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Selling a high value house quickly
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maisie1234
Posts: 223 Forumite
Hi All
My single parent needs to go into a care house. He owns outright a house worth in excess of £1m. Classic hoarding and we will need to clear it. It hasn’t been well maintained. Once cleared should we sell at auction. I know about normal house buying but how do auctions work please?
My single parent needs to go into a care house. He owns outright a house worth in excess of £1m. Classic hoarding and we will need to clear it. It hasn’t been well maintained. Once cleared should we sell at auction. I know about normal house buying but how do auctions work please?
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Comments
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Does he have no other assets at all, to fund his accommodation until such time as the property sale completes?
Will the care home or local authority plug the funding gap?
Can a family member plug it?
A £1m house in prime central London should sell fairly quickly, if priced correctly, whether at auction or otherwise.
A £1m sprawling mansion in the boonies won't.0 -
How quickly a home sells tends to be less about its monetary value and more about how big the pool of prospective buyers is vs how many other homes are for sale in that bracket. Your best bet is to get three or four respectable local estate agents in and get their views. If it has no issues which make it unmortgageable, you'll likely do better selling it through an EA at a cut price than selling it at auction.0
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It’s prime West London. Similar houses have sold £1.5 m. He has about £300k in various shares/cash. You cannot really get through the front door0
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Which location within West London, please?Soon to be August 2020....
Zero Debt - 2 years clean
2018 income - £97,500
2019 income - £112,500
2020 income projected - Surviving.....0 -
Kew/Richmond/Chiswick area0
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An early Feb auction gives auction house chance to market it properly chose an auction house in london, set a realistic reserve and at times at auctions they can sell for more than they would have as people get carried away, plus you get your money quickly.
Type in London auction houses in google and give one of them a call early Monday
Almost everything you need to know.
https://www.allsop.co.uk/our-services/auctions/selling-at-auction/
ATB0 -
maisie1234 wrote: »It’s prime West London. Similar houses have sold £1.5 m. He has about £300k in various shares/cash. You cannot really get through the front door
Clear the house, then sell the house normally (but with price set for a quick sale to somebody to renovate it)
Not on that scale (gawd, I wish!), but I've had to sort a parental home when dementia has caused it to become... chaotic. You could get a house clearance firm in, but it'll be VERY worth while taking the time to DIY. You have no idea what's lurking. There could be substantial value that you miss, both financial and sentimental.0 -
You don't need to rush, the cash and shares will easily pay for care home fees for quite some time. Take your time, I'm sure it must seem daunting but try and be methodical about it. Once you have one room clear you have a space to put items that are not to be chucked or not sure of. Anything that is obviously rubbish put in a skip.0
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maisie1234 wrote: »Once cleared should we sell at auction.
Is the property mortgageable? (Or could you make it mortgageable by spending a bit of money?)
Realistically, it's very difficult to get a mortgage if somebody is buying at auction. So you'd be targeting people with £1m in cash.
That's a very limited target market. As a result, it might sell very cheaply.
You might do much better to ask a conventional estate agent to sell by informal tender (i.e. people submit sealed bids by a deadline.)
That way, people needing a mortgage could make a bid/offer - so you're likely to get a better price.0 -
An early Feb auction gives auction house chance to market it properly chose an auction house in london, set a realistic reserve and at times at auctions they can sell for more than they would have as people get carried away, plus you get your money quickly.
Type in london auction houses in google and give one of them a call early Monday
ATB
Incoherent rubbish. Ignore.0
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