House Auctions UK....
Just a little advice if anyone can help. We too are caught up in we cant sell our house gang, but won't go down without a fight. I spoke to an Estate Agent about House Auctions but the costs were astromnomically. Approx £700 to list then over £2000 in agency fee's.
I have to questions is anyone one going down this route now ( while we are in doom and gloom) and can you do it minus the £2000.00 plus VAT agency fee ie list it yourself.
I know we may have to look at Renting it out and soon if nothing happens .... but Im clutching at straws. Any advice greatly appreciated
We are in the same boat so to speak. I thought about auctions but the thing is this... Its not that people don't want to buy houses. Its the fact that the banks don't want to lend the money for people to do so. The buy to rent market is all but closed. Banks will only let investors borrow 60-75% of the houses value. We had a couple of investors round last week. They cannot get a loan to buy our house even if we dropped the price by 20%. We are looking into a possible solution with them and will give details if it is workable. Hang on in there. Its not look good at the mo for anyone. I saw this morning on the news that the Bank of England are expecting house prices to drop this year by anything up to 30%.
Great more of the same then
Like you and Pete we are in same position!
Originally Posted by Kiki
Dropped our house by £30k still no positive viewings!Except from the few aggravating Serial oddball viewers!Get me so angry time wasters!
Did go down the route of renting it out agreed dates with a family to move in and become our tenants only to find they have disappeared and not contactable any longer!Again very frustrating!
Hubby now decided we are not going to rent it out unless we become super desperate (WHICH I THINK WE ARE)he wants to sit tight now until we get a buyer as he wants to arrive in oz with "all" our cash with us to do what we please when we please and not tide up in a house in the UK!
I understand what he is saying and he is usually right but i feel like we are just in limbo now!
Got no date now to work on - can't book flights,removals - nothing!
I hate being in this position but there is nothing i can do!
S T R E S S..........................
This is the worst of it. We have the visa and Tracey has a job to go to. We have seen some houses we quite like the look of in our price range that are near a school we are happy with. However, like you guys while we still have the house we can't do anything.
Originally Posted by cunnah10
From one anxious seller to another we are in the same boat. Have you thought about having an open day? They seem to be popular at the minute, a bit of work to organise brochure and advertising etc but maybe worth a try. I saw a show on BBC recently (called open house) where you approach your estate agent and arrange a date for an open house day. You sort out the brochure showcasing your home and they invite potential buyers on their books to your open day sending them your brochure. All viewers are offered the opportunity to submit a bid by a set time later that day and you can choose the bid you want. The brochure included local amenities, positive selling points, photos, what goes on in the area etc etc.
There is another option that has been suggested by other PIA users recently. You change your mortgage to interest only payments and rent your property out until the interest in your property/area recovers enough for you to achieve a reasonable selling price. Not ideal but seems to be what is becoming popular to get over to Adelaide. Have you thought about approaching a housing trust and asking them if they would like to buy your home?
Good Luck and let us know what you try and how it works out.
it is so frustrating isn't it!Hate not being in control of our life!Can't plan make decisions - nothing!
Who said life was easy!!!!
Originally Posted by cunnah10
I Know its very frustrating. I Anticipated it may take awhile to sell so thats why we put it up at the end of Jan but hadnt anticipated all the doom and gloom. We have a good news that our area where we live is getting a movie studio built so lots of jobs and money/ new people to the area. But that would not be completed for some time. I like you all just want all thoses lovely pennies out of our homes to start a new life in Adelaide.
Renting is definetely looking more like an option. Im just afraid I rent it and a buyer comes along
We have just seen a financial advisor, we could change mortgage to buy to let, add up to £50,000 and then rent it out. If we do this the rental payments would not cover the mortgage completely so we would have to leave some money behind to cover this, if we dont do it we will still have to borrow money to come with anyway! But then if we sell soon well fantastic!! And the same to everyone else in this position, you're not alone!!!
we decided to rent, mortgage on interest only and guess what!! the letting agency asked if they could try selling it first.... ok give it a whirl I say. Sacked Farrall & Heyworth estate agents. There valuer came and valued it higher than the current valuation. New marketing stategy.... dont drop the price of your house..... put it up ha ha