Best way to sell total renovation project?

[Calmdown14]

I have an elderly relative who is currently living with a friend.

They own a house but it's not been touched since about 1962 and they've now been out of it several years. The problem is they have no right to remain in the friend's house should anything happen to them but their own house is no longer really habitable.

I think the time has come to sell so that they at least have money and choices if the time comes they have to move out of the friend's.

They want to sell as it's now a burden but are totally overwhelmed by the best way to do this.

Auction terrifies them but it's possibly a bit beyond a normal estate agent and they don't want internal pictures taken.
I don't know anything about modern auctions or house buying groups.

Anyone any experience or recommendations from similar situations?

It is (or was) a nice Victorian villa on a reasonably popular street but not in the kind of place people fight over regardless of condition.

Why don't they want internal pictures done?

They don’t want internal pictures taken, does that mean they also won’t want internal viewings? As that will make sale very difficult for obvious reasons.

Do you know what condition it’s in - just very dated, or is there damp, mould, leaks etc?

No one has been in it for years. I think they are embarrassed.

I would suspect damp and mould. It has good proportions and is an attractive building but you'd be taking it back to brick I would imagine.

I'm thinking the only option will be to sell it cheap to a developer?

It's unlikely to be a normal estate agent but don't know where else you start to get a rough valuation?

It's obvious way below normal market value but equally don't want to see them done (they think it is worth about 10k where as next door sold for 280k so this is a worry!)

@tootallfortheshelf but what method do you use to do that?

I don't know where to start for getting it into an auction or how to get a rough idea of value to know if any offer is reasonable

Speak to a local agent, they'll advise if they'll touch it or not and I'll also speak to a developer.

Is hoarding an issue?

We bought a renovation job. Priced right then someone will want it. Either a developer, or someone with an eye on the price of a larger family home for a bargain.

mind you, given what you say in your OP I’d be concerned whether it’s even habitable. If not you immediately narrow your pool. Auction may be the best bet. But I’d clear it out of belongings and take internals as they are.

I agree I would call around two or three local agents and ask some advice. Any decent agent will happily give honest advice about what the best options might be.

I'm an estate agent- definitely get someone out to give you a valuation. There are agents that work in conjunction with an online auction (IamSold where I am based- there may be others) but they will be able to advise you. I have total renovation jobs on the open market without photos etc, if it's priced accordingly the right sort of people will still view and offer without pictures. They'll know what they're getting into when they view!

Thanks @cocksstrideintheevening funny you should say that, I have some concerns.

Has anyone any experience of the We buy any house type companies? Obviously it will knock a chunk off the value but wondering if it's an option worth considering for reduced stress (and to make them actually do it as all reasons like needing to clear it just leas to inaction).

@globalwondering that's really helpful. Thanks.

I think they are overwhelmed by the idea of making it presentable for an estate agent but in reality it is a pointless exercise as everything will be ripped out.
Being able to tell them estate agents aren't necessarily expecting to whip the camera out will be very useful!

Not an expert but as someone who bought a fixer upper I’d probably be inclined to get rid of any contents that you can by hiring a skip and just dumping as much as possible. People are much more likely to see the potential of a place if you can get a sense of the space, and also have access to stuff like the walls/floors/ceilings to check the structure without fearing what could be lurking under a pile
of crap. I wouldn’t do any work to it beyond that at all though.

There's really really no need to make it "presentable" - please reassure them not to worry about this. People looking for a project will be happier seeing it as it is so they can see what needs to be done. All the best with it!

Auction, I'd look at either a very local auction house or one of the big ones, like Allsops. You don't need to worry about presenting it well for the agents. I've shown some right shocking places.

Auction sales FAQ

If it goes to auction you are often limited to cash buyers because buyers are contractually obliged to complete more quickly than most mortgages can be turned around

I have seen several homes priced cheaply with only four outside photos and none inside. I assume they are of a similar quality inside. So, agents will take them. It's likely to be a sponsored ad with the green box saying 'renovation opportunity.'

Those homebuying companies, always always read through all of the one star Trustpilot reviews and ignore anything on Google because those can be bought.

I think completely clear the property, including floor coverings, so the dogs can see the rabbit. Get someone to clear the garden of any rubbish and cut back overgrowth so the boundaries are clear. Leave kitchen and bathroom fittings though for mortgage purposes.

Take internal and external pictures. Include a floor plan.

Research the area emphasise what is good about it, transport links, schools, parks, other amenities.

List positives about the house, offstreet parking, quiet road, outlook, garden direction etc

A house with good potential in a good area will sell. No you won’t raise what a done up house will fetch but you can get a decent price.

I agree auction is probably your best bet as it may be unmortgageable. And auctions often have renovation/no internal photo properties.

I would agree it’s worth clearing out clutter if there’s a lot (house clearance companies will do it for a price) so that viewers can measure up and get a decent idea of condition. Even developers may shy away if they can’t see the walls and floors to assess renovation cost.

Get at least 2 EA valuations or possibly more if there is a wide variation in the first two.

Was next door in similar nick?

This would be my recommendation. It can be sometimes very difficult for some people to visualise potential with other people's 'stuff' in it, and frankly, it could be hiding other issues which are better to be out in the open. Get a clearance company to come and get everything out of there (including carpets), air the place out, price to sell at a realistic level given the amount of work which may be necessary. Someone will want it.

@minipie no next door sold a few years ago and was beautiful but seemed to have lost value slightly on previous sale (I suspect by virtue of being attached to this)

So it will knock probably 100k off but it's still worth more than I suspect relative realises. It was their mother's home so they never bought it and have no real idea of property prices.

I just don't want to see them in a situation where they are back living in this in their 80s but am fighting against decades of inaction and don't want to be too pushy so they back away from doing anything.

The poor neighbours will be delighted to see it sold I would imagine (not to mention that relative is currently still paying council tax, water rates, standing charges etc and doesn't even receive full state pension).

Absolutely agree it’s best to get it sold so it doesn’t deteriorate further. Uninhabited houses can go downhill fast if eg there is a roof leak and nobody spots it for a long time. Not to mention vandals, squatters etc.

If next door is beautiful and buyers can find last year’s sale particulars for it (often visible on rightmove/zoopla etc) that will help as provides an obvious snapshot of what this one could look like. Also shows a developer what they could sell it for once done (allowing for market changes).

Maybe start by asking them if you can get some EAs round just to value ? With reassurance that EAs have seen all sorts before?

Sold relatives house in a very nice area of London and boy had he trashed it. Agent told me to clear it including carpets but not clean it.

We were overwhelmed with over the price offers. Some people want to see a house that has been untouched. It was priced to sell of course.

Three years ago now but I wouldnt be that worried. It will find its own price. Market isn’t great of course but nothing you can do about that at present.

We had specialist clearers who told me they had seen it all

We’ve just been house hunting and there are many, many houses on the market as normal, with estate agents, that need completely gutting and renovating. They all sell eventually!