Selling a house after a month

[Newnams]

Has anyone ever done it, can I reasonably ask the agent to put it back on for the previous asking price or does it have to be the price I paid.

Do you have a mortgage?

No

No issue but buyers will ask Qs as to why. I wouldn't buy a house after 1 month unless it was a property developer who had renovated substantially and bought to flip.

Presumably you need to sell for an uplift which includes at least your stamp duty so that you are cash neutral.

They will put it on for however much you ask subject to it being reasonable in light of market values etc

In theory you can, but you will most likely be restricted to cash buyers only. Mortgage lenders usually will not lend on a property that has been registered with the land registry in the last 6 months. So your potential buyers may not be able to get a mortgage for the property. The six month "clock" starts when your name is registered on the property, not the day you completed so any land registry delays can have an impact too.

Setting a higher asking price than what you actually paid (assuming you paid less) is unrealistic as the market won't have changed that much in a short space of time.

No one is buying that house. They will assume it has significant problems unless you can explain to the buyers why you’re selling.

Why?

To be honest if you exchanged/completed quickly then relisted I would at first glances assume it was the SAME seller and the previous sale had fallen through.

A number of problems came to light just before exchange, nothing that isn’t fixable with a bit of time or money of which I have neither.

The area is actually quite popular but it just doesn’t work for me, one example is that I recently have had to started attending hospital appointments that are 50 miles away.

If the problems came to light before exchange why did you go ahead with the purchase, or did you negotiate a discount?

If they came to light before exchange why did you not just pull out of the purchase?

As a buyer your reasons don't sound particularly strong so I'd be questioning if you were being truthful or if you've found major property issues and are wanting to just sell up.

Realistically you need to be prepared to make a loss on this house, that is if you can find a buyer who doesn't need a mortgage.

I spoke to the solicitor who said that I could pull (it was literally a day or two before), and then my own estate agent phoned and persuaded me to go ahead, (yes I was an idiot and should of said no no non) my last property was really tiny but apart from that has everything I needed.

Well, yes you can sell it although chances are you'll be restricted to cash buyers only, so possible loss of value.

Don't get offended when the buyers don't take as casual attitude as you did, because that's very unlikely to happen too.

Not sure what you mean by casual attitude, I spent months looking and because it was massively overpriced when they accepted my exceptionally low offer I thought that I had a bargin. Except I should of offered either 10k less than I did, which I thought would be an insult, or not bothered at all.

Can you stick with it for 4 or 5 more months? To get past the magic 6 month mark before a mortgage offer will be required on it?

Can you afford to loose the stamp duty, Solicitors fees, moving costs etc and come out with less than you entered with?

Good luck with your journey, wherever it takes you.

Ohh, just a thought. If the house is mortgage free, can you rent it out? Or would the work you talk about need to be done before that could happen?

It will be a red flag to buyers who will know there are problems with it. You’ll also have to pay Estate Agent, solicitor fees etc. It may be better to sit it out for a year or two.

You can sell it for whatever you want and when you want . You don't owe anyone any explanations but obvs will need to answer if asked if you want someone to buy but you Have a valid reason so why not 🤷‍♀️

We had to do this with my dads flat.

He bought a flat to be near us, but the sale took 11 months to go through, but the time it completed, he was in a home for respite care as he had vascular dementia that came out of nowhere. in those 11 months he went from driving and living independently to hallucinating and not knowing who we were.

He was never able to move in, it went back on the market I think 8 weeks later, but for 12k more than he paid as the market here went crazy.

Land registry hadn’t even updated for him, we had a right game proving to the care home that he actually owned it and could pay their fees once it sold.

It sold no problem, we had an asking price offer in the first week. No one asked or cared, and I know they had to have a mortgage as the agent told us they were finalising it before they put in their offer.

This, but if you’ve a draft sale contract or memo of sale you can apply at the LR to expedite your application and your title register should then show the date as being the date of completion (you’ll show as the registered proprietor from the date of completion but it may have taken the LR 18 months to actually process the application 🤦🏼‍♀️). That can then go to the buyer’s solicitors to satisfy their lender you’ve owned it for more than 6 months - once you’ve owned it for 6 months obviously. I sold my house 7 months after purchasing it, and the LR hadn’t processed our application so we just had to expedite it and it came back within 48 hours and didn’t cause any drama with our buyers.

What are the issues that need fixing OP?

You mentioned £10k off, is that the amount it would take to rectify the issues? It’s not loads really in the grand scheme of home ownership- there’s always going to be things need doing.

@Nottodaythankyou123 but they won’t know how much I paid because the purchase is so new that the data isn’t available and even if I price it at 10k more than I paid that is still far off the original asking because it was massively overpriced.

Try it and see, the worst that can happen is it won't sell.

@sweetpickle2 closer to 20k and it’s the logistics of having to live through the renovation project not just the cost

You could sell to whoever tbh but be prepared to take a loss regardless of what you list it at as that’s what’s most likely going to happen.
People will only offer what they think it’s worth.

You really shouldn’t have committed to a property with faults you couldn’t afford to fix especially with how high rates are and how expensive builders are.

If the house is somewhere where houses aren’t selling quickly and if the house is something you can manage, I will sit on it for at least the next 2 years or until the market picks up to avoid taking a hit.

Not sure I’m liking what looks like you buying a house with issues, then trying to get rid of it for more than you paid and hoping people don’t know that

you sound like you’ll try and explain it away and hope they don’t pick up on the issues?

@Newnams

Are you ok?

you sound very, I don't know, anxious and spiraling.

Did you buy after a bereavement?

How serious is your condition/illness that you need appointments for it? Are you going to be well enough to oversee a renovation?

would You be able to drive yourself there & back?

Can you rent your place out & rent near the hospital for however long you need to?

After the Drs visits are over with, what do you think of the location?

what renovations do you need doing?

Are you earning? You don't have a mortgage, could you get a bank loan to do the renovations & get them done while renting near the Drs?

itll cost a fair bit of money to sell & buy somewhere else, would that not be better spent on the renovations?