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Original poster

Worthless/ unsellable house

82 replies

GreyhpundGirl · 08/12/2023 07:02

Hello. My FiL died unexpectedly a year ago. My husband is the sole beneficiary of the estate which is his house. My husband was on the mortgage so probate took a few months.

When it was put on the market in the summer it got lots of interest and an offer was put in (120 000) but this was withdrawn when the survey came back (some damp and movement) Since then there has been nothing. It is listed on the open market and was listed on a modern auction site for much less than original asking price. (80 000)

We can't afford to do it up to remedy the problems but my husband is stuck with a house he can't sell nor can afford to keep paying the mortgage and council tax. There's about £40 000 left on it.

Any advice as it's causing us a lot of stress.

OP posts:
KathrynWheel · 08/12/2023 07:09

You could contact the local Council. We had an empty property For Sale and they sent us some information about a scheme they were running to buy empty properties. We hadn't asked for the Info it just came through the post. There will be a Buyer for the house, there always is but, it may be a case of having to be patient. You could also try companies that "We buy any house " type but they will want to buy it for as little as possible.
Good Luck

LahnaMJA · 08/12/2023 07:12

You could put it through an auction, with a reserve.

MrsMoastyToasty · 08/12/2023 07:12

Put in planning permission to demolish and rebuild or to extend, but don't actually start work. It might attract developers.

Original poster
GreyhpundGirl · 08/12/2023 07:18

MrsMoastyToasty · 08/12/2023 07:12

Put in planning permission to demolish and rebuild or to extend, but don't actually start work. It might attract developers.

Thanks but it's in a terrace

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Original poster
GreyhpundGirl · 08/12/2023 07:19

LahnaMJA · 08/12/2023 07:12

You could put it through an auction, with a reserve.

Thanks, he's listed it through a modern auction, I'm not sure how that differs to a normal auction?

OP posts:
Original poster
GreyhpundGirl · 08/12/2023 07:21

KathrynWheel · 08/12/2023 07:09

You could contact the local Council. We had an empty property For Sale and they sent us some information about a scheme they were running to buy empty properties. We hadn't asked for the Info it just came through the post. There will be a Buyer for the house, there always is but, it may be a case of having to be patient. You could also try companies that "We buy any house " type but they will want to buy it for as little as possible.
Good Luck

Thanks. At the moment I think he'd be happy with enough to pay off the mortgage as it's a millstone around the neck. I'll look at the council thing but ours has just declared bankruptcy! Thanks again.

OP posts:
SwishSwashSwooshSwersh · 08/12/2023 07:21

It’s a rubbish time to sell. Can you pause the mortgage, pull it off the market for a couple of months and try again in February.

Original poster
GreyhpundGirl · 08/12/2023 07:22

SwishSwashSwooshSwersh · 08/12/2023 07:21

It’s a rubbish time to sell. Can you pause the mortgage, pull it off the market for a couple of months and try again in February.

Oh I know, it's just frustrating there was a flurry of interest then nothing. I'm not sure he can pause the mortgage but will propose it. Thanks for the advice.

OP posts:
NoWordForFluffy · 08/12/2023 07:23

GreyhpundGirl · 08/12/2023 07:19

Thanks, he's listed it through a modern auction, I'm not sure how that differs to a normal auction?

Show quote history

The modern auction is a terrible way to sell as buyers have massive fees.

Can't you just list it as a normal sale for the lower amount?

VanCleefArpels · 08/12/2023 07:25

Definitely a normal homes under the hammer type auction with a reserve of the amount of the mortgage plus a bit for fees etc

Sparthan · 08/12/2023 07:25

You will be able to sell it, just not for the price you want. Nobody wants it at 80k because after they’ve paid to fix it up it’s not worth it. Maybe for 40-60k it’ll be worth it. Your only option is to keep dropping the price.

Startingagainandagain · 08/12/2023 07:30

You said it is a terrace?

You really need to get on with either selling it at a traditional auction to attract a developer/landlord as people suggested or trying to renovate it.

Can the insurance help if there is some subsidence?

Because if you just leave the house to deteriorate even further it might affect the neighbours's properties as well and the last thing you want is them to sue you on top of it...

