Selling Gran's bungalow - equity release, leaving crap agents, EPC charge

[Tiddlyompompom]

We're trying to sell my grandmother's bungalow as she died last November.
The house has been on the market for 7 months, loads of viewings, only two v low offers (both from developers), and the estate agents have made very little effort ('too busy' to show it on several occasions as it's 25 mins drive from their office, so an hour's round trip).
Reasons it hasn't sold (from viewer feedback): 2nd bedroom is a v small single, unattractive frontage (but same as rest of estate, and improved as much as poss), overpriced at first (originally on for £159k).

My gran had an equity release agreement, and it costs £20 per day (approx £600pcm) off the value of the house. The last 7 months of being unsold has 'cost' us about 4.5k I think.
The house is now on the market for £135k, about £100k of which will go to the equity release company. We must sell within 12 months of my Gran's death or we are liable full the full amount.

So.......
We reduced the price again today by 10k (£135k is now a very good price), asked the agents to contact all interested parties about the reduced price, and have told them they have 14 days to get an offer in place or we will withdraw the property, and move it to a local agent (5 mins from the property).

Does that sound reasonable?

Also, I had this come in an email from them today, does this EPC fee seem reasonable? Having had a quick look online it seems a bit high? : " we supplied a free EPC for the property due to you agreeing to use our conveyancing team to sell the bungalow, as you are going to be giving us notice this will become payable, the cost is £94.80 (£79+VAT). "

Any advice would be greatly appreciated, thank you in advance.

our EPC cost us £85.

anything cheap you can do to tart the place up? coat of paint?

that equity release deal sounds awful.

Thanks Edgar, good to know the EPC is fair, I shan't hassle them over it!

No, the interior is in really good nick, cleaned regularly, garden maintained.
It is clearly an elderly person's house (decor/wet room etc), but tbh that's the market it's aimed at, so that shouldn't be a problem!
Fantastic garden, views over open farmland from kitchen/diner and living room.
Everyone that's viewed it has liked it, but I think the price didn't compare well.

Sunday morning bump! :)

If it's targeted at the older market then it needs to be with a good local agent who is experienced in that market and ideally that estate as well as online. Sounds like your current agents aren't that enthusiastic about selling it anyway so be ready to move asap. Have you picked out a local agent and got them briefed so they can start marketing it immediately?

Is it online? Add a link?

EPC is expensive IMO, I paid £39 two weeks ago. But the cost varies as to where in the country and type of house.

I would lose the other agents asap. List with the local agent on monday and either have 2 agents or get rid of the original ones.

Am horrified at the equity release scheme, and don't really understand them, but good Lord that can't be fair!

Also look into auctioning the house. Find out which agents put properties into an auction, there is usually one every month. It costs you about £500 wether it gets sold or not, but if the other alternative is losing all of the house to this company then it is an option.

If you have loads of viewings is it price or is it decor? maybe consider painting - as I think anyone moving (especially elderly) would be put off having to do paint jobs or any minor repairs.

Was the EDC fee made clear in the contract you signed with the agent?

Have they actually done the EPC? If so I guess you'll have to pay it (and make sure they give you a copy of it) but if not, then it seems expensive to me. We paid £40 for one recently - I chose the guy from a website listing accredited people in my area (if you need website address I'll dig it out).

The equity release scheme sounds awful - I've no idea how these things work but it seems so unfair and with that in mind you need a sale so I'd ditch the rubbish agents and get the local nes on board

Thank you all so much for your replies - sorry for slow response, I've been out at a toddlers birthday party all day!

The local estate agent is valuing it this week, and I'm sure they will list it ASAP.

Here's the link - let me know what you think.

I'm pretty sure the EPC has already been done, but I will check local prices and see if they're overpriced.

I hadn't considered auction, that is an option if it doesn't sell soon with the new agents.

Thanks everyone!

Argh - just spotted they haven't amended the price on the website, it should be on for £135, not 145!

that looks all nice and clean and tidy though dated - much like my house when we bought it!

Thank you, it's good to hear some neutral first impressions, rather than from family or estate agents!

Re the kitchen, all new units in '97, so only requires a new cooker and hob, tho it's not a thing of beauty it's all in good condition.

Re the bathroom, yes, unless someone elderly with the same requirements moves in it will need a bath to be fitted, but fortunately none of the plumbing was altered to make it a wet room, so all it'll take is a new bathtub and it'll be back to normal. The shower fittings won't even need moving.

Would you repaint if it's hasn't shifted by, say, August?

new paint always helps ... i repainted bits of my house to sell that were only done a couple of years before (white gloss goes yellowy quite fast)

If the plumbing is there can I suggest you put a bath in. You can get a cheap one in b&q. But I think it may put alot of people off and rather than keep waiting to do something by August, I would do it now.

I would also paint the tiles in the kitchen, or re tile if you have the skills, I think that will give the kitchen a lift. The paintwork looks ok in the pictures, but if it is a bit tired in the flesh then I would repaint now too.

The amount of money you are losing every month to this equity scheme will more than cover hte cost of this in one month.

Other than that, it looks like a lovely house and that garden is very pretty. I think with the lower price you should stir up new interest.

When the new agent takes the pictures I would dress the house a little bit.

Can you dig out some plain throws to cover the three piece. I would remove the rug from in front of the fire place to make the floor look bigger, and take the blue armchair and the footstool out.

I would also change the shower curtain for a white one - you can get them in Home bargains for £3.

Perhaps bring some plainer bedding and put that on the bed.

Just to make it look a little fresher and younger.

I hope you don't mind those suggestions, I don't mean to insult your Grandmothers taste.

it looks fine to me have seen much worse surely when you buy you want to paint anyway?
I would dump the agent sooner, give them a week, no more.

All good suggestions, thanks!

I will wait for two weeks before suggesting the changes as we're still contacting the previous viewers, and if they make an offer it would have been a wasted effort.
Definitely will go ahead at least with painting if no movement tho - it does feel a bit tired in there.

Oreo absolutely not offended! I agree it looks rather 'busy', my mothers the one who's local and she insists it's fine as is - I disagree, and now I've taken over the sale I'll make sure things are dressed better. All it would have taken was a plain blanket over the bed and it would've looked 100x better! There's several right there in the cupboard...
The agents photos are crap tbh, make it look smaller and darker than it is too.
I can't remove the rug unfortunately as the carpet has faded around it. You're right about there being too much furniture too - its so easy to see once someone else points it out! :)

I'm going there next weekend, so I'll dress the property my way (as clear as poss) and insist the new agent checks the photos with me.

I'd also get a friend of your mothers to ring up and find out what's on the Market with your EA and see how they deal with her call, and maybe a friend of yours saying she was interested in the property for her elderly mum, she'd seen it driving throuh the area and noted down the number.

Then see how the EA sells the property to them or whether they direct them to a different property. You can then use that to negotiate with them depending on how much effort they made...

Also worth doing a week in to any new EA you use. And given the cost of the equity release - is it worth offering them a bonus if they sell it speedily - so £400 if they sell it in a month, £100 off for each extra week it takes to sell or whatever you think is appropriate.

Plus if It is targeted at old people, then take some flyers to the local oap clubs, churches etc - anywhere that the old people hang out locally!

zipzap yes I was wondering what local marketing I could do, it is an ideal property for an elderly person so I must be able to get an ad in the local newsletter or something.

I have a friend who will happily call them up for me, so will try that tomorrow when she's here! :)

Looks clean and tidy. Lovely garden.
You only need one pic of the wetroom. Add a pic of the 2nd bedroom.
Yes, 'dress' it a bit.