EA advised to drop asking price but advertise as Offers Over

[mummyof2munchkins]

Having real trouble selling my house. Long story of problems with tennants, finally got house back and spent lots of money on new floors, carpets, blinds etc. Can't ever face the stress or expense of being a landlord again.

House now looks quite nice - but empty. Been on the market 12 weeks with 2 EA, had 5 viewings but no offers. EA recommended reducing the price by 5K after 6 weeks, we did but made no difference.

House is a 2 bed end terrace in a smallish village around 10 miles from Liverpool. It is the lowest priced house in the village, currently up for sale for £92950. Next door is on the market for £115000 and the house opposite for £125000.

Latest advice from agent is to put it up for offers over £85950. I've read on these boards some negative comments about offers over pricing.

Does anybody have any recommendations or advice.

Thanks.

Mummy

Sorry just noticed another error:

To the first floor there are two well proportioned and a combined bathroom/wc.

Two well proportioned...

It kind of gives the 'we don't care' impression.

I wouldn't change the price. Id get a better agent.

OP - some good advice on the selling particulars, but I have a question about what you are paying for whilst it's empty: have you had a period of not having to pay council tax since the tenants left? If not, get onto the council straight away. Most councils will grant a six month payment free period for an unfurnished house. That will help if you haven't already had that. Check their website first to see what info there is on this then ring them up about it.

Also, what are you paying for gas and electricity? If you are on some sort of monthly payment plan you should definitely tell them the situation and see if the payments can be altered. Also for water United Utilities (I believe they are the water company in the area) do not charge at all for empty properties, but you have to tell them and they will waive any bills issued. Sometimes their paperwork is a bit confusing and they'll send you a bill a few weeks after telling you there was nothing to pay, but you just ring them up and tell them nothing has changed.

Sorry if you have already done the above, but it isn't clear from your postings.

Also depending on how quickly you want to get rid - how about putting it for sale at auction with a reserve? You are more likely to get an investor looking at an auction and if they see there is something in it for them, e.g. they are getting a lettable house for under market value, that could appeal. I know you want to get as much as you can, but it's an option if things don't improve for you.

Thanks for all of the advice. I've asked one EA to take a new set of photos. I've given notice to the other EA and arranged a different EA (recommended) to value the house and put it on the market.

I'm also going to reduce the price, need to sell before I get into financial difficulty.

I have to pay full council tax - there is no payment free period in this area. I have had to pay since tennants were evicted. Paying gas and electric to keep everything going, boiler running, lights coming on and off on timers, cutting lawn etc. Don't have to pay water rates, thankfully, providing the house is unfurnished. Also paying for boiler maintenance and house insurance.

It amazes me when I read about landlords raking in profit at the expense of poor downtrodden tennants. I'm sure this does happen and it is trully wrong. Personnally I have (so far) lost thousands renting out a property. Just have to sell for what I can get and put it down to experience.

Maybe auction is the way to go then mummy?

Sorry you've had such a bad experience - hope it works out for you soon x

Hi again Mummyof2.

Just came back to say I think you are doing the right thing. We have been on the market with 4 different agents and it didn't do us any harm.

We did investigate the people that guarantee a quick sale but they only pay 75 percent of what they consider to be market value. We also looked into auction possibilities. I looked at several auctioneers and kept an eye on property auctions locally. They suggested a reserve of less than half what we owed on the mortgage and a house in our cul-de-sac only fetched 2k over that so not an option for us. I think we may have considered it though if we didn't owe on it.

I know people who have inherited property they couldn't sell for example and ended up letting the place go for an absolute song to avoid paying crippling running costs.

We've put it all down to experience too, if I'm ever in a position to make an investment again it won't be in property! Sorry you've had such a hard time too and again best of luck.