The House Sale Timing dilemma

[Gbye grey sky]

I wouldn't give away that information.

If a buyer knows I'm moving to Australia in 2 months, they will only give low ball offers.

You don't want to give the impression you have to sell in a hurry.

 

Depends. If the market is strong as ours was and the buyer wants your property he will expect to be up against others. We were moving on a set date whether the house sold by then or not so our selling date was not set in stone. Like Pat Phillips we would not have accepted a low offer just because we were leaving on a set date.

 

Personally I prefer to be transparent with people. Treat them the way I hope to be treated.

[Gbye grey sky]

Sounds an odd system in the UK.

The chains could be never ending. Most people are selling something to buy something new so where does it end ?

 

Yes, they can be long. There has to be a first-time buyer or investor buyer at one end and something like a deceased estate or someone emigrating at the other. Luckily there were only 4 in our chain.

[Parley]

Depends. If the market is strong as ours was and the buyer wants your property he will expect to be up against others. We were moving on a set date whether the house sold by then or not so our selling date was not set in stone. Like Pat Phillips we would not have accepted a low offer just because we were leaving on a set date.

 

Personally I prefer to be transparent with people. Treat them the way I hope to be treated.

 

Sounds nice but silly in practice.

 

You would not tell the buyer the minimum amount you will accept for your house for example.

 

While it makes you sound nice in theory it probably cost you 10000 pounds or so on your sale.

[kevsan]

We told our buyers / viewers / estate agent that we were moving to Aus, partly so they knew we were serious, but also made it clear that we needed as much cash from the sale as we could get to setup life abroad (not quite true) and that our estate agent would continue to market until the right price was met, whether we were here or not.

 

In terms of timelines, our house went on the market on 20/06/2015, got an offer for the full asking price on 27/06/2015 which we accepted. We finally got the phone call confirming completion literally as i pulled into the car park at Heathrow on 25/08/2015 on our way to Melbourne...

Edited February 11, 2016 by kevsan

[NicF]

Sounds nice but silly in practice.

 

You would not tell the buyer the minimum amount you will accept for your house for example.

 

While it makes you sound nice in theory it probably cost you 10000 pounds or so on your sale.

 

Sold many houses in the UK? Unlike in Australia buyers are generally shown around the house by the owners and they want to know why people are moving out. If you refuse to give a good reason they will assume it is because of an issue with the house or the neighbourhood and not put in any offer. The fact you are moving overseas actually makes your house more desirable because it means you are at the end of the chain. As you can talk to potential buyers you can sound out if they are in a hurry to move because they have already sold a property or if they will want additional time before moving in and act accordingly. You can also inform them that you are hoping for a good price and will leave the house with the estate agents to sell if you don't get what you are after before you move.

[stamples]

In response to various above and other key thoughts:

 

- I would not give any indication of any particular 'need' to sell urgently - whether you go for a full disclosure or more private positioning, your ethical choice, I would recommend you

 

1) are not home when viewings take place (I think this is a ploy by estate agents to save resources, but that's what they're paid for) - we have always preferred the agent shows people around, they have less attachments and often get a better price through their objectivity in the sales process

 

2) even if you do disclose you are moving countries, I recommend you indicate you are quite happy to rent if not sold, 'so either way, you're ok' so it's now their choice to make a decision before it goes off the market, whichever way that transpires....

 

3) conveyancing can be done really quickly with the right conveyancers - we purchased a vacant property once with no chain and moved in 21 days from viewing - viewing to and it was completely hassle free - our choosing a small but dedicated and very professional team who worked to achieve our goals enabled that - we happened to use http://brownssolicitors.co.uk/brownssolicitors/contactus.aspx - excellent professional service, fixed fees, fair prices - we've not used them in a few years personally as not sold, but I've recommended them to hundreds of people over the years and no one has ever expressed anything but high praise I've heard about.

 

Good luck!

[Que Sera Sera]

We sold our house relatively quickly but, the financial side took nearly 6 months to complete due to errors by both sides solicitors. We moved into a rented property taking on a 6 months lease but ended up in the rental for 18 months as there was a problem with the visa as my OH's profession was removed from the critical skills list. It's certainly not always straightforward for sure.

[Gbye grey sky]

Sold many houses in the UK? Unlike in Australia buyers are generally shown around the house by the owners and they want to know why people are moving out. If you refuse to give a good reason they will assume it is because of an issue with the house or the neighbourhood and not put in any offer. The fact you are moving overseas actually makes your house more desirable because it means you are at the end of the chain. As you can talk to potential buyers you can sound out if they are in a hurry to move because they have already sold a property or if they will want additional time before moving in and act accordingly. You can also inform them that you are hoping for a good price and will leave the house with the estate agents to sell if you don't get what you are after before you move.

