Why won't it sell?!

[lazyhen]

OK - I know there's a credit crunch going on but we have a shared ownership property that we're trying to sell. It is Victorian (not part of any estate of social housing). And the actual mortgaged part is under 60k for 1/4 share.

It has 2 bedrooms, the second is pretty small (single room), and a small back garden. Because it's not on the open market we have to do all the viewings. I've done 5 and everyone has looked and sounded really excited... and then nothing. Once person was up front as she had 2 kids so I understood it would be too small. My DH did phone one person to ask for feedback and he said it was lack of space.

For each viewing we realy tidy up, clean properly, de-clutter and shift the dog out of the house.

I just wonder is there something we're not doing or saying or are we putting people off somehow. I haven't viewed any properties with the intention of buying for over 5 years, and that was as a single person so I don't know what it is that people are looking for and not getting.

Any suggestions would be really helpful.

i think hte biggest problem is that first-time buyers who need this type of mortgage generally don't have the deposit required anymore.

i mean, we're still talking £6,000+ fees.

so they stick to renting or living with folks.

£6,000 is a lot to save from zero if you're on your own, especially now the 10p tax is gone and cost of living is rising.

I said earlier it was less than 60k as it was a nice round figure. You're right noddy - The share was actually up for 57k - now 54k.

I know what you mean about the fees expat - That was my position 5 years ago when I bought this house but I just maxed out credit cards and got 100% mortgage on the 1/4 share.

Many people love coming to snoop and wasting your time. They say all the right things and you never hear from them again. Par for the course unfortunately. I would imagine the small second bedroom is putting people off (we had a similar problem with one that was little bigger than a broom cupboard) and unfortunately there's nothing you can do about something like that except make everything else as nice as possible.

Be patient - you need to wait for someone to come along that needs to buy. Without wanting to sound rude about your place, both our houses have sold to people who were desperate! The second of them, we only bought ourselves because we were desperate - and we dropped the price to sell.

If you were a first time buyer would YOU buy now? I don't think I would unless I was sure I was getting a real bargain. Also the shared ownership thing is fairly new and I agree with others on here that people are going to be more wary of these types of schemes at the moment.

mmmm - I have had 3 more calls today and have real sellers apathy. My DH has cleaned the house top to bottom so there's nothing else I can do.

Who are these people that just like snooping? I've done it on new builds to have a look at what you can get for your money, but what a waste of everyones time with a private sale.

I think I'll do tonights viewing with some gaffer tape across my mouth!

You're right blue - I wouldn't buy now.

Hmph.

Twinkle - what consitutes deperate? People living with parents or needing to downsize perhaps?

oh I think tonights viewers fall into that category. Due to give birth in 8 weeks living with parents at the moment.

I lit the fire too - I brought out the big guns. I realise I'm just messaging myself now but I like to have closure!

I used to be an EA.

My hate were dogs and mice - even if they are outside you can still smell them, and if the dog has come in wet it can make the house smell of more structral damp. Use a really good air freshner about an hour before - you want it to mask the smell, but not seem obvious as if you are hiding something. Get someone to take the dog for a walk and put the bowls away in a cupboard

Houses that were obviously too small for the current owners - get rid of the junk, not just on the day. Pack up everything you don't need and put it in storage.

Kids toys..... get rid

last nights dinner - bread & coffee are good though

Newspapers on the side.... they don't have to agree with your political views, but if they don't feel at home with the "area" they won't buy

Give the viewers directions that don't go past the local sink estate

guide them around in front of you ...say things like if you go to the left you will come to the kitchen. It means that you don't crowd the room when they get their first impression

check the part of the house that they like ( usually the same bit that made you go wow) and use that to do your last good bye

Smile, but not manically

If they have kids tell them about the bits your kids like there...friends, schools, friendly neighbourhood.

Dress smartly... they are buying a lifestyle not a house

Golden rule..... people buy from people. If they like you then they will look for reasons to buy (and the converse is true)

Great tips - thank-you. I'm proud to say I agree about the dog. He gets 'ousted'!

We have relaly de-cluttered and there is nothing around that we don't need.

Interesting about the newspaper. Hadn't thought of that. This is the kind of advice I've needed. Thank-you.

Desperate in our case meant people who had already completed/on verge of completion and needed to find somewhere quickly. Same situation that we were in when we bought the second one. Interestingly, although both houses were tiny neither sold to a first time buyer. They were old cottages though which probably opened up the market a bit.

I hope you have some good luck soon.

Because it's massively overpriced (sorry to be blunt!)

Be as blunt as you like - as I've said, the price isn't up to me.

Hopefully you'll have better luck when you're released from the s/owner co, can go to open market and dictate your price.

We were in this position last year, our co faffed about with start and end dates so we ended up spending 5-6 weeks under their rule and then they had the gumption to send us a letter saying we hadn't allowed them to find us a buyer... er no - you didn't send anyone round at all!!! Good news is we did sell on the open market and we are now in a fully mortgaged property. Shared ownership isn't new - my parents left the Forces and bought their first home on a s/owner scheme in 1986.

Good luck!

Thanks Jill - really good to hear a positive story!

Fingers crossed.

I agree with Anifrag's last statement. I am sure the people who bought our house last year, did so because I chatted to them and told them loads about the area. We also kept in constant contact with each other throughout the whole process until exchange. At the last minute their solicitor decided we needed a certificate for our back window from the council. To cut a very long story short we needed a glazier to replace the glass because it wasn't safety glass. Turned out our buyers brother had his own business and came, ordered the glass and fitted it. This enabled exchange and completion to go ahead, we would have been scuppered otherwise or spent ages rining round trying to find someone.

Oops sorry that turned in an epic! In short - be friendly!

just heard today that some banks are not agreeing new mortgages for less than 25% deposit.

that's a lot of money for a first time buyer, especially if they are single and/or have student loan debts .

But too be fair most banks always asked for 5/10% it was only the sublime lenders who allowed people to borrow 100% or 125% of the mortgage. I think this will make people think twice about going to Uni if they are going to have to save for 5 years after graduation to clear debts and get a home, might as well start at 18 debt free.

25% will be the norm until prices fall to 3x salary

The guy who came yesterday said he had been offered 100% mortgage, so there are some still around.

I was in good contact with the guy I bought this house from originally and I agree it helps if you're involved and co-operative.

I would be very wary of anyone with a 100% mortgage There are none available from conventional lenders I would say v high chance of not completing with this buyer

Really?

Well I haven't heard from them today so don't s'pose it's worth worrying about.

I have 2 more viewings this weekend. Won't hold my breath though.

Thanking you all for good points and advice, really appreciate it!