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judyq

Do I SELL MY HOUSE FOR LESS THAN IT'S WORTH????

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Hi to all....need to put this one out there as it is driving me mad !! would love any opinion !:chatterbox:We have had our house on the market for six months..have the visa, ready to go...nobody want's it!! I know there are people on here in a similar situation! The thing is we have to enter Oz by May or validate...at the cost of about six grand as there are five of us! Have had an offer today of £132,000 ...it is on for £140,000 but we have dropped it ten grand......

so...do we sell it and go...or validate and wait......

cheers!!

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Hate to say it cos it's trite, but it's only worth what someone is prepared to pay for it, and if that's $132K, then that's what it's worth....

 

The market in the UK is flat as a pancake, there's just not the movement in terms of numbers of transactions, so sellers who must sell are having to take a hit

 

So the question is, do you absolutely have to sell and need that money to set yourselves up in Oz? At the moment if you sell in a buyer's market, and transfer your capital at a very low excanage rate, you're getting hit twice, so if you can avoid it then financially you're probably better off renting and hoping that a) the UK housing market picks up a bit in terms of activity, and b) exchange rates go in your favour a bit

 

However you may prefer the peace of mind that comes with a clean break, selling up lock stock and barrel and accepting that the timing isn't great

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Hi to all....need to put this one out there as it is driving me mad !! would love any opinion !:chatterbox:We have had our house on the market for six months..have the visa, ready to go...nobody want's it!! I know there are people on here in a similar situation! The thing is we have to enter Oz by May or validate...at the cost of about six grand as there are five of us! Have had an offer today of £132,000 ...it is on for £140,000 but we have dropped it ten grand......

so...do we sell it and go...or validate and wait......

cheers!!

Hi Judyq, Me personally I would consider the offer, they keep saying we are heading for a double dip recession, it may be a lesser offer next time. I have just left an estate agency which I set up with a former work colleague (visa came about after) and I would say things are not getting any better. If it is going to cost you 6k to validate its not much more to loose to accept the offer also you can start your new life. I know it is hard to take such a hit but it could take another 6 months to get another offer. If you do accept it I would insist on a quick exchange then if for any reason they pulled out they would have a penalty to pay to yourselves. Good luck with whatever you decide.. Sharon


TRA 04/3/11. Pass 21/3. Practical 11/4. Pass 3/5. SS 03/05. SS Grant 20/5. Visa Lodged 21/5. CO 16/06. PCC 25/06.Meds 29/07. VISA GRANTED 4/08/11 :wink:.

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I would be considering taking it. Their may still be a second dip recession. So a house is only worth what someone is willing to pay for it.

How many viewers have you had ?

We have just accepted an offer on ours.We were lucky. No viewers for the 1st 2 mths then 1st viewer put an offer in @ £120k (otm for £145k) i was insulted and i am a mortgage adviser.

I have to say we refused it and stood our ground as for the next 4 weeks we had 2/3 a week viewing, and got 2 offers, accepted the highest at £137k....so you are not that far out, its really not such a bad offer. But only you know whats right for you move.

good luck

janine

xxxxx

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Take it...in this climate your lucky to get an offer and like what someone else said if thats what your getting offered that's obviously what they reckon its worth. If you don't you could still be sitting waiting to sell in a years time as this property market aint going to improve anytime soon!


Lang may yer lum reek!

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thank you so much for your replies!!!!! i am on my own tonight and o.h on nights and really don't know what to do!!

pintpot...sadly we do have to sell to set up our new life...we have debt's to pay and need the capital but as you say,the timing is lousy! How is Sydney today? used to live in Newtown..love it!

thepallis, thank you that was very helpful,i do feel very drawn to accepting the offer..as in all things property we were offered 140 in July and said no, as time goes on it seems to be dropping, I think we may need to take it seriously as it is only our third offer in six months!!

She is in a chain so may not be able to insist on a quick exchange but is there anything Else we can do?

Where about's in Perth are you going?

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very difficult decision! we've been incredibly lucky and we're currently doing the paperwork for our sale for our asking price and it only took 5 weeks....however i think if i was in your situation and was all ready to go technically then i probably would accept. ok, its not as much as you had hoped, but if you think it is 'enough' (and only you can decide that) then go for it and do get a quick conclusion of the missives like thepallis said.

 

good luck!!


