Active discussions

Meet the Other Phone. Only the apps you allow.

Meet the Other Phone.
Only the apps you allow.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

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When it was put on the market in the summer it got lots of interest and an offer was put in (120 000) but this was withdrawn when the survey came back (some damp and movement) Since then there has been nothing.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:
FiveShelties · 08/12/2023 07:49

Modern auctions are definitely something I would avoid. Have you spoken to local estate agents, often they have contacts who are developers looking for properties which are cheap to renovate. Or you could try a normal auction with perhaps a reserve which would cover the mortgage.

Badbadbunny · 08/12/2023 07:49

OP, has your OH emptied and stripped it? If it's still full of furniture/possessions, that puts people off, especially if untidy etc.

Is there any scope for OH to do some minor things himself such as decorating or trying to sort out any damp patches etc.

You/he could probably do a lot just by manual work/elbow grease at minimal cost rather than get tradesmen in to do things.

If it took a survey to highlight a few of the problems, they weren't obvious. Obviously movement may be a problem but equally it may be easily rectified if old and it's not moving anymore.

Was there no problem highlighted on the survey when he first bought it or when it was remortgaged?

Original poster
GreyhpundGirl · 08/12/2023 07:50

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.

Thanks, the auction only ended yesterday and did have some interest but it's hit my husband hard as he's gone from thinking he might have a decent amount of money which would come in useful, to realising he might not get anything at all, other than finalising the estate and being able to move on (he's an only child and mum died years ago)

OP posts:
Paddleboarder · 08/12/2023 07:51

Can you see the damp? Lots of houses come back with some degree of damp and past movement. It's common and won't put off the right person. I know people with houses on the market that are recently renovated and still not selling so I would be tempted to wait until spring at least, if you can.

Original poster
GreyhpundGirl · 08/12/2023 07:55

Badbadbunny · 08/12/2023 07:49

OP, has your OH emptied and stripped it? If it's still full of furniture/possessions, that puts people off, especially if untidy etc.

Is there any scope for OH to do some minor things himself such as decorating or trying to sort out any damp patches etc.

You/he could probably do a lot just by manual work/elbow grease at minimal cost rather than get tradesmen in to do things.

If it took a survey to highlight a few of the problems, they weren't obvious. Obviously movement may be a problem but equally it may be easily rectified if old and it's not moving anymore.

Was there no problem highlighted on the survey when he first bought it or when it was remortgaged?

No problems highlighted as far as I'm aware when he bought it a few years ago, we live in an area built on sandstone. It's an old house in an ex-pit town, I'm not sure how old but probably turn of the century, if not before.

It hasn't been stripped of possessions (not that there were many) but has been freshened up with a lick of paint.

Thanks for your advice.

OP posts:
whyamisosensiitive · 08/12/2023 08:01

Can you not let it?

Original poster
GreyhpundGirl · 08/12/2023 08:03

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.

Others sold for a similar amount (around 120 000) He's prepared to break even I think just to get rid, it's been a millstone around his next for a year. Thanks for your comment.

OP posts:
Original poster
GreyhpundGirl · 08/12/2023 08:06

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?

Unlikey for insurance- he wasn't really savvy with things and relied on my husband a lot to sort things out, so he would have known if there was a policy. I think husband has started look at the we buy any home companies. Thanks for the comment.

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

whyamisosensiitive · 08/12/2023 08:01

Can you not let it?

Nope. I can't remember the reason why, probably to do with the mortgage agreement. Husband has looked into it. Thanks for the suggestion though.

OP posts:
Twiglets1 · 08/12/2023 08:09

GreyhpundGirl · 08/12/2023 07:50

Thanks, the auction only ended yesterday and did have some interest but it's hit my husband hard as he's gone from thinking he might have a decent amount of money which would come in useful, to realising he might not get anything at all, other than finalising the estate and being able to move on (he's an only child and mum died years ago)

Show quote history

It’s hard when you sell a parents property (I know), there is an added emotional element to the Sale. It will be better for your husband’s emotional health when the property is Sold, even if he doesn’t get the price he originally thought he would. Then at least he will be able to move on.

