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House sale

  • julie321
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06 Aug 18 #503237 by julie321
Topic started by julie321
Hi
Could I ask how long is reasonable for house to be up for sale before considering reducing it.
Our property has been up for sale for 5 months and we had one offer which fell through.
We are in the north of the country where properties take longer to sell but my ex is wanting to reduce the price and I don't want to yet as I will barely be able to rehouse with my share anyway.
Houses in our area have been up far longer without being reduced so I was wondering what any wikis thought.
It is a four bed up for 190000 as it needs a little work. Well not needs as there is nothing wrong with it but buyers usually want up to date facilities. The estate agent said with a new kitchen and bathroom it would be up for 230000.
Any advice would be appreciated.

  • divorced at last
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07 Aug 18 #503253 by divorced at last
Reply from divorced at last
Has the estate agent suggested reducing the price?

You could reduce the price in order to attract more interest, it doesn't mean you have to accept anything...

How much is your ex proposing to reduce the price by?

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07 Aug 18 #503267 by julie321
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The estate agent suggested reducing the price after two weeks. Unfortunately we fell into the trap of choosing a fixed fee one so it doesn't matter to them what price is achieved. All they do is pester for it to be reduced.
The ex hasn't suggested anything just that he wants it reduced.

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07 Aug 18 #503268 by divorced at last
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If the agent is suggesting a reduction in price and your ex is in agreement, it may seem that you’re being obstructive.

Do you live in the property at the moment?

The good thing about reducing a price is that it brings the property back to the top of searches on rightmove etc

The reality being you won’t want to/won’t be able to afford to update a kitchen and bathroom so guessing that isn’t an option...

Remember your mortgage may also have reduced over the last few months so there may be more equity in the pot even if the price is reduced.

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08 Aug 18 #503273 by julie321
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Thank you for your reply.
As I said the agent has been badgering for it to be reduced since two weeks after it went on the market.
They are not interested in getting a good price. We have already had one sale which fell through so it can achieve the sale price.
As for being obstructive it has taken nine years to get to this point as my ex refused to sign a Consent Order from mediation for four years and then decided to go to court where he was told he was wasting court time as the only thing in dispute was the house.
I want to move to live near my son and he doesn't want me to as he thinks I would have a closer bond with any grandchildren. That is why he wants to sell at a low price.
There is no mortgage on our property but at 61 I can only get a limited mortgage.
He is also living mortgage free with someone else so he isn't in desperate need for the house to be sold.
He is just spiteful as he always has been.

  • rubytuesday
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08 Aug 18 #503276 by rubytuesday
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I guess it depends on how quickly you want the house to sell. You said that other properties ahve been on the market for far longer without a price reduction - that suggests to me that they aren't selling because the advertised price is too high.

Having been in a situation where my FMH was on the market for about 2 years before I had any viewings (it did eventually sell for a lot less than the asking price), I felt as though I was in a suspended state - I never knew how long I had left in the house, it was difficult to plan ahead as I didn't know if I would still be in the same place in 3, 6 or 12 months down the line. Although I was disappointed with the eventual sale price it did mean the very long nightmare was at an end and I could begin to look to the future.

Focus on you, and your plans and goals, rather than why you think your ex is happy to consider reducing the advertised price. You know he is a waste of your time and energy.

Advertising a house at a lower asking price doesn't necessarily mean that the house will sell for that, it may sell for a bit over that price. I agree with divorced at last, that any refusal from you to consider a reduction may be perceived as obstruction.

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08 Aug 18 #503279 by julie321
Reply from julie321
There is no rush to sell neither of us needs the money desperately we are both housed.
I Guess I will have to wait and see if ex pushes any further.

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