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shared property selling

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  • shared property selling

    Hi,
    I am looking for a bit of advice really as I am confused and I really don't know what else to do.
    Basically my mother & father both passed away when I was 17 & left the family home-mortgage free to me and my sister, we have lived there for 5years now and we have decided we want to sell, we got valuations and they came in around 235-249 so we decided to put it up for 239, no such look after 6 months, we reduced it to 225, no such look & finally reduced to 215, it has now been a year we decided this was the bottom line because the house is worth more. I beleive it is worth around 230,000 but we have had an offer 195,000. I am disappointed & now my sister is saying that if the house is selling for that much she wants it herself & will give me 97,500. I personally think we should wait as I beleive the property is worth more. Has anybody else been in this situation?any help would be appreciated. Thankyou.

  • #2
    Re: shared property selling

    This is a real problem. But why are you selling? Are you still paying the mortgage? I tried to sell through estate agents, but no result. Now, I am planning to sell to a cash buyer. Few of them have offered me good price already.
    Sold my house to a cash home buyer - stopped repossession. Happy

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    • #3
      Re: shared property selling

      Originally posted by carmur View Post
      Hi,
      I am looking for a bit of advice really as I am confused and I really don't know what else to do.
      Basically my mother & father both passed away when I was 17 & left the family home-mortgage free to me and my sister, we have lived there for 5years now and we have decided we want to sell, we got valuations and they came in around 235-249 so we decided to put it up for 239, no such look after 6 months, we reduced it to 225, no such look & finally reduced to 215, it has now been a year we decided this was the bottom line because the house is worth more. I beleive it is worth around 230,000 but we have had an offer 195,000. I am disappointed & now my sister is saying that if the house is selling for that much she wants it herself & will give me 97,500. I personally think we should wait as I beleive the property is worth more. Has anybody else been in this situation?any help would be appreciated. Thankyou.
      A couple of pointers:

      1. A property is only worth what someone is willing to pay for it
      2. We're in a buyer's market, old valuations no longer apply
      3. Have you ensured the property is well presented for potential buyers?
      4. Have you asked your estate agent for advise on why they think it is not selling?

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