User1775 · 08/12/2023 07:31

The way you are selling it is very off putting to buyers - especially as it is such a cheap property. The fees for the buyer are massive. I'd take it off now then sell it through a normal auction or a regular agent in Spring, take the hit on the fees and get it sold.

HappySammy · 08/12/2023 07:37

What is the selling price of a nicely maintained terrace on the same street? It might not be worth a developer taking it on.

HappySammy · 08/12/2023 07:38

Posted too soon! It might not be worth a developer taking on at the price you are asking. The cost of materials and labour have gone up a lot in the last few years. I'd sell it at a standard auction and be prepared to break even if you have to.

Original poster
GreyhpundGirl · 08/12/2023 07:39

Thank you for all this helpful advice. I'll discuss it with my husband, I know he just wants to get rid ASAP even if that means he doesn't benefit from its sale.

It's consolidated my view that I never want to move again- buying and selling is so stressful!

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Heronwatcher · 08/12/2023 07:39

Modern auction is horrific, I will not go anywhere near houses being sold in that way. Just do a normal listing for the lower amount or a “proper” auction.

You might also try to deal with the damp if it’s getting worse- like checking where it is coming from (roof/ gutter/ leaky pipe), especially since it’s winter so will cause a lot of damage quite quickly. Make sure you’re putting the heating on regularly too.

Twiglets1 · 08/12/2023 07:41

GreyhpundGirl · 08/12/2023 07:21

Thanks. At the moment I think he'd be happy with enough to pay off the mortgage as it's a millstone around the neck. I'll look at the council thing but ours has just declared bankruptcy! Thanks again.

Show quote history

Maybe you just answered your own question. If he would be happy with 40k to pay off the mortgage, try heavily reducing the price until it sells.
If it’s currently on at 80k, I would reduce it to 70k then 60k then 50k until it sells.

Autumn1990 · 08/12/2023 07:41

It’s the modern auction way of selling that putting people off. Just list it with a normal estate agent and with the price taking into account the renovation costs. Make sure the property is clear of possessions as well and is as clean and tidy as it can be.

Riverstep · 08/12/2023 07:45

Did FIL definitely have no life insurance to pay off the mortgage? Can you contact we buy any house?

UrghAnotherOne · 08/12/2023 07:45

"Modern method of auction" is a con and I don't think savvy developers would consider buying that way. List it it with a proper action site and it will go.

Have a look at eg Savills auction house (big national property auctioneers) and see the range of properties in every sale: from tiny strips of land, to houses with structural problems or a high degree of dereliction (which are probably unmortgageable) and properties which look normal but are probably repossessions.

Make sure you set a reserve but accept it's simply not worth £120k because it needs so much doing to it. It would be better to get it off your hands and walk away with the mortgage paid off and £25k in your pocket than have this drag on for many more months.

House in my street was in the most awful condition - empty for many years with an owner who had died and her son who inherited it, just left it to rot - in the end he died too, it was auctioned and a builder bought it for his daughter - lots of work and a big rear extension later and it's lovely.

Original poster
GreyhpundGirl · 08/12/2023 07:45

Heronwatcher · 08/12/2023 07:39

Modern auction is horrific, I will not go anywhere near houses being sold in that way. Just do a normal listing for the lower amount or a “proper” auction.

You might also try to deal with the damp if it’s getting worse- like checking where it is coming from (roof/ gutter/ leaky pipe), especially since it’s winter so will cause a lot of damage quite quickly. Make sure you’re putting the heating on regularly too.

Thanks, we think it's the chimney. The property has been empty for a year so all systems shut off so can't heat it. We have had a friend who does house jobs pop by regularly to tart it up.

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EliflurtleAndTheInfiniteMadness · 08/12/2023 07:46

He could talk to the bank see if they can do interest only for 12 months. That would ease some pressure. I'm not sure what grounds usually are for pausing your repayments, I don't know if this would qualify.

Original poster
GreyhpundGirl · 08/12/2023 07:47

Twiglets1 · 08/12/2023 07:41

Maybe you just answered your own question. If he would be happy with 40k to pay off the mortgage, try heavily reducing the price until it sells.
If it’s currently on at 80k, I would reduce it to 70k then 60k then 50k until it sells.

Show quote history

The auction only ended yesterday so yes, this the logical next step. Thanks

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