What Options if house doesn't sell?

A

Annie Q

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I've had my house on the market since March 2007. I have to sell due to seperation. I can't afford the mortgage I got to buy my partner out. If I don't sell soon I'm afraid I will start missing repayments. Does anyone see any light in the near future
 
Re: What Options if house does'nt sell

It is difficult to say without knowing the details but :

How does the price rank to similiar properties in your area? Is it overpriced?

Is your agent any good? This matters more than people realise I was involved with a property that was with one agent for 6 months who was not based in the area but was close changed agents and sale agreed 3 weeks later.

Not being mean but is it well presented for buyers? They like nice clean lines, tidy bright walls. It sounds mad but spending a bit now on presentation could save you in the long run. Im not talking the smell of freshly baked bread but when it comes to residential property very few things count like first impressions.
 
Re: What Options if house does'nt sell

I agree with the 'staging' of the house, make it a place someone wants to move into. Check out 'selling houses' and 'house doctor' showing on various satellite channels almost daily...
Do check out the local papers, who has properties most like yours, ie if you have apt and agent X has a lot of apts on his books, he may be the best one. Check around locally for 'Sold' signs, as an agent who has recently sold a similar property to yours may have some people who didn't get that last place.
But if it is still not selling, and the mortgage is a concern, would you have an option of the rent a room to bring in some ready cash?
If you have family / friends locally, could you move out and rent it for the duration? I relaise that selling and renting can be 2 completely differnt set ups, but money is money! But this of course will bring you into different territory, ie tax on rental, possibility of claw back if you were stamp duty exempt....
Good luck
 
Re: What Options if house does'nt sell

Would anyone recommend a moratorium in this circumstance?
Taking a mortgage break until house is sold
 
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Re: What Options if house does'nt sell

mell61 said:
Check around locally for 'Sold' signs, as an agent who has recently sold a similar property to yours may have some people who didn't get that last place.
Click to expand...

Estate agents are known for puting up 'Sold' signs outside apts and housing complexes, in an attempt to steal busines from the other EA who has "For Sale" signs.
 
Re: What Options if house does'nt sell

It is still a good place to start when choosing an EA
 
Re: What Options if house does'nt sell

Annie Q said:
I've had my house on the market since March 2007. I have to sell due to seperation. I can't afford the mortgage I got to buy my partner out. If I don't sell soon I'm afraid I will start missing repayments. Does anyone see any light in the near future
Click to expand...

Talk to the bank and try to switch to interest only.

The market has moved downward in most places since march 2007 by up to 10%. Check out all EAs in the area and ask them what are the real prices places are selling for....

Take these prices, assess your property against theirs and price accordingly. This should get people through the door and leave some room for a offer below asking etc. There is about 4 to 6 weeks left to sell your property before it will shut down until March 1 2008. So be realistic in pricing.

Do not miss repayments - if you have to negotiate in good time for payments holiday or to pay only what you can afford each month. Missing repayments will damage your credit rating and mean alot of expense if you buy in future as you will be charged higher interest rates and annoy the bank.
 
Re: What Options if house does'nt sell

redo said:
Estate agents are known for puting up 'Sold' signs outside apts and housing complexes, in an attempt to steal busines from the other EA who has "For Sale" signs.
Click to expand...

Even saw a REMAX sign this morning saying "Sold in six days".... Desperate EA?
 
Re: What Options if house does'nt sell

No doubt you are hoping to cash in on the (I'm guessing) couple of hundred grand profit you've made?

How much profit are you willing to lose?
 
Re: What Options if house does'nt sell

currently selling a house down south,check out different estate agents,recently changed ea after a couple of weeks on the market one with better website links to property websites etc.,plenty of viewings with new agent and a few offers.costs no more to have it on with multiple agents.keep the pressure on.make them earn their commission.Also if youre not shy open houses are a great way to attract interest.
 
Re: What Options if house does'nt sell

You might want to lower your price. Also be sure your agent is bringing you every offer and not turning people away as their bid was too low.

How many viewings have you had at the current price? If no people are coming to have a look then you are probably priced too high.

Also, try getting a friend to ring up about the property and see how the EA treats them. It would give you an idea of how your potential buyers are being wooed.
 
If you bought it a few years ago then just put the reserve at whatever the mortgage is, then it will sell ok.
 
Thanks for all the comments.
Renting a room is not an option at present but may be in the near future. Am I liable for tax if I do?
I have already dropped 25,000 off the asking price and would be willling to go another 30,000. Thats probably as low as I could go to enable me to buy a smaller/cheaper house. Otherwise I would have to get a mortgage as big as the one I have now so no point in moving.
Thanks again for you comments. The site is brilliant
 


I think you are entitled to €600 pm tax free on the rent a room scheme. Best of luck selling your property and let us know how you get on.
 
Under the rent-a-room scheme you can receive a maximum of 7,620 EUR per year tax free. If you receive any more than that and you have to pay tax on all the rental income.
 
"I have already dropped 25,000 off the asking price and would be willling to go another 30,000."

What % is that. It may not be enough in the present climate.
 
Annie,
Is it an option for you to extend the duration of the mortgage, hence reducing the monthly repayment (though will cost you more in the long run)?
 
The current mortgage is until im 81 to allow me to manage the repayments but they're still quite high. Im with Start due to bad credit rating incurred during the marriage. only got the mortgage in Jan this year expecting to sell within 6 months. Missed the market by one week. (other houses in the area sold within one week attaining asking price just before I went up). I suppose Im really looking for someone to say the situation as it is won't last but I know a miracle is all I can expect. Thanks again for your comments
 
You should check out prices of other houses in the area & maybe got 20% under their asking price to try generate interest.
As you mentioned, you've high repayments so the quicker you get this sold the better.
With more houses up for sale (autumn selling season) and, as mentioned by someone else, house prices dropping, you may have to take a hit to sale.
Any chance of a friend/family member helping you out with payments?
 
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