Can't sell house at auction - alternatives to repossesion?

sgun

Bendex wrote: »

Actually, no.

There is nothing wrong with the house

It is on Rightmove- 17-19 High St, DL16 7PQ

I would never criticise how people decorate their home but when you are trying to sell you have to realise that it isn't your home anymore and present it accordingly.

When I looked at it I saw awful ceilings, a horrendous shower room and wallpaper that I cant even think how I would describe (what IS that brown stuff on the walls in picture 4?). The kitchen is better than ok but still one that most people would want to change in a couple of years. The bathroom is ok too but where oh where did you get that giraffe picture from? Just take it down!

I see a house that needs around 30k spending on it. Of course, it doesn't at all but my initial reaction says that it does. People make judgments on houses in a few seconds and you will rarely change their minds after then.

Oh, and I have seen those estate agents try and use the modern method auction thing alot. They persuaded friends of mine to try it when they were selling with an ongoing boundary dispute. They had plenty of interest but all offers came in around 65k for a 105k house.

If I was desperate to sell I would spend about 2k redecorating completely neutral and making the yard look nice. Then I would stick it on for £89,950, given the area that you are in and the fact it has been up for auction which will limit viewer numbers.

silvercar

Some more comments:

Assume the blue room is the front room, so where is the picture of the lounge/ diner?

For me the New York room and the brown bronze room need to go immediately.

The rest would be on a list of things to do.

Why does a house that size need 2 utility rooms?

letitbe90

Surely the house is worth more than £100k, maybe the estate agents methods are stopping a purchase, I never even view houses sold in those bidding style ways.

I mean if you underprice it too much, it will put people off too / people will start thinking what is wrong with it - if I did a survey would I see £50k+ worth of work? Did lenders refuse to mortgage it? Etc

Get it sold traditionally and sell it within 10% of valuation imo, too cheap is also a bad thing!

hazyjo

+1 for not touching 'modern auction' thingy.


For what it will cost for a few pots of magnolia, you might as well get someone in. You will lose WAY more than that if you don't! Really don't get some people's logic :think:

Mardle

When we were house hunting we immediately ruled out any property being sold by modern method auction.

Put it in a traditional auction.

Tom99

Choose an off white colour but not magnolia!

getmore4less

What's the rental market like and estimated rent?

if nothing major wrong and dirt cheap(10%+ yield) an investor would have at least made an offer.

hazyjo

Tom99 wrote: »

Choose an off white colour but not magnolia!

Oh, agree if someone buys it to live in. But it may well end up going to an investor and magnolia is often preferred by them as it's bought cheap/in bulk/trade. White may be better, but might just make it look cold or like it's a base coat with the rooms not being dressed.

markin

What price was it on for and how long did it take to get an offer? This makes you look very desperate and that the must be a major reason for the low starting price, Like it needs 100K of work!, Why did lenders refuse the mortgage??


Everyone will see the price you paid for it and think it now needs a lot of money spending on it.

Fire_Fox

Bendex wrote: »

We moved to USA and have been trying to sell UK house since last Oct, first with an estate agent, and then auction.

It was supposed to go into live auction tomorrow but the auction company called today to tell me it wouldn't be put in due to lack of interest

We have used up all our savings funding the mortgage and council tax (Durham charges 100% with no discount for unoccupied and empty, and after 1 year they charge 150%)

I plan on calling the bank on Friday to see if we can get a payment holiday or something

I am at a loss.....and considering repossession as a viable option

Any help appreciated

Why? Is the area desperately short of rental properties?

Bendex wrote: »

We have rented it out in the past (been in USA for 6 years) but we had 1 lot of tenant trash the house, so not keen to do that again, as the repairs and new carpet cost about 3 times the security deposit

Some combination of below market rent/ guarantors/ larger damage deposit.

I don't know the lingo nor if this is commonplace, nor even if I got the wrong end of the stick. One of the regulars will know better.

Some councils will rent a property long term directly from the owner, then they sublet to social housing or benefit tenants.

They act as the landlord, take responsibility for safety checks, basic repairs and maintenance, collecting rent, evicting bad tenants .... You are contracted to and paid by the local council not to a series of tenants you have never met.

I have no idea how (if) that works with a residential mortgage lender, but it could be better for them than repossessing and chasing you in the USA for the shortfall. :cool: