House for Sale?

[benjamin]

Hi everybody ,

I need some advice about selling my house. I bought the house 18 months ago and have since had some bad luck with jobs etc and now really cannot afford the mortgage... We have cut back on everything and are selling everything which is not 100% necessary to live, but are still struggling with our mortgage (nearly ?1200 per month, interest only!).

We have had our house on the market now for 4 months - it's spotless and was brand new when we moved in. We've had 4 viewings, changed estate agents and made some improvements to make the garden look bigger, but still nothing...

We are now fairly desperate to sell the house, but it's not going anywhere.. Does anyone have any other ideas, bearing in mind that we cannot afford to make a loss on it and cannot reduce the price any further?

Thanks.
Benjamin

[zachary]

Hi Benjamin,
In my view, and i have viewed hundreds and hundreds of houses, if a house does not sell, it is either overpriced or there is something wrong with it

The fact that you owe so much money on it, is not a factor which will dictate its market value on any level. If you are in negative equity, you may end up selling the house for less than you owe, and the Lender will still pursue you for the remainder of the debt.

I have spoken to many folks in your position, and if you wait until you are re-possessed, your lives will be ruined. I know this is harsh, but my beset advice is to drop your price, sell up, move on and go into a cheaper rented house until you are financially more stable again.
Many Thanks
Zachary

[vngrape]

I agree with Zachary that it would be better to sell it at a lower price than lose everything when it gets repossessed. You said you have been hiring agent. Have you tried being an agent yourself? A lot of people I know have sold their properties using just their contacts and their contacts' contacts.

[king2163]

many property companies in US and UK provide quick property sale where you can get instant cash by selling your property.

http://www.quicksalefast.com is one of them

[agentyumi]

I agree to others. As far as I know hiring an agent or broker makes the property’s cost higher because of their commission. If you are the one who’s the agent of your own property, it means that you can lessen the price of your property. Mostly buyers search for low cost property but of course with good quality.

[dsodey]

Do any of you "advisers" realise that if he bought the property in late 2007, the current price probably only covers the mortgage and he is not looking for a profit.
Unfortunately, if this is the case Benjamin, there is not a lot you can do.
You could try to explain the situation to your lender and asking for a payment reduction for a while.

You're not alone, so many are caught up in this situation these days.
Good luck,
David