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Original poster

Would you sell to you mum for 20k less if

61 replies

mrsnw · 06/04/2014 19:19

It ment you could work and have child care on tap? Long story but we tried to sell our three bed mid terrace a couple of years ago. We discovered that the garage en bloc was subsiding due to a tree. The buyer pulled out and we went through the insurance and the garage is now fixed and tree is removed. However, the house still has that subsidence claim attached to it even though the garage is over 500m away from the house and attached to other garages. Mum has offered 20k less than market value as it's all she can afford and is desperate to move from London to be closer to us. She has offered to have my children for me after school so I can go back to work. Advice appreciated please xx

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Bowlersarm · 06/04/2014 19:21

Yes, if it enabled you to move forward.

Doilooklikeatourist · 06/04/2014 19:23

I'd sell to mum .
Go for it , otherwise you might be on the market for ages , in limbo and gaining nothing .
Does ahe have a place to sell ? Or can you move quickly and be sorted easily ?

Original poster
mrsnw · 06/04/2014 19:25

She is putting her house on the market tomorrow. I just think it will save us childcare costs and well it is my mum!

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MoreSkyThanWeNeed · 06/04/2014 19:28

I read that as sell my mum for £20k or less, and thought to myself, nah, I'd want at least £30k

Sorry, as you were....

AnnoyingOrange · 06/04/2014 19:29

Presumably you won't have to pay estate agent fees ? So you will save there

Original poster
mrsnw · 06/04/2014 19:29

We probably could split the land registry and keep the garage but we will still have to buy it I guess and insure it, as well as costs to solicitor to sort the paperwork out. We would also save on estate agents fees. I just cannot see that anyone would buy it with its history. It's crazy really as the house is sound and the garage is sorted. Husband is a bit miffed but coming round to the idea Grin

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Original poster
mrsnw · 06/04/2014 19:30

Lol at moreskythanweneed

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starrynight19 · 06/04/2014 19:31

I would jump at the chance ,especially if she wants to move closer.

soontobeslendergirl · 06/04/2014 19:36

well, for a start she is not really getting £20k knocked off as you can't actually sell it to anyone else for the extra £20k - so effectively she is paying you the market value. the market value being what someone is willing to pay for it.

I presume you are basing that on what the previous people were paying or is it a new estate agent valuation?

So, you need to get out of your head that she is paying below the value as it will make you feel better. And yes, even if someone else was lining up with the extra £20k I'd sell to my mum, because it would be nice for everyone for her to be nearer. Then add on the childcare costs you'd be saving :o

Original poster
mrsnw · 06/04/2014 19:44

We sold our house two years ago for £231,000. An estate agent has just valued it at £265 with a view to getting £250 minimum. He didn't know about the garage though!! House prices are shooting up where we live as it's very desirable and nothing is on the market for very long.

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ScaryMcLary · 06/04/2014 19:54

I agree about selling to your Mum. Just one suggestion though, could you do something clever like she pays full value and you 'loan' her the additional £20k, so eventually when she sells (no doubt for even more) you get it back? We did similar with DH's mum but we actually bought a tenth of her house (so she could get the one she wanted) and were on the deeds. When she sold the property had gone up by 30% so we got our money back plus some. It might help DH feel better about it!

iggymama · 06/04/2014 21:43

Subsidence scares the crap out of potential buyers, so if you don't sell to your mum it will be very hard to sell and any willing buyers will want a knockdown price.

I like the idea of you retaining a percentage share in the house, peace of mind for your dh, you get to move on with your family and have your mum close to you. Win win situation.

Quinteszilla · 06/04/2014 21:44

So where are you going to live?

Barbaralovesroger · 07/04/2014 00:22

So is your mum offering you 230? Or 245?

Fees can be a few thousand

Original poster
mrsnw · 07/04/2014 06:44

Mums is giving us £235. Once she has sold we will look for a house that is bigger. I,will show these comments to my husband Grin.

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Sharaluck · 07/04/2014 07:02

Where will you be living Confused?

I agree that is doesn't sound like you will be getting too much less than market price if the valuation didn't take into to account the subsidence issue. So would it be fair to retain a percentage share as suggested? Might be worth another valuation so everyone ha a clearer idea.

Also how much would you save on fees by selling direct to your mum?

I personally like to sell/buy from friends and family as long as everything is out in the open and you have good communication. Also having her nearer to you and involved in your lives sounds like a bonus for you :)

financialwizard · 07/04/2014 07:09

You need to be looking at sold prices in your street. The more recent the better. EA's will be looking at a marketing price, not a sale price.

Purplehonesty · 07/04/2014 07:14

I would do it without the childcare offer! But then I love my mum and would want her to be closer to us regardless.
It's not a huge sacrifice really if you think of all the money she has spent on you growing up!!
So nice that she wants to move to be with you and for your kids to see grandma every day after school. Wish my mum would do this!

mercibucket · 07/04/2014 07:47

awwww. it actually sounds like her doing you a favour to me. no marketing house, estate agent fees, a cash buyer, pretty near the ea estimate. all sounds good
maybe look into your idea of separating the garage in the sale to make it easier to resell

Sandthorn · 07/04/2014 08:14

The trouble with selling privately to friends/family, is it's that much harder, and sooo much more important to make sure you're giving them a fair price. And I'm not convinced you are... As PPs have said, the market value of a house is what people are prepared to pay for it, not what an under-informed estate agent comes up. If you want more than the price your mum can pay, try your luck on the open market.

ExcuseTypos · 07/04/2014 08:23

Agree with Sandthorn.

I think you all need to consider what would happen if your mum wants to sell? Is that likely and would she be able to sell it with the garage problem? She might actually make a loss on it.

ExcuseTypos · 07/04/2014 08:24

merci that's an excellent idea about removing the garage from the sale. Your mum will be protected then.

Barbaralovesroger · 07/04/2014 08:52

Effectively she's paying you 237 or so depending on the usual estate agent fees in your area. It's about 13K less then the expected sale price

HecatePropylaea · 07/04/2014 08:56

If I could afford to, yes.

If the deal is that she will provide childcare then effectively what you are doing is paying her £20,000 to be your ongoing childcare, aren't you? So not so much giving her the property for £20,000 less, more bartering, isn't it?

You're helping your mum, who you say is desperate to move, you will be able to return to work and bring more money into your household, she will repay the £20,000 by caring for your children, who will benefit from time with their loving grandparent.

It's a win all round, as far as I can see.

The only thing that would stop me would be if I couldn't afford to trade the £20,000 at that point.

Original poster
mrsnw · 07/04/2014 09:35

We could buy a decent house if we sell for 20k less because it means I get to work and bring in the funds to support this plus more. Mum won't move again so the irony is we will still be stuck with the garage lol. She is sixty five so this will be her last move.

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