 

Yes, this is exactly right.

[CNC FABS]

It only affects those buying a house to rent out or a second home. With the start of the new Uk tax year 5th April 2016. There will be a 3% stamp duty increase for such buyers. Hence our buyers have sold their flat to an investor, who would be looking at having to pay an extra £5k, as soon as the sale goes past that date. Another clever idea from UK Govt.

 

Hi CNC FABS - can you please share a little more info on the " wants to beat the stamp duty increase coming up" as we're contemplating selling soon and timing might be key -

thanks in advance.

[CNC FABS]

We sold with an online agent, as in the South East. So you really only need to get on 'rightmove' to sell a normal house here. We did get valuations from the normal local agents as well, god that was interesting. Bunch of scheming, twisted layabouts that I just couldn't trust. None of them has the pulse of the local market values (despite all being in the next village 1.5 miles away) Fighting each other with lower and lower fees, listing properties on 'rightmove' as sold in one day (same ones appear again months later, also sold as soon as listed). Almost as much fun as double glazing salesman. Anyway, we sold for a £ 750 inc vat fixed fee and did the viewings ourselves. We were open with buyers that we where moving to Oz. As the truth always come out and we felt it was an incentive to back up our chain free status. It didn't result in low offers. First buyer was 3% under the asking price and only fell down due to new mortgage rules (having a child since she took out first mortgage she was porting) . Our current buyer came in at asking price first call.

[Parley]

We sold with an online agent, as in the South East. So you really only need to get on 'rightmove' to sell a normal house here. We did get valuations from the normal local agents as well, god that was interesting. Bunch of scheming, twisted layabouts that I just couldn't trust. None of them has the pulse of the local market values (despite all being in the next village 1.5 miles away) Fighting each other with lower and lower fees, listing properties on 'rightmove' as sold in one day (same ones appear again months later, also sold as soon as listed). Almost as much fun as double glazing salesman. Anyway, we sold for a £ 750 inc vat fixed fee and did the viewings ourselves. We were open with buyers that we where moving to Oz. As the truth always come out and we felt it was an incentive to back up our chain free status. It didn't result in low offers. First buyer was 3% under the asking price and only fell down due to new mortgage rules (having a child since she took out first mortgage she was porting) . Our current buyer came in at asking price first call.

 

Sounds like your asking price was too low. But as long as you are happy with the price you got I suppose that is the main thing.

[Kenfrapin]

Buyers almost always want to know why the seller is selling. Whether you are moving to Oz or another place in the UK the chances are you are going to be keen to sell.

 

Lying is rarely a wise course. If someone did not have a good sounding reason for selling I would suspect that they had neighbours from hell or there was an issue with the house or neighbourhood.

 

The key to getting a good pric is having at least 2 people wanting your house or a buyer thinking that.

 

So many replies overnight so I am going through each now. I do agree that by saying we are leaving the UK it may encourage low offers but end of the day everyone sells for a reason. Our home is a new build and very well decorated, no one in their right mind would sell in 3 years so its best to be open. We will make sure to also make it clear that if we dont get the right price we will rent it out.

 

It is always good to be truthful, not show desperation and be smart about handling the entire process

 

KnK

[Kenfrapin]

And to reply to the rest, we are doing pretty much what's been said

 

1. Open and up front why we are selling to a specific timeline

2. No impending need to get rid of our place, we leave with the estate agents or put it on rent in the market

3. We thought of using an online agent as we typically love to get our hand dirty but we have a lot more to do with our move, so will leave it to one of the local respected agents to take care of, including showing the homes to buyers, we will not be around

 

Once again, thank you all for the wonderful ideas and thoughts. Having read it all it makes sense we put it on the market in April/May and ask for an August end completion date. This gives the entire process just over 3 months which is perfect. If it extends further then so be it but we will remain positive that it can complete around the time we fly out!

 

Thanks

KnK

[CNC FABS]

Sounds like your asking price was too low. But as long as you are happy with the price you got I suppose that is the main thing.

 

No it was not. So called expert local agents valued house at £300-325 k. Fighting each other for fees, offering to beat company 'x' by 0.1 % etc (the lowest they offered was 0.85 %). This is the South East remember. Other online agent (based 10 miles away) Values at £ 375 k. As he put a value on out USP (a protected field overlooking our rear garden). We listed and now sold at £ 365 k. As we were worried we were to close to 4 bed house prices (ours is 3 bed, no ensuite, single garage) As these are being listed for £ 385 k and sold from £ 370 K.

