Page 2 | Buyers pulled out - what now?

LaBelleSauvage123 · 2023-10-16T21:05:39+00:00

I am selling my uncle’s house on his behalf - he is in a nursing home and I have POA. It’s a large character property in the West Country with half an acre of garden, but needs a bit of work. It went on the market in March for 800K which was mid/ upper range of the valuations we were given. Two months later it was reduced to £750K and we accepted an offer of £700K. Two weeks ago the buyers pulled out because of problems with their own sale. In the meantime we have been clearing out the house, so it doesn’t look as it did in the sale photos. I’m not sure what to do next. My uncle is incredibly fortunate not to need to sell to pay for his care, but obviously doesn’t want to be paying for the upkeep of a house he’s not living in. Should I take it off the market for a while? Clear it out completely? Put it back on at a lower price? Just for context, the valuations we had had a range of £30OK (I think mainly because the garden could have development potential). Any advice appreciated.

scrantonelectriccity · 17/10/2023 07:24

Don't know why PP is being so hard on you or calling you greedy. Of course you want to sell it for the highest price you can, who wouldn't?!

Cottipus · 17/10/2023 07:27

Large character properties at or near the top end of the market seem to take a while to sell at the best of times. Right now with energy costs, costs of living crisis and the costs of getting work done I imagine it’s harder than ever. Houses like this are also hard to value as there’s few comparables and a much smaller pool of buyers.

I would put it back on at £700k and see what interest you have at that level. You can reassess after a month or two and look at a drop to £650k or just leave it at £700k. I don’t know what the local market there is like, but in my area, at that level houses like that can take a year or more to sell.

You could also ask the agent to state “open to offers” in the listing, it gives the impression that you’re a motivated seller.

DrySherry · 17/10/2023 08:08

You need to have it re-valued as the market has changed a lot in 6 months. I would suggest you ask the agents to value it at a price that will get as many viewings as possible. List it at offers over the lowest result and cross your fingers. You might get competing bidders. The problem is that prices have started to sink quite quickly in the last 6 months and more importantly they will continue to fall for some time. If you don't get ahead of the trend it may not sell at all. I don't envy your responsibility in having to deal with this, ignore the suggestions of greed. It was your responsibility to try and maximise. It didn't come off so now try another tac to get it sorted out.

Crucible · 17/10/2023 08:14

Good luck OP, you sound like a wonderful niece and I hope you get a good price. I'd just put it back on at 700, after a bit of a tidy up. I wish your uncle a long and happy life in his new home.

Original poster

LaBelleSauvage123 · 17/10/2023 08:58

That’s so much for all the great advice and kind words. The original EA is meeting me at the property next week and I’ll see what he has to say, but I think clearing it up, leaving decent bits of furniture and relisting at £700K with a note saying ‘unexpectedly back on the market because of chain collapse’ sounds like a good move. It is a lovely house - has just suffered from being lived in for years by an elderly man who had become increasingly unable to maintain it. We had some great family times there when our children were all small, so I do feel affection for the place, even though it’s not mine!

OP posts:

Twiglets1 · 17/10/2023 09:24

LaBelleSauvage123 · 17/10/2023 08:58

That’s so much for all the great advice and kind words. The original EA is meeting me at the property next week and I’ll see what he has to say, but I think clearing it up, leaving decent bits of furniture and relisting at £700K with a note saying ‘unexpectedly back on the market because of chain collapse’ sounds like a good move. It is a lovely house - has just suffered from being lived in for years by an elderly man who had become increasingly unable to maintain it. We had some great family times there when our children were all small, so I do feel affection for the place, even though it’s not mine!

Good Luck with it, sounds like a sensible plan.

It’s hard when you have to sell family property. I had to sell my Dads flat and it was equally a lovely property with good memories but neglected over the years.

You will get there.

BlueMongoose · 17/10/2023 20:09

LaBelleSauvage123 · 17/10/2023 08:58

That’s so much for all the great advice and kind words. The original EA is meeting me at the property next week and I’ll see what he has to say, but I think clearing it up, leaving decent bits of furniture and relisting at £700K with a note saying ‘unexpectedly back on the market because of chain collapse’ sounds like a good move. It is a lovely house - has just suffered from being lived in for years by an elderly man who had become increasingly unable to maintain it. We had some great family times there when our children were all small, so I do feel affection for the place, even though it’s not mine!

Ignore the criticisms, if you have PA you have an obligation to get the best price you can for him. Going with a low valuation might have made that difficult to prove.

user1471538283 · 18/10/2023 22:49

You could maybe consider new photos but I would put it back on at either the same price you had an offer for or maybe a little higher.

We completely stripped my DGMs house before it went on the market but because of its size it took a little while to sell.

You are not being greedy. You have a duty to get the most you can and it's driven by market forces.

I hope you get a new buyer soon.