175 VISA (232111) - Skills Assess:01/04/11-10/06/11; IELTS:07/05/11(L9 R9 W8.5 S9); Applied DIAC:15/06/11; Meds:04/11/11; PCC:26/11/11; Visa Grant:22/12/11; 1-Way Ticket to Melbourne:20/06/12!!

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I would be considering taking it. Their may still be a second dip recession. So a house is only worth what someone is willing to pay for it.

How many viewers have you had ?

We have just accepted an offer on ours.We were lucky. No viewers for the 1st 2 mths then 1st viewer put an offer in @ £120k (otm for £145k) i was insulted and i am a mortgage adviser.

I have to say we refused it and stood our ground as for the next 4 weeks we had 2/3 a week viewing, and got 2 offers, accepted the highest at £137k....so you are not that far out, its really not such a bad offer. But only you know whats right for you move.

good luck

janine

xxxxx

 

Thanks for that....we have had about twenty viewers but i have to say not that many that were this keen, two offers that dropped out....as you say it is not such a bad offer .

Such a gamble, i hate it to be honest! Just feel this may be it!!

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Guest kangabanga

is there any other interest in the house at the moment?

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yes, four viewings at the weekend but nobody definitely interested.....

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Guest kangabanga

I would wait till this weekend is over then see where u are at. If you haven't refused the offer outright, no harm in just seeing what happens.

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I would wait till this weekend is over then see where u are at. If you haven't refused the offer outright, no harm in just seeing what happens.

I would agree with this. Its Friday tomorrow, give it till Monday to make a decision, You never know, you may get another viewer this weekend.

If you dont take it and then have to validate before may 2012, add the £6k cost onto the £132k offer...in other words you need to get a min of £138k after May next year, and in todays climate , that may be hard work,

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thanks..you talk a lot of sense ! yes I think 138k may be hard work.... i guess if you think about it we got an offer of 140 in July but that was a long time ago and like the naive sellers we were we refused!

I think waiting till monday is the way to go...by the way..love Blackpool, my dad comes from kirkham, spent every summer holiday of my first 18 years there!!!

Thanks for your advice, it has really helped.

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My famliy is from Kirkham as well, spooky.

Blackpool has changed, for the better in looks, the promenade has had millions spent on it and looks good now.And a new shopping centre.

keep us updates.

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Guest JK2510

If you can put the buyer off (without risk of losing them) until Monday then I think that's the best advice.

To validate isn't cheap flights for 5 and kids over 12 are adults!! Accomodation and spending money etc.....you wouldnt get a lot of change from the £6k(may even cost more)!

We sold our house last year without a visa and moved 5 into a 1 bed flat!(mad peeps here) We sold in July 2010. Not long after the elections and alot of news about house prices dropping and we knew if we didn't take that offer we may not get another one at that price. We were lucky-sold in 3 wks to a cash buyer(thank god for divorces and large houses!) offered £2,500 under asking price and agent got another £1000 out of her!! I think it's a post code lottery when it comes to houseprices!

 

BTW we set up in oz for a tiny amount and we are managing.

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Not meaning to state the obvious but it is only worth what someone is prepared to pay for it. If the house has been on the market for 6 months and hasn't sold then it is not worth your asking price.

 

I was in a similar position when I tried to sell my flat just as the GFC broke and got quite a few offers in the first week for 10k less than the offer price. I refused to sell (great advice Dad) and after not selling for 6 months, in the end I settled for a price about the same as what the initial cheeky offers were.

 

Accept the offer and get the hell out of the UK

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Just remember that while you will hopefully be entertaining new viewers this weekend, your potential buyer will be out looking at other properties too.

 

Personally, I would take the offer. But it is really tough.

 

Good luck!


Best Newcomer 2013-14.

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Hi judy,

Just wanted to wish you well with the sale of your home. We were in a similar situation recently. We had a higher offer on our house which we turned down only to find the market dropped big time after this. To cut a long story short the offer we finally had to accept for our house was 10K less than our original offer and 30K less than the original valuation. That was a hard blow to deal with but it was a choice we had to make. Sadly we did not make a profit over the 6 years we had the property but we did not did not make a loss either. I guess you have to weigh up all sums and see if its financially worth it and not be too disheartened by it all. At the end of the day you have a wonderful new life to look forward too..Best of luck :-)

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Hi to all....need to put this one out there as it is driving me mad !! would love any opinion !:chatterbox:We have had our house on the market for six months..have the visa, ready to go...nobody want's it!! I know there are people on here in a similar situation! The thing is we have to enter Oz by May or validate...at the cost of about six grand as there are five of us! Have had an offer today of £132,000 ...it is on for £140,000 but we have dropped it ten grand......

so...do we sell it and go...or validate and wait......

cheers!!