Just to explain myself.:wink:

[Patphillips47]

And to reply to the rest, we are doing pretty much what's been said

 

1. Open and up front why we are selling to a specific timeline

2. No impending need to get rid of our place, we leave with the estate agents or put it on rent in the market

3. We thought of using an online agent as we typically love to get our hand dirty but we have a lot more to do with our move, so will leave it to one of the local respected agents to take care of, including showing the homes to buyers, we will not be around

 

Once again, thank you all for the wonderful ideas and thoughts. Having read it all it makes sense we put it on the market in April/May and ask for an August end completion date. This gives the entire process just over 3 months which is perfect. If it extends further then so be it but we will remain positive that it can complete around the time we fly out!

 

Thanks

KnK

Exactly our sentiments - we are telling people when and where we are off to but also saying we have a price we want and will leave it in the hands of our estate agent who has guaranteed if its not sold before we leave he will show prospective buyers around himself as we don't want to put pressure on friends or neighbours by getting them to help with viewing

Having said that we had a lovely couple view today ,very impressed and they have asked to come back tomorrow with family So who knows the house might or might not sell all in the lap of the gods

Our place has only been on the market a week -4 viewings and an offer albeit a stupid one I think is good as we live in the North East and house sales can be notoriously slow anyway

[Gbye grey sky]

And to reply to the rest, we are doing pretty much what's been said

 

1. Open and up front why we are selling to a specific timeline

2. No impending need to get rid of our place, we leave with the estate agents or put it on rent in the market

3. We thought of using an online agent as we typically love to get our hand dirty but we have a lot more to do with our move, so will leave it to one of the local respected agents to take care of, including showing the homes to buyers, we will not be around

 

Once again, thank you all for the wonderful ideas and thoughts. Having read it all it makes sense we put it on the market in April/May and ask for an August end completion date. This gives the entire process just over 3 months which is perfect. If it extends further then so be it but we will remain positive that it can complete around the time we fly out!

 

Thanks

KnK

 

This is how we thought it through too. April/May is the best time of year to sell too.

 

Best of luck with it all.

[Kenfrapin]

We just found out another problem : The Early Repayment Charge

 

As we took used the Help To Buy scheme, our Woolwich Mortgage came with a 3 year ERC of 3% of total amount, which comes to approx £7000.

Did anyone face this issue and were they able to get out of it because we are only selling as we are leaving the country. I will call Woolwich next week but if someone did manage to save on the ERC then let me know how!

 

Thanks

KnK

[Guest Priscilla101]

Apart from the ERC bit I'm in the same position. Just waiting for a 189 grant and plan to sell April ish and fly to Melbourne in September. Fingers crossed it all works out and you sell quickly

[Gbye grey sky]

We just found out another problem : The Early Repayment Charge

 

As we took used the Help To Buy scheme, our Woolwich Mortgage came with a 3 year ERC of 3% of total amount, which comes to approx £7000.

Did anyone face this issue and were they able to get out of it because we are only selling as we are leaving the country. I will call Woolwich next week but if someone did manage to save on the ERC then let me know how!

 

Thanks

KnK

 

I would suggest referring yourself to the T&Cs to see if there are any exceptions shown. I would be surprised if this was one particularly if you are choosing to move to Australia (as opposed to sent there by your employer).

 

Your problem would be that even if you decided to hold fire on the sale until the 3 years were up and rent out the house there would almost certainly be a clause in the T&Cs preventing you doing that.

 

When does the 3 year time limit expire?

[paisleylass]

Doesn't the ERC diminish over time? We had a 3 year fixed rate, and the penalty reduced each year until it hit zero when the fixed term expired.

 

In terms of timing, our tenants disappeared in April so we thought great, good time to sell up. Except it took several weeks to get all the repairs and cleaning done. So we finally got the house marketed late July, and got an offer for full home report value three days later. That was last year. So it was past the 'prime' selling season, but we still did good. Plenty of people out there not tied to school terms etc.

[Kenfrapin]

The fixed term expires Feb 2017 and it is a fixed ERC during this term due to the 'special'loan conditions as part of the HTB scheme. I worked it out that selling now or waiting until Feb 2017 to wait for the fixed term to end cost us the same amount in terms of the monthly repayment. We cannot rent as its a condition of the HTB scheme and really dont want to get into it

 

Best bet for us is to speak to the bank and see if they is anything that can be done, I doubt it though

 

KnK

[Gbye grey sky]

Might be a daft question but can you delay your move by 6 months?

[Kenfrapin]

Might be a daft question but can you delay your move by 6 months?

 

Fair question, but we have been ready since Nov last year and delaying further puts a spanner in our works for plans ahead : home, babies and dogs.....if we were a few years younger then definitely but we are in our mid 30s now, traveled a lot and eager to set shop and build roots.....