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RentaChemist

How Much For My Own House :-)

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Hi Folks,

I've followed this forum for six months now. The information and insight has been invaluable to me. But now I have to put all that insight and information into practice.

I am in the final stages of a divorce settlement. I wish to purchase the family home and my solicitor has decided it is time for me to approach my ex and make an offer on the house. The offer has to be seen to be 'reasoned and measured' and to reflect where the market at present.

The facts:

Location: Holywood, North Down

ROV: £205,000

Estate agent price : £240,000

(2nd valuation from another estate agent (for quick sale) = £205,000)

Mortgage on house = £0 (zero)

The house has been on the market for 4 months: no offers, estate agent has suggested the asking price is dropped to £220,000

A similar property close by sold for £210,00 last month

Me

50 :(

3 x salary = £120,00

So, any advice on what to offer (or not offer) :lol:

Any advice, guidance (or sympathy) will be appreciated

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What was the property purchased for initially?

Has there been any viewings or interest in the property? ... if not - why make any offer in the current climate?

Mate of mine was in the same situation last year. His ex-wife bought him out. I recon she would have saved herself £30,000 if she had waited until this year. But she thinks the market will return to normal :rolleyes: He is laughing as he has all her money in the bank and the market is still crashing.

I think the market will return to normal too. Normal being about £80,000 or £90,000 for a new 3 bed semi. What we have seen over the last few years was a bubble. It was not normal.

Good luck,

BB

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It sounds like you need to make an offer soon but if you could drag it out for a while (and didn't mind doing so) you could save yourself some money. It's probably only fair given the way the market is heading. If a house similar to yours sold and completed for 210K recently then that is the market value. I'd offer 90K (for your ex's half) and see what happens. If she isn't happy with that, let it sit on the open market at 220K for a while.

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Hi Folks,

I've followed this forum for six months now. The information and insight has been invaluable to me. But now I have to put all that insight and information into practice.

I am in the final stages of a divorce settlement. I wish to purchase the family home and my solicitor has decided it is time for me to approach my ex and make an offer on the house. The offer has to be seen to be 'reasoned and measured' and to reflect where the market at present.

The facts:

Location: Holywood, North Down

ROV: £205,000

Estate agent price : £240,000

(2nd valuation from another estate agent (for quick sale) = £205,000)

Mortgage on house = £0 (zero)

The house has been on the market for 4 months: no offers, estate agent has suggested the asking price is dropped to £220,000

A similar property close by sold for £210,00 last month

Me

50 :(

3 x salary = £120,00

So, any advice on what to offer (or not offer) :lol:

Any advice, guidance (or sympathy) will be appreciated

Welcome to the forum.

Had a similar experience a few years ago , i did very well by making an offer well below what the ex's solicitor wanted ,

stood my ground and said " if you don't accept we can fight it out in court and the solicitors can have all the money "

worked for me , the other point i would make is that i found it vary hard to live in the former marital home and i ended up selling it.

good luck

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To make it clear for me - are you offering her half the value of the house or all of the value of the house. I would be inclined to go with 190K to get it over and done with.

Sorry, I was not clear enough. I will offer 50% of the value of the house. There have been NO offers. Thanks for your input.

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Hi RentaChemist,

I just wanted to offer you my sympathies and also wish you all the best. This must be quite hard for you, but I am sure there are special treats and exciting surprises around the corner, to offset the insecurity and emotional turmoil.

Maybe instead of buying anything, you can rent for a while and see if you can get the government scheme which give you interest free loans for a few years and then low interest for the next 15-20 years (I think it is called OwnHome). I think they are providing loans to people who have bought a home in the past, but are now divorced.

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Sorry, I was not clear enough. I will offer 50% of the value of the house. There have been NO offers. Thanks for your input.

Offer lower than 90k. Whats your rush? the crash will continue for a couple of years. The more you drag it out the less you will pay.

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Hi RentaChemist,

I just wanted to offer you my sympathies and also wish you all the best. This must be quite hard for you, but I am sure there are special treats and exciting surprises around the corner, to offset the insecurity and emotional turmoil.

Maybe instead of buying anything, you can rent for a while and see if you can get the government scheme which give you interest free loans for a few years and then low interest for the next 15-20 years (I think it is called OwnHome). I think they are providing loans to people who have bought a home in the past, but are now divorced.

Ownhome is available throughout England

rules that out...and anyway shared equity schemes are just dreadful to be stuck in....avoid!

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say to other half/other half solicitor...that you have done your sums and 90k is the final offer you'll be making...take it or wait till house prices drop further and then take even less

should work for you

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