Absolutely Exhausted Please Help

suziebear1985

Hi Everyone,

I'm hoping somebody can advise a way in which I can get myself out of a mentally draining situation and I'm hoping you will please be kind.

Basically I bought my house 15 years ago for £85,000 no issues were raised and I've lived here a decent length of time. Within that time my eldest son was born terminally ill and died aged 3.5 and my husband walked out on me one day out of the blue as he had been having an affair with someone else. I was left a penniless student, unable to claim benefits whilst I finished an allied health degree. I lived for 1.5 years on scraps often going without food so my children could eat and I could pay the mortgage.

I'd really like a fresh start as I've now finished my degree and have worked my way up into a well paying job. The memories of the house are very oppressive and it also needs work doing which I struggle with as I'm still a single parent and admit I don't have the skills for serious work and I don't really know anyone who does. Just walking through the door makes me want to cry and my children are also becoming too old to share a room at 11 and 15, it's becoming a struggle.

I embarked on selling and its been fraught with anxiety and stress all the way through. From demanding buyers to incompetent solicitors and the house re-valued at £72,500 and it's actually making me quite ill. We are very close to exchange and the buyer has ordered a flood risk search. This will be because we are classed as high risk with the house next to a river even though it is about 100ft below.  I'm absolutely on the edge as I've got a terrible feeling they are going to pull out or will be advised to. I simply can't carry on like this. I know its not advised nor a sound financial move but are there ANY quick house companies that are actually legitimate and offer a quick cash sale. I know I will lose a huge percentage but if I can maybe get the remaining mortgage covered which is £56,000 then I'm willing to pack up and just go into the night. I don't even care about my purchase falling through as there's nothing I can do. I just want to leave. I know they take advantage of vulnerable people but I'm vulnerable and desperate.

Thankyou

AdrianC

suziebear1985 said:

...but are there ANY quick house companies that are actually legitimate and offer a quick cash sale.

Simple answer? No.

Pause and think about why they're buying it.
They don't care about your situation.
They're buying it to resell for a profit, after covering all their costs.
So they're inevitably going to pay you considerably less than they believe they can sell it for...

Put it in an auction. A proper one.

hazyjo

Sorry to hear of your tough times.

Could you consider an auction if it falls through?

They've not pulled out yet so try not to worry about what might happen.

Is there anyone to help you improve the house as a favour? Would that help achieve more money?

Finally, could you extend rather than move?

suziebear1985

I have thought of that and it's an option buy I don't know how to go about getting an auction pack sorted out or who the best auction company is. Also I worry it means lots of people will want to come and view and I don't feel like I can handle that right now from a mental health perspective. I don't really have any family or friends I can ask for help or advice with it.

Also if there is a chance I can still secure the purchase in a timely manner then I'd like to try. I know it seems like such a basic thing to be upset about but I've been through a lot and I'm basically hanging on by a thread.

babyblade41

Buying and selling is fraught at the best of times, just try and get some perspective .

You haven't lost the sale yet so it could well go through quite easily. If not then reduce the price before going to auction. 

Sadly your situation is of no interest to anyone so price will ultimately be the deciding factor ... My advice is to just try and and calm down a little it won't change any outcome and think of the future and how you will soon be free of what shackles you down... good luck 

eddddy

The quick sale company is likely to work like this:

• They'll tell you that the property is overvalued at £72.5k

• They might suggest it's market value is £65k

• So they'll offer you 80% of £65k = £52k

• They'll then look for a buyer at £65k (prospective buyers will probably want to view the house)

• Assuming they find somebody prepared to pay £65k - they'll sell it and give you £52k

• If they can't find anyone prepared to pay £65k, they'll either persuade you to reduce the price further - or they'll walk away, and leave you with the property unsold

So it might be better to just tell your EA (or a new EA) to advertise it as an 'informal tender' with a guide price of £65k. i.e. The EA gives a deadline of about 2 weeks for 'sealed bids' - and after 2 weeks is up, you look at all the offers, and pick the best one. (You can specify that you only want offers from cash buyers, if you want.)

london21

suziebear1985 said:

I have thought of that and it's an option buy I don't know how to go about getting an auction pack sorted out or who the best auction company is. Also I worry it means lots of people will want to come and view and I don't feel like I can handle that right now from a mental health perspective. I don't really have any family or friends I can ask for help or advice with it.

Also if there is a chance I can still secure the purchase in a timely manner then I'd like to try. I know it seems like such a basic thing to be upset about but I've been through a lot and I'm basically hanging on by a thread.

Sorry you have gone through a lot. Things will eventually get better. 

I would say hope for the best that the sale will go through.

otherwise go for sealed bids as advised above.

auction better than the quick sale cash people who would not pay a good price, they will take advantage of the situation.

a good auction company especially for the seller is Mchugh & Co, check online, read reviews, the buyer pays all the fees legal etc. You can give 4-8 weeks to complete and once the person wins the auction they have to complete or lose 10% deposit.

For viewing can have a 1-2 hours slot for all the viewings to be scheduled, a Saturday for example. The auction can have maybe 2 or 3 1 hour slots. 

Hang in there, things will get better. Also try not to overthink it or get stressed. 

Thrugelmir

suziebear1985 said:

This will be because we are classed as high risk with the house next to a river even though it is about 100ft below.  

Is the house next to or above a river?  

theoretica

You can look up the basic flood risk yourself easily - the maps are great.  Maybe the 'report' will have more detail, but this should give you a reasonable idea what might come up - I hope it is good. 

https://flood-warning-information.service.gov.uk/long-term-flood-risk

England map here: https://flood-warning-information.service.gov.uk/long-term-flood-risk/map

youth_leader

Big hugs to you, selling is very stressful but if you can, draw on your deep inner reserves of strength and hang on for this buyer -  or the next one.  Selling at auction is eye wateringly expensive.

I live alone and was tearing my hair out because of my unpleasant buyer with my sale, felt I couldn't bear any more and withdrew from the sale and went to auction last March.   I thought it would all be over quickly without having to be involved in any more difficult 'negotiations', plus the auction house were going to do all the viewings.  I signed up for a  traditional auction with a one month's completion and had to find a rental quickly, with my pets, and I was fortunate to find somewhere in February.   The auction was on 23 March, the buyer then asked for eight weeks to completion, so I had to pay another two month's bills, as well as ordering more oil, which I hadn't budgeted for.  I also hadn't done my sums properly - my sale of £275K cost me around £10K.  

NameUnavailable

Sorry to hear your story but at least your work paid off and you now have a decent job and presumably future career prospects.

A flood search is standard, don't worry about it. However, IF your buyer does pull out and you can't face going through more viewings and offers then put your home into an auction.

NOT any 'modern method' auction but a 'proper' one where the house is put up for bids on the day and sells immediately if it reaches the reserve.

You may not get as much as it will likely go to an investor BTL type buyer, but you will get a quick and hassle free sale. To offset the lower price you can put some special conditions of sale in the details that the buyer has to pay your legal and auction fees or a contribution towards them.

I was in a situation where I just wanted out of my last property, long story, but having seen my neighbour lose 4 potential buyers I went to auction and sold, and they then did the same.