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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

To sell our house at well below market value?

31 replies

parmalilac · 29/03/2016 16:39

Would really welcome your opinions. Moved house 6 months ago, old house now empty and for sale since September. Could not sell while we were still there as I was very unwell, and could not deal with viewings etc (we had already agreed to buy new house). Thus we moved before marketing old house. Housing market pretty quiet around here, and price not increased since we bought a couple of years ago. Have had some viewings, and nothing wrong with the house, it's nice, in a rural setting a few miles from town. Neighbours are going to build a new house in their garden to the side of ours, so as soon as that starts it will put potential buyers off, at least until the building is finished. It will not be visible from our house at all, but who wants to live next to a building site? DH says we should just keep trying, but I worry about it a lot and think a drastic price reduction is in order to sell quickly before building starts. Not being sneaky, anyone can look up council planning info, and on the Home Report it asks if you have ever been notified re planning permission - of course we said yes. Up to buyers to follow through and seek more info on that, or to ask when viewing. We have ALWAYS checked planning info when viewing houses ...

We have a mortgage on our new house, no mortgage on the one we are trying to sell. Had 6 months without paying Council Tax, now have to pay 50% CT for next 6 months, then it's at council's discretion after that. Have to keep it heated, insured, do the garden etc ... I think we should reduce the price by some 15/20% and have done with it. It's a big hit but can manage with it. We can then pay off new mortgage and have this constant worry out of our lives. What would you do?

OP posts:
cruikshank · 29/03/2016 19:17

Please don't rent it out. The last thing that this country needs is yet another amateur landlord who doesn't know what they're doing and who will sell up and thus make a make a family homeless whenever it suits them.

sonjadog · 29/03/2016 19:59

I sold my last house well below market value. The buyer got an extremely good deal. I could and maybe should have held out for a better offer, but the stress of selling was causing me to develop huge anxiety issues and my mental health was deteriorating fast. I could just about afford to sell at the loss, so I did. Definitely the right thing to do. I means that I have a significantly larger mortage on my new home, but I will pay that off in time and my mental health became more urgent than the financial side of it.

parmalilac · 29/03/2016 21:40

Re the planned new house it will also be a bungalow and at the side of ours. Not visible from in the house front or back, and not affecting the views at all. It's the fact that it will be a building site for an unknown length of time that is a worry for me. Feedback from viewings were saying garden a bit small, too far from town, one said price a bit too high. DH has just done some calculations and says if we sold next week for example we would be £6k a year better off... He does not think we should reduce it yet but if it bothers me so much then we can. Hate to lose this money, we are not wealthy but could withstand it. I will call some local EAs tomorrow and have a chat with one or two.

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Dustyantique · 29/03/2016 22:27

Six viewings in six months isn't a lot though.

I was always told no or low viewings indicate a price problem. Lots of viewings and no offers indivpcate a house problem.

^^ This sounds very sensible. 15-20% reduction sounds vicious though. What about a nice steady 10% and see what happens?

pandarific · 29/03/2016 22:31

What's the the decor like? If it's not been done for a few years Can you afford a few hundred quid for a decorator to go in and blitz it with some new paintwork? It does make a difference.

parmalilac · 29/03/2016 22:38

Yes, perhaps 10% is worth a try. Re decor it's fine, neutral and clean!

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