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

Bendex

I agree that the decor is awful.

After the tenants trashed the house repairs were made, new carpet put in and the entire house painted magnolia. Then it sat on the market for months - so we rented it out again and that tenant decorated.

The person offering £170k said they couldn't get a mortgage for medical reasons, whatever that means

It is now back in for tonight's auction, if it doesn't sell we will see if we can get a payment holiday and look for tenants - not ideal but I do not want to sell for less than we owe on the mortgage.

This thread is less helpful than I hoped, starting with the implication that I was lying about there being something wrong with it, but it has got me thinking about the way we are selling it. If it doesn't go tonight then maybe can rent it out to buy some time, and then try again at a later date

Bendex

silvercar wrote: »

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?

The blue room is the master bedroom - the loc my room is empty and magnolia

There is only 1 utility room, attached to the kitchen

AdrianC

Bendex wrote: »

It is now back in for tonight's auction

Do you mean a proper auction, or the "modern auction" rubbish?

markin

Get a tenant in on 6 months contract and start selling in the normal way, and if no one bites after 3 months, state the potential rental income and aim at landlords.


We are just thinking the same as any other people looking to buy in that area, seeing it taken off the market as sold at 170k and then put in a modern auction at only 100k.


Did you keep some of the deposit to repaint it? Or did you give permission for them to decorate.

sgun

Bendex wrote: »

I agree that the decor is awful.

This thread is less helpful than I hoped, starting with the implication that I was lying about there being something wrong with it, but it has got me thinking about the way we are selling it. If it doesn't go tonight then maybe can rent it out to buy some time, and then try again at a later date

I certainly didn't imply you were lying, just that you hadn't given all the facts. That is a totally different thing. It was a prompt to be reflective about your house and area, to try and tweak some more information out of you. It's a shame you haven't sen the thread in a helpful way. You say yourself that the decor is awful but are you going to do anything about it? I assume you held back some deposit from their tenancy to put the house back to magnolia so use it to get it painted. Honestly, the two things that have consistently come from this thread are the decor and the auction method - how is that not helpful?

silvercar

Bendex wrote: »

The blue room is the master bedroom - the loc my room is empty and magnolia

There is only 1 utility room, attached to the kitchen

The floor plan shows 2 utility rooms.

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

Some numbers-

Bought house in 2006 for £189,950
Had an offer of £170,000 but that fell through (couldn't get mortgage)
Auction has it marketed at £100,000 but no interest
Tried a couple of "we buy any house" type companies but they don't want to know as recent marketing has it at such a low price

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

Any help appreciated

Bendex wrote: »

I agree that the decor is awful.

This thread is less helpful than I hoped, starting with the implication that I was lying about there being something wrong with it, but it has got me thinking about the way we are selling it. If it doesn't go tonight then maybe can rent it out to buy some time, and then try again at a later date

The community did exactly what you asked, based on the incomplete information you supplied. It is basic forum etiquette to use the 'thanks' button for at least some responses.

The alternative to reading frank/ blunt/ forthright/ harsh but targeted comments is to run an 'advanced search', then spend time reading through a few years of similar threads.

I hope the property sells.

quantumlobster

getmore4less wrote: »

When street view was done there were no moving cars on the full length of the high street from Hagg lane

Should have gone to specsavers Yes there are. Not many, but then - this could have been done on a Sunday afternoon.

Also, what could the building next door be? The one on Institute Street?



(It's actually a Ju Jitsu club http://bgjjc.co.uk/contact.html )

Bendex

Ok, just checked back and to quickly address a couple of points

It is one long utility room, with a step up at one point, but not 2 separate rooms.....their floor plan is confusing in that they have marked the step up

Next door is the village hall, which is nearly always empty

I have clicked thanks on various posts, apologies if I missed someone and they felt that was bad etiquette

This thread has been very useful in identifying the major problems - decor and method of sale, so will get painters in, possibly rent it out and start over with an agent and hopefully wipe away the digital footprint of the modern method auction

We made mistakes.....allowing a tenant to redecorate was one and the auction was the second and I do feel more positive about moving forward

Gwendo40

You massively overpaid for it in 2006, another result of the insanely reckless and irresponsible lending and borrowing that was occurring at that time.

Looking at what's currently available in the area and the rather dubious decor and finish in this house I personally wouldn't even be prepared to pay £100k for it.

Finally I agree with what others have said, the ''modern method of auction'' is a complete rip off... for both buyers and sellers.