Tuesday, 22 July 2008

Despair

We decided to have another go at selling our flat.

Last year we had it on the market for 6 months and dropped the price 3 times. Eventually we withdrew it from the market at the end of last year at the start of the credit crunch.

I've been feeling very antsy recently, I think we would have more flexibility if we sold the flat. I would have more peace of mind if we sold sooner rather than later. It would facilitate a smooth transition to the escape plan.

Had two estate agents round today, all doom and gloom. One made me feel really bad with stories about vultures trying to cash in on distressed sellers by offering tens of thousands less than the asking price. One story they told me was about someone who had taken 100k less than asking, another couple 60 k less....

I explained that we were not distressed sellers, we did not HAVE to sell now, but preferred to do so. I just want the damn equity from the place and I want OUT OF THE MORTGAGE. I want it gone. We can rent a place for HALF of what we are paying on the mortgage. All that extra money can be saved in readiness for the escape, not to mention the extra money we would gain on interest from putting the proceeds of sale in the bank.

I started to feel very stressed and I actually felt sick. Sometimes I wish we had never bought the flat. At the moment it seems like a huge obstacle blocking the escape. A giant money pit

Nothing is going right lately. Nothing at all.

6 comments:

Jack said...

Claire,

I can ABSOLUTELY relate. I'm going to be dealing with this same issue in the next couple of months. You should be glad that you are not in the states; we invented the credit crunch! I'm not even sure I can sell the place to break even.

A couple of thoughts:

* take a deep breath and let your mind focus on the goal at hand: the escape.

* if you can, analyze the situation with as much detachment as possible.

*Sure, this certainly makes things more complicated but there are always options. It's a matter of outlining them on paper and figuring out what makes the most sense.

*you are not alone. Whether it is your partner, your friends, your family or even me, a voice from across the Atlantic, you have people pulling for you.

Take care

Anna said...

Claire:
We are in the same boat! I am more annoyed becasue I saw ALL this coming several years ago but didn't manage to get out (personal stuff and a house renovation to complete *before* we could sell) soon enough. Now I wish we'd sold it unrenovated!

If we could just sell the house, ditch the huge mortgage and bugger off I would be ECSTATIC. I'm not buying again. It's all a HUGE con.

claire said...

Jack

Loads of thanks for your thoughtful comments, yeah like you it has started to cross my mind whether we could even sell the place, if I had known what I know now I would have put zero money down and would be tempted to just walk away - sorry I dont have any personal ethical dilemas about this issue - the banks are thieves anyway - of course this is not my official view working in the legal profession and all that, I have to be seen as being politically correct - ha ha what a joke! Ok rant over. Seriously though thanks for the voice from across the atlantic - claire

claire said...

Anna

I agree its a huge con. I would like to "buggar off" too, such an english phrase I presume you are british, well said.

The banks are thieves in colllusion with the establishment/goverment - yes a big con - and all the sheep fall for it - sorry if the spelling isnt up to much had a few glasses of wine...

Jerry Critter said...

I know I am a little late commenting here, but I must respond to your comment about banks being a big con.

It is not the banks. As long as we put the blame on institutions, (businesses, corporations, etc.) nothing will happen. The big con is perpetrated by the buggers that run it, and the legal buggers that make and twist the laws that allow them to get away with it!

It is the fault of individuals. They need to be held accountable. Being "politically correct" just helps them get away with it.

Thanks!

Betty Ann said...

I'm not selling; I don't want to deal with the vultures here in NYC...I guess it is all over...