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Recommendations of how to sell elderly fathers (undesirable) properties relatively quickly

6 replies

starrystarrynights · 21/01/2014 21:55

My dad is in his late 70's and lets out 8 flats.

The properties have only recently become mortgage free and are in an troubled housing scheme (crime, unemployment, virtually a ghost town) in a part of Scotland that has very depressed house prices.

I don't want to be disrespectful about this area at all but just highlight the above as most of the properties have been empty for 6 months or more, some DSS tenants have trashed the place, he has taken many to court, 2 properties were raided by the police for drugs (!) and tenants have taken advantage of his good nature.

The local estate agents won't touch the properties with a barge pole so he manages them himself, I am at the other end of the country.

He gets verbal a abuse when collecting rent, a load of hassle and it's just too much for him. My mum and I have finally persuaded managed to him that he needs to sell them. He is very reluctant.

How do I go about selling these? Would auction even work for properties like these?

I am guessing that the 'we buy any house' people are cowboys.

It's a bit of a worry...

OP posts:
minipie · 21/01/2014 22:03

Auction is probably your best bet I'd have thought. More likely to get a fair price that way than with the we buy any house people. You'll get buyers who are up for buying wrecks and don't need a mortgage, plus the sale is not subject to survey (at least that's the case in England, not sure about Scotland) so no fear the agreed deal would fall apart when survey is done. Those that want surveys do them before auction.

starrystarrynights · 21/01/2014 22:33

Ok thanks mini pie.the problem is that the properties are in an area which definitely will not attract investors of any sort, they are in a housing estate known for many social issues.

I really hope that we can manage to sell them in this way

OP posts:
LePetitPrince · 21/01/2014 22:48

Hi, try to separate your feelings from the job at hand! There are professional property investors who make a good return buying properties at low prices and renting them out at decent yields, possibly to DSS or on a guaranteed rental scheme with the local authority. Some want portfolio deals so you may get lucky with a job lot. Basically you need advice from a professional auctioneer for similar (distressed) properties in the area which you can find by searching for auctions in the area.

mrshap · 22/01/2014 00:21

Have you asked if local council with take them on, mine does for 5 years. You can forget about them for five years but have a nice little rent coming in.
May be another option, also my local council desperate for flats.

NatashaBee · 22/01/2014 03:17

This reply has been deleted

Message withdrawn at poster's request.

7to25 · 22/01/2014 09:55

I obviously don't know the location, but are they suitable for Asylum Seekers? I think the housing is dealt with by Orchard and Shipman in Glasgow. Don't know but a job lot might be attractive.

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