Help! We lost our buyer and we need a quick sale!

[DontBiteTheBoobThatFeedsYou]

DH inherited a house. We rented it out for a year and now we want to sell to buy a bigger place (it's far too small for our family to live in and way too far away from kids schools).

We just had to pay a few thousand for a new boiler and some general repairs.
And we are paying a fortune in council tax for it (no discounts etc).
We have maxed our overdrafts, and now needing to consider yet another loan to cover the council tax and general fees for overdrafts etc.

That was fine because the cash buyer who's offer we accepted (45k less than the asking price because we are desperate and we think it was slightly over valued anyway) 2 months ago was just days away from exchanging.

Now she found out that all the changes she wanted to make she has to get permission from the council and she isn't happy.

She's pulled out.

We are financially panicking. DH was shaking yesterday and I've never seen him like that.
He's talking to the bank about a loan to consolidate debts (we were fine before this!!!) and have excess to pay the extortionate council tax.

It's back on the market for 50k less than it was originally on for.

Is there any way of pushing this through ASAP??

It's bleeding us dry and we also don't want to lose the place we had put an offer on (and paid out for searches etc).

Help!

(We realise we shouldn't have paid for searches yet but we were about to exchange, searches take an age here and we are renting so all the money is being eaten up by that so we need to reduce the time as much as possible)

I'm in the same boat. I've just decided to go with online auction through Connells. Might be worth a try?

I don't even know what that is???

What area?

www.connellsonlineauction.co.uk/online-auctions

DH doesn't want me to put the area.

But it's an expensive area that appeals to commuters especially.

Thank you, I'm going to look into
That now

Can you rent it out short term in the meantime?

God no.

That's even more fees and it was ballache enough to get someone in and out.
And buyers aren't keen when there's a tenant.

@sanityisamyth

How much less than the market value have you put your house on connells for? How's it going so far,

You would have had to pay for searches on the house you were buying, that's how the buying process works. Imagine how long it would take if everyone waited for the property they are selling exchanges before starting your own process!

Connells and springbok do online auctions but the fees are often £££

Why doesnt your partner want you to put the area. Scant details mean locals cant really help. 50k reduction could be 10% of the asking price or 50% of the asking price.
Can you really afford to buy a new house if paying an extra set of council tax puts you over the edge then you are way too maxed out. If you need a quick guaranteed sale stick it in a proper auction, you will have the money in 2 months

Yes we can afford it.

Selling the house at 500k, and buying a house for 370k
We'll have surplus.

We just have absolutely nothing right now.

The area is Brighton.

Do you have estate agents working for you? What do they advise?

I know everyone believes they are awful but they will be able to offer clear guidance on pricing and may have clients on their books. Many prospective buyers are put off by private sales as they do not believe the sellers are serious.

Prices in Brighton are stagnating. If you want it sold quickly you had better make sure it's priced very competitively.

£500k seems a lot for a house that's 'way too small' for you even in Brighton.

Lol.

We had it valued 3 times. It was starting at 575k, it nearly sold for less than that (before she pulled out) when it was on the market for 10 days.

It's now on the market for 500k.

So we are being very competitive right now. If you think we are over valuing it at this point, you're wrong.

A house almost identical, sold last month for £525k

Ours is in a much better location.

either you want to wait to sell it for what you want, or you want to go down the auction route.

There is no way to force a super quick sale through even with a cash buyer. You're looking at if you're very lucky, 1 month to 6 weeks with solicitors conveyancers from start to finish.

Brexit is also I think making people go either way - either they get a good day with a purchase or they sell at a loss etc.

I think the auction idea is a good one for speed. Estate agents near us do something called the modern method of auction, which seems to mean that once there is an offer the buyer is committed to exchange within 28 days, so that could be worth a look. If you are going to have a surplus of over £100k though, you really don’t have a problem, it’s just a hiccup after which all your finances will be very healthy, so try and see the bigger picture, frustrating as it may feel at this moment.

Our future finances are healthy.

But right now we are reaching down the back of the sofa for change in order to buy bread.

Thanks for the tip. I did consult one auction company. I will see if there's something more local.

An auction is good for speed agreed but you will still have to go through a solicitors and ensure searches etc are carried out. The auctioneer normally has the sale 'pack' available for the conveyancers.

I feel for you. The house buying process in England is disgusting and not fit for purpose. I've been trying to buy a house for ages, I've been lied to, played and gazumped multiple times. On paper I should be a dream buyer and always tried to move things along swiftly. If I ever finally manage to buy a bloody house (as in, exchange), I'll never move again before they take me away to a funeral home /care home.