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Having to put house back on the market

1 reply

MummyMather2 · 09/07/2018 15:36

We put out house up for sale in May and within the first 3 days we had 5 viewings booked in and had sold it in less then a week, quite a bit over the asking price.
Our buyer wanted to move quickly so we rushed everything through as fast as we could and they had to pull out just before we were about to exchange (they were using money from their divorce for the purchase, but their partner decided to slash the amount from the agreed amount). Our buyer is still hopeful they will resolve something with their partner (although I'm not holding out any hope) and we've put our house back on the market, for a slightly higher amount on the estate agents advice/guidance. Luckily as the house we are buying is a deceased estate that we are moving into, they are happy to wait, for now at least!
Since putting the house back on the market we have only had 2 viewings booked in, our estate agents seems to have given up on communicating to us (we are in a sole agreement with them) and we are at a bit of a loss!
Houses in our area usually sell quickly, within 3 weeks, of which ours is an entry level type house to the area, fully refurbished and modern too. I'm concerned how it will look if we decide to cut the price after putting it back on for a higher amount.
One more thing that we think is slightly off putting is 1 year ago a house the same as our (has 1 less bedroom) sold for around £60,000 less than our asking price. I know this seem absurd, but the other house has had to have full structural work, modernisation and belonged to the Church of England with some sort of clause in the sale of the house. Obviously the 'past sold prices' on various websites don't explain this when people are researching!!!
Has anyone else been in a similar situation with any advice?
Thanks in advance.

OP posts:
Mosaic123 · 09/07/2018 16:00

Not exactly the same.

We put our house up for sale a year ago in June having found a place to move to. We were offered over our asking pric, by a significant amount, by 4 buyers immediately after our Open Day. We had 14 viewers on the day.

Then we had a family bereavement and pulled out of everything.

Less than a year later (May) we put our house up for sale again at a slightly higher price, the same price as the lowest of the four offers which we had received.

This time we have had a few less viewers but more importantly they have offered significantly less than last year. Same house and it hasn't moved anywhere!

We now have a reasonable ish offer but it's 35k less than our highest offer from last year. It's also 34k less than one of the other 2017 offers also 26k less and 20k less.

It's just the state of the market I suppose. Brexit effect? Who knows....

It's a bit annoying.

We are thinking of going into a rented property (we can't find what we want) if the offer is upped just a little bit.

In a market of falling prices this should make financial sense as long as we don't spend too much on rent. The money from the house needs to go on deposit but with quick access required it's not going to earn much in interest (less than the rent will cost us).

A first world problem to those who rent and can't afford to buy.

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