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Inherited 1/4 of a house

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wiggyuk
wiggyuk Posts: 53 Forumite
in House buying, renting & selling
Hi all in April this year I was one of four brothers that inherited a house, it is a three bed semi on a corner plot it is currently on the market for £99,950 there are other properties local that are on offer for £130k +, our house needs some work done though, new windows, new kitchen, new bathroom suite and in need of decorating through out (not sure on how much all this would cost) we have had two or three offers accepted but then the deal as fell through due to the buyer being refused finaince.

Know my question is what are my best options on what to do with this house, should I buy the house and do the work needed using some of the mortgage and then sell or rent or should we just leave the propery as is and wait for it to be sold ?

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  • poppysarah
    poppysarah Posts: 11,522 Forumite
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    Are you a property developer?
    Do you know how to get quotes for work? Do you have enough cash to buy the others out?

    Drop the price maybe and get rid? Cash in the hand is worth more than a house that's got insurance (empty house insurance at that) and a council tax bill to pay...
  • wiggyuk
    wiggyuk Posts: 53 Forumite
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    poppysarah wrote: »
    Are you a property developer?
    Do you know how to get quotes for work? Do you have enough cash to buy the others out?

    Drop the price maybe and get rid? Cash in the hand is worth more than a house that's got insurance (empty house insurance at that) and a council tax bill to pay...


    Im not a property deeloper, I dont have the money if I was to buy house I would need a mortgage, we have already dropped the price of the house from £110k
  • Doozergirl
    Doozergirl Posts: 33,855 Forumite
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    Do you have a link for the house so that we can see?

    Why were your buyers refused a mortgage? Was it because of their finances or because of issues with the house?

    I'm not confident that you'd get a mortgage yourself with a recent history of bad debt?
    Everything that is supposed to be in heaven is already here on earth.
  • googler
    googler Posts: 16,103 Forumite
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    Can't you get the other owners to collaborate on doing whatever remedial work is required? Sharing the cost four ways should alleviate the sting of it.

    With this done, you may get it sold quicker......
  • RAS
    RAS Posts: 32,764 Forumite
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    Hi

    Do you know whether the buyers are refused finance because of their finances or because of the state of the house?
    The person who has not made a mistake, has made nothing
  • poppysarah
    poppysarah Posts: 11,522 Forumite
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    googler wrote: »
    Can't you get the other owners to collaborate on doing whatever remedial work is required? Sharing the cost four ways should alleviate the sting of it.

    With this done, you may get it sold quicker......

    But in all probability the effort and time isn't worth it.
  • Doozergirl
    Doozergirl Posts: 33,855 Forumite
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    poppysarah wrote: »
    But in all probability the effort and time isn't worth it.

    Why?

    It isn't selling as it is. We don't know the house. How can we lay 'probability' when we don't even know where the house is, let alone what sort of market is there, how much the work might cost, what kind of work there is?

    If it is work that stops a house selling to a buyer that needs a mortgage then the 'probability' is that sorting it out will see them get a better return.

    But I'd rather have details than make sweeping assumptions.
    Everything that is supposed to be in heaven is already here on earth.
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