Selling house to pay off lifetime mortgage/equity release

Etsef

Hi all,
My mother died at the end of April in her late 80s having been ill and disabled for 25 years. I had cared for her myself for the last 15 years and she paid for all her own care. We took out equity release on her house to help pay for the care she needed. I am her sole beneficiary and executor. The house has been on the market since the beginning of July but we have no offers yet. I have to pay off the mortgage within twelve months of her death. Obviously I would like to get the best price for the house I can. I chose the no one agent on GetAgent and they seem to be doing nothing wrong although they don’t come across as dynamic. The mortgage will be just under 50% of the current valuation of the property. The property has a lot going for it, is in a good location and has a large plot, but is unusual and needs a lot of work. 
My question is, what should I do if I don’t get an offer by the end of 2023? Auction? Cash-buying Company? Could I pay off the mortgage with a new loan to buy me some time? Are there any other options? I’m sure the property will sell in time, but obviously I have a deadline to meet. 
Many thanks. 

MultiFuelBurner

Drop the price never go to auction.

kazwookie

Drop price and go with a local agent who knows the area and has clients who want to buy in that area.

Some folk around my area also list their house direct on FB, no idea if it works or not.

user1977

Not sure I'd be massively concerned about the "deadline" - the lender is unlikely to want to take on the cost/risk of repossessing and trying to sell it themselves, especially if they can see that you're already trying that. But obviously it's in the estate's interests to get it sold sooner rather than later.

Etsef

user1977 said:

Not sure I'd be massively concerned about the "deadline" - the lender is unlikely to want to take on the cost/risk of repossessing and trying to sell it themselves, especially if they can see that you're already trying that. But obviously it's in the estate's interests to get it sold sooner rather than later.

That thought has cheered me up, thank you😊 

Bigphil1474

OP, is this also your home or do you have a house somewhere else? Could you afford to buy the property yourself?

Most likely no offers due to price. If it needs a lot of work, then that will put some people off. Depends on the price and the area. We've had 3 estate agents around to our house and they are saying in our area that houses sub £200k are selling well, houses over £300k are selling slowly. We sold my dad's house in July nearly a year after he passed - we were very relaxed about the price we accepted - the first buyer had to pull out, and we got a higher offer from a subsequent buyer, but we sold under asking price.

The other option is to look at if you could do some of the work yourself to make it more saleable. Depends what work it needs and the cost of course. 

gwynlas

Sorry for your loss and the need to move out of what as been your home though hopefully you can see this s preparing for your own future. I am presuming that you do not have much experience in the buying or selling fields. The number one agent in the area might have a very different clientele to those who would be interested in your mothers house. You need to look at what local agents sell such properties and get two further valuations in order to get best idea of value. Prepare the house by decluttering ready for downsizing and  present te house and garden to show of its best side. Though it might need work to bring it up to modern standards it is liveable in as you and your mother have done so. Choose you agent and allow for viewings whenever there are lots of threads on this forum. If you intend staying in the area it might be good o start looking a properties with your selling agent as this would give them two lots of commission, 

propertyrental

Price. PRICE!.

Given it's costing you money each month, get it sold by... dropping the price.

Auction and/or webuyanyhouse will get you a sale but at a vastly reduced price so just reduce the price with a decent local agent.

eddddy

Did you only speak to one estate agent originally?

You will (almost certainly) have agreed to a minimum contract period - has it expired yet?


Ask a few more estate agents to do a 'market appraisal' - i.e. they'll take a look around the house and give their opinion on asking price, and tell you their opinion of the current market etc.

Bear in mind that they're salespeople, so they might put a spin on whatever they say. But you should be able to get a bit of a picture, if you talk to 3 or 4 of them.