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Trying to sell an Unmortgageable house
Comments
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Probably could sell at auction but most likely their reserve was unrealistically high.0
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Thanks again for the replies,
The reserve wasnt too high, it was at £130k but we had offers of around £150k prior to the auction but again they required a mortgage. There wasnt even any offers at the auction even when they went down to £100k to get it going.
We went up this morning with someone who knows a bit about property and they noticed one lintel that had moved and also the windows have wooden lintels that may have been damaged when double glazing was put in. The walls are level, and the cracked internally are only a couple mm thick. Yes there has been a little movement but the house hasnt been decorated for 35 years plus, so if the cracks were filled I dont think they will return.
The idea that the house is on the verge of collapse and should be torn down from seems a bit over the top. We've decided that we're going to pull it off the market for the next couple of months get an engineer to come and do a report, then decide if we can afford to sort the issues. I really hope we're doing the right thing!0 -
i'd get it assessed while its on the market as then it will help you decide whether to accept the offers as you'll have an idea what work needs doing to it.:T:T :beer: :beer::beer::beer: to the lil one
:beer::beer::beer:0 -
What losses? If it was a free house then £100,000 is 100% profit.should be cut our losses and get rid?
What kind of auction did you try? Was it local and crowded, or in a half empty hotel room on the other side of the country?
I know someone in this exact position now, who out of loyalty to a close dead relative has months (years?) of stress trying to sell in a quiet market, rather than just sell cheap and move on.Been away for a while.0
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