it off the market until vacant then re-sell.
    Originally posted by hazyjo
    Agree with this and all the other posters who've identified this as the problem. It would certainly make me think twice about putting an offer in.
    • dunroving
    • By dunroving 9th Apr 18, 5:06 PM
    • 1,284 Posts
    • 889 Thanks
    dunroving
    The High Castle? Is that the fantasy apartment block where you rent your bachelor maisonette, wee man?

    You'll still be paying a gradually increasing rent for years to come, whereas I own my house mortgage-free. Which of us do you think is really doing the wee smiley-face dance?
    (Nearly) dunroving
    • Crashy Time
    • By Crashy Time 9th Apr 18, 5:09 PM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    The High Castle? Is that the fantasy apartment block where you rent your bachelor maisonette, wee man?

    You'll still be paying a gradually increasing rent for years to come, whereas I own my house mortgage-free. Which of us do you think is really doing the wee smiley-face dance?
    Originally posted by dunroving

    So trying to sell a house and getting no viewings is making you happy?
    • dunroving
    • By dunroving 9th Apr 18, 5:14 PM
    • 1,284 Posts
    • 889 Thanks
    dunroving
    So trying to sell a house and getting no viewings is making you happy?
    Originally posted by Crashy Time
    You are persistent, I'll give you that. And deluded. My house will sell, don't you worry your pretty head over it.
    (Nearly) dunroving
    • wheelz
    • By wheelz 9th Apr 18, 10:12 PM
    • 295 Posts
    • 59 Thanks
    wheelz
    I'm selling a flat in the South East originally marketed 260K. We had lots of viewings, but no offers, so after 3 weeks the EA suggesting lowering to the "next bracket". After lowering the price to a guide of 235-260K we had another flurry of viewings which resulted in some offers, our EA negogiated the offers up and we accepted one at 245K which allows us to continue our onward purchase. I'm a bit disappointed I couldn't achieve closer to the original valuation, but I want to move so I've accepted the reduction.
    Originally posted by mktuk88
    That sounds similar to what I've done so far. Started off at 250 guide price, then down to 230 in excess of, since last week 230. I've had lots of viewings booked now for this week on the day I lowered the price and more requests for viewing since the weekend. I'm beginning to worry about my tenant as she has said she can't find anything suitable and is meant to leave at the end of the month.
    • wheelz
    • By wheelz 9th Apr 18, 10:20 PM
    • 295 Posts
    • 59 Thanks
    wheelz
    With regards to starting the sales process with the tenant still in the flat. Solicitor, surveyor from lease extension last year and estate agent all said that 2 months notice was fine should I get a buyer before the tenant has left.

    I'm beginning to worry that I might have to go the eviction route, the tenant has 2 kids and is on her own. There are 3 weeks left before she has to go. We have a mutually signed surrender letter and I've done a Section 21 letter but if there are just no properties that she can afford or landlords that will have her with 2 children (baby and toddler) then she has nowhere to go.

    This is my only property, I'm renting with my fiance elsewhere in the country. I spoke to my tenant early giving her lots of informal notice that I wanted to sell. I've never increased the rent and halved it when viewings started. I wanted to end the tenancy at the end of March through the surrender letter but accommodated her as she wanted it to be April. I just want to sell my flat and move on in life.

    I'm going to phone her soon to find out what her plans are and otherwise it's filling in the forms from gov.uk for court order etc. so that they're ready to go on the day that S21 kicks in. Might give the council a ring first for information, and speak to colleagues at work in housing (I work for a council).
    Last edited by wheelz; 09-04-2018 at 10:23 PM.
    • GoingOn30
    • By GoingOn30 9th Apr 18, 10:35 PM
    • 95 Posts
    • 65 Thanks
    GoingOn30
    I would avoid calling since it will be difficult to separate yourself from the emotional attachment.
    If she has young children then she will be housed by the council and you needn't worry that they will be out on the street.
    • AnotherJoe
    • By AnotherJoe 9th Apr 18, 10:59 PM
    • 10,186 Posts
    • 11,470 Thanks
    AnotherJoe
    With regards to starting the sales process with the tenant still in the flat. Solicitor, surveyor from lease extension last year and estate agent all said that 2 months notice was fine should I get a buyer before the tenant has left.

