selling houses

[Maisie1234]

I posted a question on here about a year ago asking if houses were selling, it is now a year on and my house has not sold!!

It is a two bed midterrace in Huntley,Gloucestershire. It was marketed for �150.000 , we had an offer for �142.000 a day later which we refused ( always wiser after the event!!) We have just changed agents and have dropped the price to �127.500 ,hoping that someone will offer �125.000 and not have to pay stamp duty. We have had several viewings but still no sale what more can we do???

Any answers greatly received!!

[Eve]

Look at ways you can entice in first time buyers who are struggling to get a decent mortgage without a deposit.

Could you offer to funish the property to a degree to attract first time buyers with little money to go around?

Could you see if you can find a mortgage friendly way of giving a vendor gifted deposit to assist those first time buyers who haven't got enough deposit to get a decent mortgage?

If the house is being seld for less than market value and the mortgage loan to value figures stack up then it may be feasible.

Eg lender will lender 85% loan to value. Buyer has no deposit. House on market for �100k, 85% LTV = �85K , sale price is �80K = �5k vendor gifted deposit.

Depends on the lender's criteria though, whether they will lend on value as opposed to purchase price as it is often the lower of the purchase price or their max loan to value.

Payment of legal fees and stamp duty could be another incentive.

[Maisie1234]

Thanks for the answers so far.
Two rooms have been decorated since it was first marketed, the bathroom is now white and the spare bedroom cream, all other rooms are natural / pale coloured and just painted walls no wallpaper!!
The Garden is immaculate and the cooker/ washing machine/ fridge freezer are included in the sale as well as all carpets and curtains, the furniture could also be included ( leather sofas, coffee table/ bed etc. If an offer of �125.000 is made, this is exempt from stamp duty. It is a great first time buy, but buyers don't have the necessary deposit, it would be great if an investor came along.

[Eve]

What is the market value rather than selling prices?

May be worth approaching investors.

Is your house in an area with good rental potential for the kind of property is it?

[Maisie1234]

Thanks for the answers the original offer was made by an invester for �142.000 for him to rent out, so yes it has rental potential.

The offer was made after being on the market for a day in July 2007, we excepted the offer in October 2007 but the guy had bought another property.

Have another viewing on Monday, so will have to see what happens!!

[ganesh]

Let's face it,people are still scared to buy a property if it's going to fall in value month by month after you have bought it. In a recession ( or whatever the media tells us will happen!) a lot of jobs are at risk and people can't afford to risk buying and then being forced to sell at a huge loss if things go wrong. Everybody is waiting and unfortunately you got caught at the wrong time. I know exactly how you feel.
Unless it's a real bargain you won't sell and a lick of paint aint going to make the difference.
Either take it off the market and wait until things improve or cut your losses and accept a low offer.