How would you price your house to sell in the current climate ? need to buy a repo

[Haylo]

We weren't even looking to move, but DP found our dream home in the property pages a few weeks back. Its exactly the right house, right area, right amount of renovation etc etc its also a steal, its been repossessed. We would probably only be able to get this house in 3-5 years from now if it wasn't for the current housing market and the fact its a repo.

We have out in a couple of offers well below the asking price and have taken a surveyor around to give it a once over to help inform our bids etc.

But the best thing we can do now is sell our own home. Its only 8 years old, big and in good nic etc. We are realistic about price and offers, but what would you put your house on the market for. It needs to attract attention and viewings to start off some negotiations hopefully, but we are afraid to pitch it too low (like 10% below last years value) as buyers will still want to negotiate down another circa 10%, we cannot afford to sell that low.

It will be down about 10% on last autumn so price it about 5% below to give any buyers room to negotiate,although I wouldn't do anything until you are well under offer as mortgagtes are difficult to get atm and even the nicest house can have trouble if the buyers can't get funds.

Agree, thats the other issue having buyers that are ready to proceed, us buying a repo means that bank want it to progress quickly, although even for them in this market l am sure they would be more flexible if we were in a good position.

We have already looked into the mortgage side for us and should have no problem.

l will be so P**d off if we miss this opportunity because we cannot sell due to the stagnant market. l am fed up of people saying 'if its meant to be', yeah l know it is, that house felt right the minute l walked in the door, despite the rubbish piled everywhere !

Perhaps l am getting desperate but l have had two birds poo on me since we first saw the house ... thats good luck isn't it

we had several valuations on our house and marketed it the lower end, about 10% below one up the road that has been on the market for 18 months (and which is smaller than ours)

we have had an offer that is 3% below asking price after only 2 weeks on the market - am waiting on estate agent to confirm atm [anxious]

so I would go on the market low and stress that to viewers that you are on at a realistic price, people are not idiots and will compare your price to ones in the surrounding areas, all our viewers said it was the realistic price that got them in

good luck

so you could say that our (would be) buyers have got our house at 15% off

OR you could say that we would have had 15% of fuck all if you don't sell

swimgs and roundabouts

can you investigate renting your existing property so you can proceed with a purchase?

Good luck! I'm also desperate to move and found a lovely house but my agent is banking on a corporate sale so isn't actually marketing it. Bloody annoyed and will be having harsh wordss later today!
you could consider incentives as well as pricing competitively. Like paying the stamp duty etc

l am willing to go lower and look at the incentives, you see the gain we make on the repo property far out strips any seemingly bargain price we give a buyer on our own property - however - DP is an accountant and always wants to best deal possible, but has a hang up about in his view 'giving our property away', although he has also fallen in love with the repro property and also wants us to get it.

l think if we had a sound and fast moving buyer we could lower our offer on the repo property on the basis we can proceed ... its still on the market but obviously the agent cannot tell us about any other offers, its difficult when you are not dealing with a person on a one to one basis (albeit thru the agents) and have to wait for a bank to decide on offers and acceptance of them.

The repo house needs around £30k spent on it, but nothing we could not live in initially and take renovations slowly, its a house for the next 15-20 years to bring our DCs up in, not to do up and flog, so as long as nothing major changes we can ride out any market crashes.

Re pricing, I'd always be tempted to price near the top of the valuations you get, just because people are expecting such whopping discounts at the moment so it gives you room to come down. People seem to be looking at prices at the moment and immediately mentally knocking 10% off.

If you get good proceedable buyers interested, you can always let them know that you will consider offers because of their good position.

Having said that, I think this strategy works best if yours is a good property in a good area, and there aren't a lot of comparable and cheaper properties for sale nearby.

I have just placed an offer for 10% off an asking price that had already been reduced by about 8%.Also the last house to sell in teh road went for about 45% more in october.They didn't say no and are going to let me know tomorrow so people are considering offers and this particular house is in a lovely road although has been a student let so needs about 30k spending.Hold your nerve