Selling house! RUNNING OUT OF OPTIONS! Help Please!

james_toney

what are of the country are you?

dancingfairy

I'm wondering whether you can do a few repairs and rent it out? Reduce the price and make sure it is advertised as needing TLC (or whatever the correct marketing term is).
Remortgage and release some equity to do the repairs and then rent or sell?
Auction?
Grants from the council to get houses in disrepair back into use (dont' know if this would apply?)

I would have thought the easiest way to shift it would be to auction it with a really low reserve price.
df
Edit: If you are struggling for money have you asked the bank for a mortgage holiday (if it's mortgaged) and have you tried claiming the empty house council tax discount?

EssG

james_toney wrote: »

what are of the country are you?

Im in the UK

EssG

grifferz wrote: »

If £8k is your maintenance cost over 15 years that doesn't sound terrible. How much have you spent on your own home in 15 years?

There are numerous threads on this board regarding people having problems selling and thinking of turning to "we buy any house" companies. Most of them end with the person having a reality check, listing their property at a lower asking price, suddenly getting a lot of interest and it ending up better than they expected.

Your problems to date sound like estate agents sending you people who aren't prepared to do the work on the property, so to me that is a combination of you setting an unrealistic price and your agents not being instructed properly to make prospective buyers aware. A a result you only get unsuitable viewers. As another poster said, get your agent to show interested parties your quote for repair, and make sure they are only showing it to people who know they will need to put in the work. And list it for something near what you would accept from the "we buy any property" companies.

I understand where your coming from but due to my current financial position I am unable to put any money into doing up the property. I could put a max of £500 in and that may be difficult!

EssG

Excited13 wrote: »

Just had a thought are you still tied in with the estate agent or can you change agents? It may be worth contacting other agents who may know of BTL investors on their books and could sell quickly. BTL investors probably wouldn't mind doing the work as they probably know people who can do the work cheaply.

That is a great idea! I will look into my current estate agents if not, I will be able to change! Thank You!

agrinnall

EssG wrote: »

Im in the UK

OK, to rephrase the original question so that you can give the answer that was hoped for, what country of the UK are you in? The assumption on here is that everyone is in the UK unless otherwise stated, the point of the question is that different laws may apply in different parts of the UK.

bowlhead99

Claudia1 wrote: »

I can suggest you for a company, which helped me out while I was about to sell my house. But I was in a hurry and couldn't afford enough time in finding out ways. xxxxxxxxxxxxxx.com.au help in selling house quickly without fretting about it.

Yes I'm sure a bland australian website that doesn't provide any names, addresses or contact details of the people running it and simply has a form to fill in to capture your own contact information, is just the perfect solution for Essg. :rotfl:

The problem with the steady procession of 'normal' housebuyers is that a first time buyer looking at 80-100k for properties does not have 8k for basic refurbishment and another 10k for upgrading and decorating to their personal taste, in the bank on top of their deposit. They have the 8-10k deposit, or less, and that's it.

There is still a market because someone looking to buy and rent it out is less fussed about it being perfect, just habitable and they typically have access to the capital needed to get it there, which you don't and the average residential buyer doesn't. With the right agent or two, and a lowered price you will be able to sell to a BTL investor or a canny first buyer with a bit more capital and an eye for a bargain.

Hoof_Hearted

I am not too sympathetic. You have had 15 years rental but let the place fall into disrepair. Much of the work could have been set against tax. You put up with a bad tenant but let it drift.

If you own another property, why not borrow money against that for the repairs?

newsgroup_monkey

Guys, be nice


EssG: Have you considered additional "Benefits" to a buyer?

Hopefully in the near future, I'm going to be a "new FTB" if you get my point (I haven't owned for 6 years).

It sounds like slap and tickle rather than anything structural so what if you were to offer something like "All buying costs paid plus £5k cashback on completion"

You could sell it for say £90k, but only actually get £80k

I'm not entirely sure what bits of that is legal or not, but I'm sure an EA would be able to let you know.

EssG

agrinnall wrote: »

OK, to rephrase the original question so that you can give the answer that was hoped for, what country of the UK are you in? The assumption on here is that everyone is in the UK unless otherwise stated, the point of the question is that different laws may apply in different parts of the UK.

Im in England