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

Bermuda_John

125k with 100k loans

they will get around 110 - 115k on open market, leaving them with 8k after all fees.

Fast house sale companies will offer 100k (20% off) leaving them with 0.

whcih part of the country is the house?

kinglewis

Why not sell by informal tender?? Letting people know they have 30 days to make offers.

Put it up for sale for £100k.. you will receive (hopefully) lots of interest and you will get people offering over the asking price competing for the property. Ultimately it will sell for what someone wants to pay for it.. either at auction or open market.

At least that way you still have actual control over what it sells for as you can turn down any unreasonable offers.

These work well in the area I live in.. one recently (although appreciate higher value) was on for 200k and sold for 215k.

lea

Thanks for all your replies and sorry I havent been back sooner.
Today they were formally offered the bungalow, and will need to sign up for it in the next 1-2 weeks. They do not have a deadline when they need to sell by, but obviously they cannot afford to pay the rent on the new place, and mortgage and debts for any length of time.

The house is a 2 bed terraced house built about 110 years ago in a village location in mid Bedfordshire. Similar sized houses in this area are on the market on right move for around £140k upwards, but these are in 'live in' condition.

Mum and dad's house mainly needs updating due to cosmetic reasons (it was last decorated about 15 years ago and is a little shabby), could do with a new bathroom. It has an old coal open fire so may need modernising in that respect.
There is also some work needing in the 2nd bedroom, that and the kitchen are an extension to the orginal cottage and I think the flat roof needs some small attention.

So taking all the above into account - what is the best next step?
I dont think they could wait until February for an auction.
Is informal tender a good idea?
The need £100k to pay the mortgage and debt, then enough on top to pay fees and removal costs etc.

Any advice greatly received, thanks for all your replies so far

Lea

BitterAndTwisted

Get it decorated in a neutral colour throughout. Decorate and tidy up the bathroom: a lot of buyers will want to instal a new one to their own taste anyway. Open fireplaces are very attractive to many buyers so I wouldn't necessarily do anything with it. Ensure the second bedroom actually has a bed in it as a lot of prospective buyers have no imagination even if supplied with a floor-plan with the dimensions quoted. Have your parents start to pack and get the place completely decluttered and depersonalised so prospective buyers can see all the lovely, open space. I wouldn't worry about that flat roof, if there's anything wrong with it the buyer's survey should note it and the offer-price will reflect what the cost will be to make good.

Bermuda_John

give it a lick of paint.

Dont worry about the flat roof, you will factor this into the price or the negotiated price as well as a new bathroom which mostg people wont be that bothered with initially.

Make the inside look clean and remove all clutter. Forget about the fireplace and any structural changes.

If the others are worth 140, stick it on for 125 and be prepared to accept as low as 110K.

The price needs to be set to attract people to view the house.

princessamy86

Great advice from bitterandtwisted there, especially if they choose to go through an agency. Do any of the local agents have a tie in with a local auction? The one I work for does, and they honour the original agency fee with an add on of a few hundred pounds for the auction fee. If you could find an auction for, say, February, your parents could list the property with the agent at a decent price and give them a good chance to sell before Feb. If it doesn't sell, they can go straight in the auction. I believe Auction House are fairly good (I don't have any ties or experience of this company, it was recommended by someone I work with), http://www.auctionhouse.uk.net/ apparently they source from local agents.