help it just doesnt sell!

isadora4September 1, 2011

Hello every one, i hope someone would be able to help me. I have a flat on the nth coast of England near York, it has been on market of over 3 years. I paid 63000 pds for it about 6 years ago, it seems an ok price then. It was old fashion so i had a lot of work done to it, new bathroom, kitchen, windows, carpet, walls have been re-skimmed, painted fresh in nutral light colors, a total of 30000 pounds, which i thought was too much but my partner was convinced it was worse it! Any way, i have put the flat on the market over 3 years ago and the agent hasnt managed neither to sell it nor to rent it. I had an offer of 70000 2 months ago but the property being freehold, the buyer couldnt get a mortgage. Yesterday i had an offer of 68000 i thought this time it was going to go throu, but since the buyers were planning to rent it as an investment they didnt get their mortgage either. This flat is in the centre of a nice town near the sea (3 minutes walk), a few yards from the supermarket, train station, bus station. Can u help?

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Because you are new, and in another country, may I suggest you post in the area you live in? We do not know what is selling or not, or what homes go for.

    Bookmark   September 1, 2011 at 6:15PM
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Sophie Wheeler

While real estate markets are all about location, some general facts remain true no matter where you are located. On sale for 3 years with only 2 serious offers usually translates into overpriced. You need a new real estate agent with a fresh outlook to analyze the market to see what has sold, and at what price. If you don't "have" to sell, it might be best to just stay put and take it off of the market.

    Bookmark   September 2, 2011 at 12:21AM
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What you paid, and then invested, does not have a lot to do with the value of real estate (in ANY market).

Lower the price.

    Bookmark   September 2, 2011 at 9:22AM
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Can you post the MLS link so we can make suggestions about what potential buyers see?

    Bookmark   September 2, 2011 at 10:36AM
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I would bet they don't have "MLS" in England.

isadora4 - is the property listed somewhere on the internet? If so, can you post the link.

Can you explain what "Freehold" means, that's not a term we in the US.

    Bookmark   September 2, 2011 at 12:19PM
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I believe that "freehold" is how most property in the US is held.

Freehold defnition: Exclusive ownership of property for an indefinite period. In contrast with leasehold, which is the right to occupy property for a fixed term.

    Bookmark   September 2, 2011 at 1:22PM
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In Canada, "freehold" is most commonly used to differentiate condo townhomes from freehold townhomes. It is understood that detached homes are freehold, so this is not an issue.

"The main and most important difference between Condos and Freeholds is in the area of land ownership. In the case of a Condo Townhouse, the actual inside of the unit is owned. However, the outside of the unit and the land surrounding the unit and all the other units, driveways, lawns, gardens, etc. is owned collectively by all the unit owners, and is called the "common elements". Each owner pays a monthly maintenance fee covering such things as grounds maintenance, common element insurance, and general upkeep of and outside maintenance of units. ... With a Freehold townhouse, the owner owns the lot and house individually as one would in a semi or detached home and there are no maintenance fees per month. Owners decide at their own discretion when to replace the roof or repave the driveway, and, of course, the expense of doing so is theirs alone."

    Bookmark   September 2, 2011 at 1:49PM
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Properties in Hawaii are usually either Leasehold or Freehold. A lot of land is owned by some very large old trusts. (Think Dole, Hawaiian Land and Pineapple, and some properties that date back to Hawaiian Royalty and benefit charities.) A trust 'rents' the land under your home to you at a set rate for various lengths of time: Fifty-to-100 years in many cases. That's Leasehold. These homes sell for less than comps that are Freehold, and your RE taxes may be less, but you must pay the 'rent' on the land. Selling one of these properties gets dicey when a lease is near expiration!

Freehold is more common in the rest of the USA. You own the land and the improvements on the land (the house, etc.)

AFAIK most condos are set up so that the condo owner 'owns' the interior of his unit while the rest of the property is owned by the condo association as a whole. The condo owner pays RE taxes on his unit and pays fees to the association, which pays taxes on the whole operation. (Fees can cover many other things like exterior maintenance, landscaping, utilities, etc.) There are also 'co-ops', where I believe you buy 'shares' in an association that owns everything in common.

To return to the OP: Read the posts here from owners everywhere who have been unable to sell their homes. If you need to's usually only going to happen if your price is fair in your market. Some people are having a hard time because buyers don't qualify under tighter mortgage terms. Can you rent the flat or help a buyer finance the purchase?

    Bookmark   September 2, 2011 at 3:35PM
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