Selling house! RUNNING OUT OF OPTIONS! Help Please!

charlie3090

Hi,
I think what some posters are trying to find out is, what area?,
ie, essex,norfolk, manchester etc,so they can offer more input.
C x

gailscotland_2

Bit confused with the maths here. You say house revalued at £85k, needs £8k work done plus obviously time and stress and effort involved and loss of interest on capital while doing it. So, if you can get £75k hassle-free without putting the work, money, stress etc into property then why not take it??
You can bet your last £500 that there are people out there watching your property and waiting til you seem really desparate who will then jump in with even lower offer!
Either that, or tidy it up with your £500 (buys a lot of paint and cheap carpet) and rent it out cheaply with the promise to the tenant that rent will be used to upgrade (6mth short tenancy).
Good luck whatever you do!

EssG wrote: »

Hi, I need some help in selling one of my properties! I have had this property for around 20 years and it is a secondary property. I had had family living there ever since I moved out around 15 years ago and ever since the family member has wrecked the property.

The family members have now left the property and after cleaning for months it has been emptied. The house is in a bad state of repair, with some plaster work needing to be done, carpets in the whole house to be replaced and the kitchen and bathroom having to be replaced. My initial actions were to put the house on the market and also get the house valuated for the repair work to be done.

The quote given to me was £8k to have the house repaired but due to my financial situation I am not able to scrape together any money to have it repaired. I then decided to put it on the market for £100k and after 6 months of house viewings and the reduction of the property value to £85k, I have had around 20 viewings and all negative feedback with people wanting to purchase a house that is ready to move into or people saying it will cost £10-20k for repairs.

My final option is to go to a 'We buy your house' company and I am looking to get around £75k but I was wondering what is the best company I can go with? I know these companies are trying to rip me off but its one of my only options, I am open to suggestion for other solutions.

Thanking You very much in advance!

S

EssG

Unfortunately I dont think that is legal or i'm able to do that here in the UK, I have considered all the benefits.
Yeah the problem is only cosmetics, the building is structurally sound!

Oh and thank you for sticking up for me, im not very knowledgeable when it comes to the property market haha.

charlie3090

Hi,
is the kitchen at all salvagable?,if its melamine,you can buy paint to freshen it up, if the doors are in a bad way but the carcasses are sound, you could just replace the doors.
If you are quite good at diy, you can buy 2nd hand kitchens on ebay/gumtree etc for little money,or try freecycle.
same for the bathroom, if the sink,loo and bath are sound, replace the taps and freshen the walls up with some paint,although this seems like a huge task,you could make it much more presentable for little cost,
C x

gailscotland_2

Think its awful that you feel anyone having a go at you on this site. I re-read some of the comments and think maybe a few were just a bit confused because you have other property, and had tenants in this property. However, i would imagine it to be a difficult situation renting out to family. I would be tempted to cut my losses and reduce price to Fixed Price for quick sale £80k, tidy it up with paint and a few well placed rugs (or lift the carpets if too bad).
Life too short to be stressed. I would not rent out to family again unless using a Letting agency.
The property is losing money every day it is unsold/not rented. Would it be an option to sell your home and do this property up as your main residence? Depending on your circumstances, home location etc you may end up with more money in your pocket and a property newly renovated?
Hope this helps.

EssG wrote: »

Unfortunately I dont think that is legal or i'm able to do that here in the UK, I have considered all the benefits.
Yeah the problem is only cosmetics, the building is structurally sound!

Oh and thank you for sticking up for me, im not very knowledgeable when it comes to the property market haha.

newsgroup_monkey

EssG wrote: »

Unfortunately I dont think that is legal or i'm able to do that here in the UK, I have considered all the benefits.
Yeah the problem is only cosmetics, the building is structurally sound!

Oh and thank you for sticking up for me, im not very knowledgeable when it comes to the property market haha.

I had a chat with someone who knows much more than I do.

Theoretically, you could offer what you like as an incentive, however (and this could be important), it would be difficult to get a mortgage on.

So if you offer it for £90k with fees paid and £5k incentive, it would be difficult for a FTB to get a mortgage on any more than £80k minus deposit.

EssG

gailscotland wrote: »

Think its awful that you feel anyone having a go at you on this site. I re-read some of the comments and think maybe a few were just a bit confused because you have other property, and had tenants in this property. However, i would imagine it to be a difficult situation renting out to family. I would be tempted to cut my losses and reduce price to Fixed Price for quick sale £80k, tidy it up with paint and a few well placed rugs (or lift the carpets if too bad).
Life too short to be stressed. I would not rent out to family again unless using a Letting agency.
The property is losing money every day it is unsold/not rented. Would it be an option to sell your home and do this property up as your main residence? Depending on your circumstances, home location etc you may end up with more money in your pocket and a property newly renovated?
Hope this helps.

Thank you Gailscotland! hahah yes i am very confused about this and I know I would never rent out to family again, I thought I was doing them a favor when they moved to this country with nothing but it turned out that they wrecked the place!
I will be reducing the property to £80k soon but I have decided to go with a quick sell company, and would like any recommendations from people who have had experience using these companies? if possible!

robertjames1314

Probably the best way to sell your house quickly is to put it to auction. At the moment property is selling very well at auction. There are a lot of amateur investors out there who are paying good prices at auction because they think they are getting a bargain (too many TV shows). I attend a lot of auctions in my professional capacity and see properties achieve well over the odds. Auctions are great for selling at the moment. You pay a standard fee, usually around 2%, and a catalogue insertion fee. You will come under a bit of pressure from the auctioneer to keep your reserve low but this is normally at the level your typical "quick sale" companies offer. When the hammer falls contracts are exchanged there and then. Usually completion will take place 4 weeks after. Good luck