Can’t sell flooded house

theartfullodger

Sssss wrote: »

Can’t sell flooded house This is a very difficult situation and need advice. ..etc etc etc .....

Of course you can sell it. But not on the terms (mainly price..) you are insisting upon.



Clearly it would go today for £1. You just need to pitch it right.


And clearly the risk of flooding is likely to increase.

Crashy_Time

theartfullodger wrote: »

Of course you can sell it. But not on the terms (mainly price..) you are insisting upon.



Clearly it would go today for £1. You just need to pitch it right.


And clearly the risk of flooding is likely to increase.

Probably true, the OP just need to find someone who is happy with the risk, but the price will have to reflect that.

SpanishBlue

Would you consider one of those "We buy any house" companies?


They get a very bad press on here, for good reason, however you state that you are desperate to move, and if you can afford to take a hit on the price, it is one way to sell your home.

Davesnave

SpanishBlue wrote: »

Would you consider one of those "We buy any house" companies?

They get a very bad press on here, for good reason, however you state that you are desperate to move, and if you can afford to take a hit on the price, it is one way to sell your home.

And you know how big that hit would be?

Yes, there are people who buy any house, but not at any price. How would their business model fare if they purchased at a figure which would work for the OP, yet hasn't worked for anyone else in the past year, even without the consideration of a profit margin?

Doesn't sound like a viable option to me.

Sssss

Thanks for all your comments. I looked into a quick buying company but the price they offer is way too low, too much of a hit for us to be able to take. We’ve had 5 offers of at or above asking price, it’s the banks that won’t facilitate their purchase and when I’ve spoken to them, they’ve said it’s more a “computer says no” rather than look into each case individually. We’ve explored every option mentioned in the comments above so thanks for your help, I think I was hoping there just may be something we hadn’t already considered. It’s hold out for a cash buyer or hope for someone who can find a less risk averse lender.

Sssss

Or perhaps o was hoping that somebody would have had a similar experience but say they managed to sell or bought a house that has flooded and suggest a lender who would lend.

timeism0ney

We have a property like that in our area that was on the market recently with no success.
http://www.rightmove.co.uk/s6p/62872192
It's wonderful in every way imaginable except this flood risk (which is significant). We very briefly considered it but it'd have to be a half price kind of deal to make it attractive tbh. I agree the risk of flooding will increase in the future.

stator

Have you considered Let to Buy
https://mortgageadvisers.which.co.uk/first-time-buyer/moving-home/let-to-buy-step-by-step-guide/

teneighty

What flood risk zone is it in?

I looked at a house a few years back that was in the flood risk zone 2 and had flooded once a few years previously. I pulled out but it did sell and for a good (normal) price as it was in a very good location. Flood defences were then installed along the river so it would have been a good buy.

More recently I looked at a property in flood risk zone 1 and had a history of flooding. It sold but for about 50% less than the nearby properties outside of the flood risk zone but it was not a nice property, I'm sure if the property itself had been more desirable the small river frontage would have been a bonus not a hindrance.

Houses do sell in flood risk zones. The price depends on the perceived flood risk, the nature of the flooding, the desirability of the property in question and potential for flood mitigation works.

Sibz

Consult a financial/mortgage adviser - they will be able to give you information on mortgage-ability of your premises. This way you'll get information first hand from the horses mouth rather than excuses by potential buyers or banks who don't like giving specific info esp to third parties.

This would also enable you to pass on helpful info to anyone interested in buying.
How much is your insurance? People may be put off by this - especially if they are imagining high premiums.