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Original poster

neg equity.... so pissed off. am trapped

13 replies

pud1 · 24/03/2010 15:24

my flat has been ont he market for 3 years and i was looking to change estate agent. jsut had one round who valued it at 110. our margage is 110 so after fees we would be out of pocket. we can afford to sell at that price but need to move. we have 2 kids under 2 and a dog in a 2 bed flat. trouble is i agreed with what he said. looking at whats for sale it is all its worth, i feel so pissed off ad trapped.

OP posts:
Original poster
pud1 · 24/03/2010 16:22

i take it back i dont agree with him. he has 2 other flats on his books. both in a near by area. they are both on for 120. he did mention these appartments and said tht they are a little easier to sell as they are located near a 24 hour tesco. they look the same as mine and are a 10 min walk away.
he did tell me that he has not taken a wage from business for 2 years as things have been that bad, is he trying to sell at any price just to make a bit

OP posts:
ageing5yearseachyear · 24/03/2010 17:16

how much would you get if you rented it out?

we did a similar thing in the last recession when we couldnt /wasnt allowed to sell. rented it out and rented ourselves elsewhere. not perfect but better than being stuck.

does your mortgage provider do anything for neg equity? i am sure i saw some that allow you to carry the neg equity over into next property?

what is yours on for? has there been any interest at all?

Fimbow · 24/03/2010 17:25

God, I would not want to be anywhere near a 24hr Tesco. I would put yours on for the £120k too.

pooka · 24/03/2010 17:29

Agree that proximity to an all night supermarket is NOT a selling point IMO. Noise, disturbance, traffic. No thanks!

Original poster
pud1 · 24/03/2010 19:31

not only a tesco but a by pass and a busy pub right next door.

have thought about the renting thing but have no savings and would not be able to pay for 2 houses if was without a tennant.

tbh now i have had time to think about it i am going to ignore that agent and either get others round or just drop my price a bot with current agent

OP posts:
thisisyesterday · 24/03/2010 19:33

i def wouldn't want to live near a tesco either!!

that said, if it has been on the market for 3 years then something is not quite right...
a property is only worth what someone will pay for it

tbh I know it's difficult (i was desp to move a while back too), but I think you need to sit tight for a while. make the most of what you have and maybe look to put it back on the market in 6-12 months?

Original poster
pud1 · 24/03/2010 19:41

i know what you mean that there must be a problem. i did put it on the back burner for a while with my estate agent while dd2 was ill. the flat upstairs has been on for abnout 2 years and he has had no interest either. this area ( rossendale) is full of flats as well as nice terrace houses for the same price. i wonder who wants a flat when they can have a full house apart from retired couples downsizing

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thisisyesterday · 24/03/2010 20:16

it's hard isn't it? i've gradually moved away from the idea of getting a bigger place, and we're working on ways of improving the space we have

we have a house, but we can't extend as it's too much money, and we can't do anything with the attic as there is not enough headspace!

so we're having "fun" right now trying to work out ways of creating better storage and just more space without actually making the house any bigger

Original poster
pud1 · 24/03/2010 21:21

there are some plus points to living like sardines.

  1. less floor space to mop/ hoover
  2. great excuse to not have to put up with house guests
  3. you buy less shit as you have no where to put it
  4. ypu can get to the fridge quicker for a choc fix
  5. same goes for the loo.
OP posts:
Hassled · 24/03/2010 21:26

pud1, you should have a career in marketing .

I once lived in a flat so small that I could reach the fridge from the sofa, which was also my bed. There were many, many advantages to that flat.

Agree that if you possibly can, sit tight for a bit. Take it off the market for now, because people will be used to it being around and not selling, and just dismiss it out of hand without viewing.

Original poster
pud1 · 24/03/2010 21:31

do you look back to that time in your mini flat pre kids with fondness

think we will sit tight for a bit

OP posts:
thisisyesterday · 24/03/2010 21:32

yeah i think if people notice it has been on for a while they start thinking there must be something wrong with it iyswim

Hassled · 24/03/2010 21:41

Oh I had the older DCs in that flat, before I met DH and had the others. They had the bedrooms, I had the sitting room and the kitchen was too small for a fridge. It was a shit flat, but it was my flat, and that meant a lot. I do look back on it with fondness really.

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