    I'm beginning to worry that I might have to go the eviction route, the tenant has 2 kids and is on her own. There are 3 weeks left before she has to go. We have a mutually signed surrender letter and I've done a Section 21 letter but if there are just no properties that she can afford or landlords that will have her with 2 children (baby and toddler) then she has nowhere to go.

    This is my only property, I'm renting with my fiance elsewhere in the country. I spoke to my tenant early giving her lots of informal notice that I wanted to sell. I've never increased the rent and halved it when viewings started. I wanted to end the tenancy at the end of March through the surrender letter but accommodated her as she wanted it to be April. I just want to sell my flat and move on in life.

    I'm going to phone her soon to find out what her plans are and otherwise it's filling in the forms from gov.uk for court order etc. so that they're ready to go on the day that S21 kicks in. Might give the council a ring first for information, and speak to colleagues at work in housing (I work for a council).
    Originally posted by wheelz
    From what ive seen and read here sometimes they literally have to hang on until evicted because otherwise they are deemed to have made themselves intentionally homeless. So though its a cost to you (unless you want to reclaim it from the tenants deposit which i believe you are legally able to do) its a need for you and a benefit to her for there to be a court order.

    Garbage like this is probably why the OP isnt getting many viewings or offers.
    • wheelz
    • By wheelz 9th Apr 18, 11:01 PM
    • 295 Posts
    • 59 Thanks
    wheelz
    I would avoid calling since it will be difficult to separate yourself from the emotional attachment.
    If she has young children then she will be housed by the council and you needn't worry that they will be out on the street.
    Originally posted by GoingOn30
    I get on well with her. I would be interested to find out what what you're saying is based on? Where does it say this? If a tenant has young children you don't have to go through court order and eviction, saving myself hundreds of pounds and many months going through the process? As I said I will speak to the council how it works in this particular council as I understand that councils tell tenants to stay in the property and that they only offer accommodation once the tenant is evicted.
    • Crashy Time
    • By Crashy Time 10th Apr 18, 1:48 PM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    With regards to starting the sales process with the tenant still in the flat. Solicitor, surveyor from lease extension last year and estate agent all said that 2 months notice was fine should I get a buyer before the tenant has left.

    I'm beginning to worry that I might have to go the eviction route, the tenant has 2 kids and is on her own. There are 3 weeks left before she has to go. We have a mutually signed surrender letter and I've done a Section 21 letter but if there are just no properties that she can afford or landlords that will have her with 2 children (baby and toddler) then she has nowhere to go.

    This is my only property, I'm renting with my fiance elsewhere in the country. I spoke to my tenant early giving her lots of informal notice that I wanted to sell. I've never increased the rent and halved it when viewings started. I wanted to end the tenancy at the end of March through the surrender letter but accommodated her as she wanted it to be April. I just want to sell my flat and move on in life.

    I'm going to phone her soon to find out what her plans are and otherwise it's filling in the forms from gov.uk for court order etc. so that they're ready to go on the day that S21 kicks in. Might give the council a ring first for information, and speak to colleagues at work in housing (I work for a council).
    Originally posted by wheelz

    You have been very accommodating, the tenant needs to act and sort out their own situation now.
    • Crashy Time
    • By Crashy Time 12th Apr 18, 10:41 AM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    You are persistent, I'll give you that. And deluded. My house will sell, don't you worry your pretty head over it.
    Originally posted by dunroving

    Are you sure it is me that is deluded?
    • AnotherJoe
    • By AnotherJoe 12th Apr 18, 10:53 AM
    • 10,186 Posts
    • 11,470 Thanks
    AnotherJoe
    Are you sure it is me that is deluded?
    Originally posted by Crashy Time
    Not only are we all sure of that Crashy, the evidence bears that out
    • Crashy Time
    • By Crashy Time 12th Apr 18, 10:56 AM
    • 6,360 Posts
    • 2,407 Thanks
    Crashy Time
    Not only are we all sure of that Crashy, the evidence bears that out
    Originally posted by AnotherJoe

    https://www.theguardian.com/business/2018/apr/12/surveyors-issue-most-downbeat-assessment-of-housing-market-for-five-years?CMP=Share_iOSApp_Other
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