 

Hi Judy,

 

Just a thought for you, If you sell and go it will cost you £8000, if you validate and wait £6000. could you get them to increase the offer by the £2000 difference?

 

Cheers

 

Mike

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Guest guest59177

Here is another thing to keep in mind. If you have the cash in hand and let's say the GBP -> AUD rate increases, you will be able to avail the windfall. If your money is locked up in the house you might not be able to benefit from it. That said, the chances of the rate going up to 1.7 and beyond look slim currently...

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Guest ClaireL

I agree with others on here and say hold off till Monday (if you can). Then if nothing else turns up, I'd say accept it. It will be a hard blow but my OH and I, along with no doubt a lot of others on PIO, have all had to take a knock at some point in the last few years when migrating. It is really hard at the time, but from a personal perspective, 2 and a half years down the line, I can happily say (still with gritted teeth mind you) that we made the right decision. Had we not, then our dreams of moving to Oz and setting up a life here could have been in jeopardy. If we'd waited, we may never have got out here at all! Unfortunately the way the economy is today is not a sellers market - we should have all moved pre-2007!

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Guest china
Hi Judy,

 

Just a thought for you, If you sell and go it will cost you £8000, if you validate and wait £6000. could you get them to increase the offer by the £2000 difference?

 

Cheers

 

Mike

 

That's a great idea! I'm going to send positive money thoughts out into the universe for you :-)

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Guest GeorgeD
Hi Judy,

 

Just a thought for you, If you sell and go it will cost you £8000, if you validate and wait £6000. could you get them to increase the offer by the £2000 difference?

 

Cheers

 

Mike

 

 

If you sell at £132K, it's not "costing" you £8,000. The £140,000 is what you think it is worth...and as others have said previously, it's only worth what someone is willing to pay for it. The only cost you need to think of is how much money you owe on the house (mortgage) and if you will have sufficient profit to pay off what you need to pay off and enable you to make the move. Sure it would be great to make more of a profit...but there is no profit at all if you can't sell...and spending £6,000 on a validation trip then still not being able to sell at £140K or even £132K just gives you £6,000 less in your pocket right now.

 

I sold my flat for £85K earlier this year. Three years ago one of my neighbours sold an identical one for £110K. I didn't lose £25K...it was never mine in the first place! I bought 10 years earlier at a lower price and indeed made a profit over the years. You can only say it is costing you money when the transaction is actually carried out. Having an asset you value at £140K which nobody wants and having £132K of cash in your pocket which someone has given for you for the asset are two very different things! It took me months to accept that fact too.

 

£132K might be what it's worth today. In a few months time it might only be worth £125K to someone wanting to buy it. Have you been looking at the property market in your area? What are other similar properties selling for? And I mean actually selling for, not what are they being advertised at. Are they selling at all??? Having little interest in 6 months should tell you something about the state of the market in your area for your type of house.

 

If the offer you have allows you to make the move you want and the clock is ticking then go for it and bite the bullet.

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I would agree with this. Its Friday tomorrow, give it till Monday to make a decision, You never know, you may get another viewer this weekend.

If you dont take it and then have to validate before may 2012, add the £6k cost onto the £132k offer...in other words you need to get a min of £138k after May next year, and in todays climate , that may be hard work,

 

I too agree with waiting if you have viewings booked, if they are keen they will still be there on monday morning.

We are hoping to go to Baldivis I am drawn to this place for some reason. GOOD LUCK!! Sharon


TRA 04/3/11. Pass 21/3. Practical 11/4. Pass 3/5. SS 03/05. SS Grant 20/5. Visa Lodged 21/5. CO 16/06. PCC 25/06.Meds 29/07. VISA GRANTED 4/08/11 :wink:.

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Guest

The downside of waiting or putting them off till Monday is that today is a working day, as is tomorrow for estate agents. And therefore buyers.

 

Generally people get back to you far sooner than a few days wait once an offer has been made. If we had to wait longer than 24 hours, at a push 48 to hear a yes or no on our offer, we'd think the seller was wavering and the longer the wait, the more likely to go against us, so go look elsewhere in the meantime to cover our bases. Especially over a weekend.

 

Personally, I'd not keep them waiting till Monday. But that is me.

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