Parents need quick sale on their home-any advice please?

lea

Hello

My parents live in a 2 bed terraced cottage in Bedfordshire that they bought when they got married in the 1970's. The house is probably worth approx £120-£130k but needs a lot of work doing to it. Unfortunately due to bad financial choices and circumstances throughout the years, they still have a mortgage of approx £60,000 and credit card debt of approx £40,000...

My parents are in their 50's and unfortunately have health problems. My mum was a smoker and suffered a major heart attack a couple of years ago, and now has COPD, and my dad contracted E-Coli last summer which nearly killed him but amazingly he pulled through. They are both managing at the moment to hold down their full time jobs, which are needed to pay the mortgage and debts, but this is having an effect on their health.

This week we had great news - they have been offered the tenancy for a housing association bungalow because of their health problems (the COPD means eventually stairs will be a problem for my mum). My parents feel very lucky and excited at the prospect of this bungalow, but do not know the best way to proceed now.

Ideally, they want to sell the house as quickly as possible so they can repay their mortgage and credit card debts, and start over. But we are wary that there are many companies out there that can take advantage. Obviously they also need a quick sale because they will need to sign up for the bungalow and pay the rent on this in the next few weeks.

Can anyone suggest a way forward/a house buying company that may be able to help?

Thanks for reading

Lea

princessamy86

How quick is quick? Can they sign up for the bungalow and have a bit of time to sell? Or do they literally need to sell in the next few weeks?

Trollfever

but needs a lot of work doing to it.

Put it up for auction with a realistic reserve as properties of this nature usually generate keen interest from both amateur and professional buyers.

mbga9pgf

It needs to be priced realistically. They have until the run up to the election to sell or they have screwed it

lea

Hello again
I think they need to sell it, or be in the process of going through with the sale, in order to sign up for the bungalow.
Are these companies that offer to buy your home quickly too good to be true?

Lea

princessamy86

They often are too good to be true, a common trick is for them to make a low but reasonable-ish offer, then drop the offer the day before exchange of contracts to a ridiculous level, because they know people are desperate. I think auction might be a good idea if you have a decent one in the area?

Trollfever

I think auction might be a good idea if you have a decent one in the area?

Check out the country wide lots in this auction on 14th December:


http://www.barnardmarcusauctions.co.uk/

lea

I don't know of any property auction places round here but will have a look in the internet.

Do property auctions mean selling for a lot less than the property is worth?

If the property would be put up for sale through an estate agents for around £130k, how much do you think we could expect to sell it for through one of these property companies or an auction?

Thanks very much
Lea

maryotuam

I agree, auction seems to be the best bet. I wouldn't trust any of these companies who offer to buy your house. At least at auction everyone can put a bid in and two people might be very keen and up the price. You could possibly print some leaflets and stick them up around the area to let people know it will be avaiable at auction.

lincroft1710

Robinson and Hall (01234 351000) www.robinsonandhall.co.uk are a Bedford based firm of property auctioneers, but their next sale isn't until 18 Feb 2010.

I post the above as information rather than recommendation as I have not dealt with the firm personally.

silvercar

The house is probably worth approx £120-£130k but needs a lot of work doing to it.

120-130 in its current condition? Or when its had some work done.

Stamp duty threshold drops back to 125k at the end of the year, so you are looking at 125k max.

Get three estate agents round take the average of the 3 valuations and then knock a bit off to get a quick sale. I suspect you will be too late for auction entry in December.