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Would an open house sell a house

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  • Would an open house sell a house

    My first own post, argh! Ok...

    I am in a position like thousands of people...desperate to sell a house...
    It's not the financial reasons to sell, it's relationship breakdown, and worst still we're still stuck under same roof, not good....so I am desperate to sell....
    We put the house on the market last sept at £152,500 and now in january I have reduced to £129,950 ....not willingly, as it's below market value even for these rubbish property times, but Ive had no choice, I am desperate.
    I have an estate agent, they do advertise on rightmove and other property portals, and I have advertised myself online, but only one viewing, I am desperate....
    My estate agent has not offered an open house, dont think they like idea, but as i keep saying, im desperate...
    Do open houses work? Has anyone had a positive anything from open house? Should I give it a go?
    And....does my estate agent sort the open hosue out, or do i have to deal with it? And would my estate agent charge me for doing this?
    Lots of questions, sorry....

  • #2
    If there's very few people out there in the market for your house, as there seems to be, then having an open house is unlikely to help. All it will do is tie you or your agent to the house for an afternoon.

    Does your agent handle it? Yes, I would think he/she should

    Will he charge you? That depends on what agreement you have with him/her, and whether it provides for extra charges.

    There's no value in having open house without letting the world know about it beforehand, so allow 2-3 week lead time before it, and advertise it everywhere you can.


    • #3
      On another slight change of subject;
      As I have stressed, desperation for sanity is reason to sell fast; I am with one estate agent, what would happen say I had multiple estate agents, all trying to sell for me...What happens if one sells my house, do I have to pay the whole lot of them, even though they hadn't sold it for me?

      Thanks for the reply re open houses, I just feel I have to try everything; two kids and me need Out with a capital o of this house asap, and without half the capital in there we can't go.
      I had thought of the 'we buy houses' companies, but after contacting a few, the price offered would be so little we couldn't afford to move after, so that was a no go.



      • #4
        Your current agent contract may be 'sole agency', 'sole selling rights' or both, and depending on what you have at the moment will determine whether or not you can instruct another agent, and who gets paid what if you do.

        Also, depending on the current contract, if you promote the property yourself, thru gumtree, postcard in newsagent's window, that sort of thing, you may still be liable for their fee even if you find your own buyer.

        If your agent is reluctant to put the effort into just one open house, then you may want to start from scratch and re-launch with another agent.


        • #5
          Sorry to hear about your circumstances, Alison1971 - it sounds like things are getting pretty bad, and if you need to sell fast and are already looking to mark down from market value then you may benefit from trying a cash buying service such as MPG Investments:

          Sell your home quick! Sell and rent back to get cash for houses or buy cheap property!

          Traditionally cash buyers pay about 20% under market value, but as property prices are continuing to fall, and expected to fall into 2009 and even 2010, it may be worth talking to them if you'd rather sell now than wait around any longer.


          • #6
            Thanks for the replies. I can't really afford to lose further reductions on a cash buying service to be honest, i have already reduced to sell and a further drop would stop me and my kids from being able to move.
            At present it appears my 'not so estranged ex' is thinking of leaving in April whether house sold or not, so i am goin to have to think on my feet fast as i couldn't afford the mortgage, hoping for a potential mortgage holiday whilst house on market.
            Desperate to sell as seen a nice little house that would be in our price range, and would give us a new start, just need to sell first.
            Feels as though going round in circles at min, and having to do it alone as he won't help.
            It's such a shame, our house is well under market value and a nice tidy house. Someone will get a bargain!


            • #7
              Alison, what I mean is that if the market valuation is X, then this is what a cash buying company would base a reduction in price on - not an underpriced X already on the market for a quick sale.

              In other words, you may find that as you're already pricing your property below market value, that a cash offer will not be too different.

              If you were to contact a cash buying company, there's no need to mention that it's already on the market at below value - just let them know the market value as you see it and see what kind of offer comes in - and do, remember, you don't have to take up their offer.

              But if you did, you would be in an empowered position to move quickly into a property you like because you would now be a buyer in a buyers market.

              Remember that means you can then offer less on buying a property you like - so even if you sold for less cash than you really wanted to, you are still in a position to offer a lower price on the next property.

              I'm not trying to say you must go that route, but I think it is definitely worth exploring, if nothing else, to give you an idea of your options.

              The problem for you is seriously magnified by the fact that we are in a property downturn, we are in the buyers market, and you are rapidly approaching a serious financial situation that you need to get preparations in for now.

              Also be aware that there's nothing to stop a potential buyer from trying to cut your own offer price further when trying to sell.

              If you have mortgage payment problems, this could not simply land you with extra problems and debt - it may even make buying a new property more difficult if you've already started to default on mortgage payments.

              Property prices are still coming down - even last years optimistic projections for 2009 had prices falling around 10% - so the longer you hold out for an estate agent to sell, the increasing danger of running into financial problems from this, which you definitely don't want with children around.

              Again, I'm not saying you should go down any particular route, but you are giving the impression that you'd rather live in hope for a best option sometimes in the future, rather than consider other practical realities to get yourself sorted out now - and all the time you do that, your financial situation increasingly looks worse.

              The only reason I mention MPG is that they helped my mum sell a property quickly for the divorce settlement a few years back, and became friendly with one of the people behind the company because of that.

              They are reputable, and I don't get a kick back or reward for recommending them - it's just because I had experience with them and they helped out my mum.

              If you want, feel free to email me and I could have a word with MPG for you to ensure they give you extra considered treatment.

              Just my 2c.