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House selling issues
Options
BoyzT
Posts: 1 Newbie
I have a second home which I have tried to sell but when a seller did a valuation it found a number of key issues such as subsidence, dampness impacting timber, unsecured walls, flat roof tiles that is not secure etc. Therefore the buyer has pulled out.
My issue if there is a lot of outstanding mortgage (£130,000) and I think I will struggle to sell it given these issues, what options do i have? I do not care about not making a profit when selling the property. I have insurance but would have to pay a of of excess and do not think it will all be covered.
Can anybody give any advice?
My issue if there is a lot of outstanding mortgage (£130,000) and I think I will struggle to sell it given these issues, what options do i have? I do not care about not making a profit when selling the property. I have insurance but would have to pay a of of excess and do not think it will all be covered.
Can anybody give any advice?
0
Comments
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Why did you buy it?0
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Either keep it (empty), or
Let it (see link below), or
Reduce the price and sell it, or
Fix it and sell it
If fixing,
* get several quotes for the various jobs needed.
* check your insurance policy to see hat it covers
* decide whether to claim, or whether the cost of the work is cheaper han the policy excess(s) (may be more than one claim).
* New landlords: advice, information & links
* Letting agents: how should a landlord select or sack?0 -
If the subsidence is bad it won`t sell IMO, a builder should be able to tell you. Priority should be getting rid of the 130k debt while interest rates are low, renting it out will maybe mean HMRC gets a cut, but you will save on council tax and have something to put towards the debt. If the house isn`t in the best condition make the rent attractive to a long term tenant.0
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Subsidence is the one that will cost you, everything else is relatively easy to fix. First thing to do is get a second opinion - Surveyor may well be backside covering and completely wrong.0
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Try a property auction for a valuation.0
-
Either keep it (empty), or
Let it (see link below), or
Reduce the price and sell it, or
Fix it and sell it
If fixing,
* get several quotes for the various jobs needed.
* check your insurance policy to see hat it covers
* decide whether to claim, or whether the cost of the work is cheaper han the policy excess(s) (may be more than one claim).
* New landlords: advice, information & links
* Letting agents: how should a landlord select or sack?
Or sell the other one, and live in this one.0
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