Selling property in severe disrepair

seller2024

Hi all, I’m wondering if anyone has any advice for me as this is all completely new to me. I have recently been granted probate for a property in a sought after location but in a sorry state of disrepair. The house has had drainage problems (now fixed) but it has caused ‘movement’ and related issues with the internal plasterwork and flooring the property also has no gas central heating. I’d like to sell the property quickly but I don’t know where to start, do I need to make some repairs to the house before putting it on the market(to make it mortgageable) or try and sell ‘as is’ at auction or through an estate agent to a smaller pool of buyers?. If the 2nd option is best, is it best to strip the property back as much as possible ie removing carpets and fittings from the property? Any advice really appreciated, thank you in advance. 

theoretica

Talk to a few local estate agents - they will be best placed to answer those sort of questions and explain their reasoning for the local market.  But very often the answer is to sell pretty much as is - anyone doing the bilk of the work would also be able to do the smaller stuff too. 

cymruchris

Get a couple of local estate agents in to value it as is. The most I'd do is a clearance of any junk - old furniture - sofas - chairs - beds - belongings - so that it was just the bare empty house. If after a couple of months it didn't get any interest - move it to auction.

RAS

Do you have good title?

If there is anything obvious, blocked down pipes, pouring water inside, missing tiles, get a basic repair, or tarp, in place.

Make sure you've checked for any family mementoes, war medals etc in cupboards. Also think outside the box; we owned a potential building plot which proved valuable.

Then ask local estate agents. The only advantage of an auction is the near certainty of sale. Otherwise test the water on the normal market, sold as seen. In a good area, there will be people who don't need a mortgage looking for a "bargain" to renovate or extend, or even demolish and rebuild. 

FreeBear

cymruchris said: If after a couple of months it didn't get any interest - move it to auction.

But if the EA suggests using the Modern Method of Auction, give him (or her) a swift kick in the knackers and find another agent. The MMoA benefits no one aprat from the estate agent, and you will be stuck with a property that does not sell.

If you use auction, go for a traditional one, and you can be assured of a sale as soon as the hammer drops. Also worth discussing a reserve price if there is a minimum you are willing to let it go for.

Jonboy_1984

One of our local estate agents have a “refurbishment” division as they call it, and seem to move these type of properties onto SSTC quickly. 

cymruchris

FreeBear said:

cymruchris said: If after a couple of months it didn't get any interest - move it to auction.

But if the EA suggests using the Modern Method of Auction, give him (or her) a swift kick in the knackers and find another agent. The MMoA benefits no one aprat from the estate agent, and you will be stuck with a property that does not sell.

If you use auction, go for a traditional one, and you can be assured of a sale as soon as the hammer drops. Also worth discussing a reserve price if there is a minimum you are willing to let it go for.

Agreed yes - none of that modern method of auction rubbish. I'm looking for properties now - and as soon as I see that I don't bother progressing, puts me right off.

NameUnavailable

I would consider selling it at auction (traditional auction!!!!!).

It sounds like a property developers kind of place and if it gets a successful bid on the day that's it, it's sold! No messing with people trying/failing to get mortgages or renegotiations on price after surveys.

TBG01

As above your best bet is probably auction.

Someone will buy it. You just need to look on this forum to see the amount of people that don't do their due diligence when it comes to properties bought at auction 

Little_bit_taller

seller2024 said:

Hi all, I’m wondering if anyone has any advice for me as this is all completely new to me. I have recently been granted probate for a property in a sought after location but in a sorry state of disrepair. The house has had drainage problems (now fixed) but it has caused ‘movement’ and related issues with the internal plasterwork and flooring the property also has no gas central heating. I’d like to sell the property quickly but I don’t know where to start, do I need to make some repairs to the house before putting it on the market(to make it mortgageable) or try and sell ‘as is’ at auction or through an estate agent to a smaller pool of buyers?. If the 2nd option is best, is it best to strip the property back as much as possible ie removing carpets and fittings from the property? Any advice really appreciated, thank you in advance. 

Get as many Estate Agents through the door as possible and compare the advice they give you. When you say drainage problem is fixed...do you have a record of that because that will help with sale and value. As somebody else said don't worry about doing repairs etc just get rid of as much of the furniture etc etc etc in order that people can have a good poke around to see what's what. If the carpets are clean etc I wouldn't worry too much.

youth_leader

When you do get an EA, when they make their valuation,  make sure they have priced fairly to reflect the works needed.

I had to downsize from our huge crumbling listed grade II when my husband died. I didn't have the money to maintain it or pay for repairs.

The damp walls/rotten wooden single glazed windows and roof maintenance needed were obvious on viewing. 

I had an offer of £350K - after the survey the buyer dropped his offer to £300K quoting ridiculous sums his surveyor had given him for the 'damp works', 'replacement floorboards' - news to me! Chimney repointing etc.  I still can't understand how my EA allowed my buyer to continue trying to negotiate for £50K off for the obvious maintenance needed, it was clearly visible on viewing.