Plus sometimes a significant price reduction actually stimulates interest from several sources which drives the price up again so it’s worth trying.

Original poster
GreyhpundGirl · 08/12/2023 08:10

Paddleboarder · 08/12/2023 07:51

Can you see the damp? Lots of houses come back with some degree of damp and past movement. It's common and won't put off the right person. I know people with houses on the market that are recently renovated and still not selling so I would be tempted to wait until spring at least, if you can.

Bizarrely no you can't, there was no mould or smell but we got someone to redecorate and the wall by the chimney was wet. We live in a city built on sandstone so movement isn't uncommon. Thanks for your comment.

OP posts:
Toohardtofindaproperusername · 08/12/2023 08:11

What are similar houses going for in that area ... look at sold prices on zoopla. Ask for advice about presenting the house. It may need a bit of investment time and money but you might be able to get it back .. a lot is in the presenting of a house . It sounds like you haven't done much at all. Good luck.

dramalamma · 08/12/2023 08:23

Looking at letting again might be an option - some mortgage companies are more likely to say yes than others but for some it's juts a matter if asking them and they'd rather say yes to letting and still have the mortgage paid than go the route of repossession cos you can't sell.

Anisette · 08/12/2023 08:25

GreyhpundGirl · 08/12/2023 08:06

Unlikey for insurance- he wasn't really savvy with things and relied on my husband a lot to sort things out, so he would have known if there was a policy. I think husband has started look at the we buy any home companies. Thanks for the comment.

Show quote history

Check this really carefully,. A lot of mortgage lenders require a policy to be in place as a condition of the mortgage. Maybe check with them and/or the solicitors who dealt with the mortgage and purchase?

Original poster
GreyhpundGirl · 08/12/2023 08:31

Toohardtofindaproperusername · 08/12/2023 08:11

What are similar houses going for in that area ... look at sold prices on zoopla. Ask for advice about presenting the house. It may need a bit of investment time and money but you might be able to get it back .. a lot is in the presenting of a house . It sounds like you haven't done much at all. Good luck.

Thank you, we've 'freshened' it up with a lick of paint, removed the stair lift and taken out personal possessions like photos, he didn't own much. It just looks like a furnished rental property rather than an old man's home. We know what previous houses have sold for hence original listing price. Unfortunately we don't have the money to invest in it, hence the quandary. Thanks for the advice though.

OP posts:
Slidingsocks · 08/12/2023 08:34

Fast sale companies will typically buy for about 60% of the market value. It's an option I've used when circumstances demanded. But please do your research if you go down this route. There are a couple of reputable companies and many others which might try to do you over.

Muchtoomuchtodo · 08/12/2023 08:36

@GreyhpundGirl you said ‘The property has been empty for a year so all systems shut off so can't heat it.’

Is the property insured? When we had an empty house following the death of a family member the insurance stipulated that the heating must remain in for X number of hours a day at x temperature. And somebody needed to go into the property to check it at least once a fortnight. Your FIL’s property will deteriorate quickly without any heating on.

Hollyhead · 08/12/2023 08:39

If the reserve on the modern method of action was 80k just lost it normally for that amount. To buy at auction you have to be a cash buyer generally so you massively narrow the pool of buyers.

Original poster
GreyhpundGirl · 08/12/2023 08:46

Slidingsocks · 08/12/2023 08:34

Fast sale companies will typically buy for about 60% of the market value. It's an option I've used when circumstances demanded. But please do your research if you go down this route. There are a couple of reputable companies and many others which might try to do you over.

Can you recommend the reputable ones please?

OP posts:
Original poster
GreyhpundGirl · 08/12/2023 08:46

Muchtoomuchtodo · 08/12/2023 08:36

@GreyhpundGirl you said ‘The property has been empty for a year so all systems shut off so can't heat it.’

Is the property insured? When we had an empty house following the death of a family member the insurance stipulated that the heating must remain in for X number of hours a day at x temperature. And somebody needed to go into the property to check it at least once a fortnight. Your FIL’s property will deteriorate quickly without any heating on.

I have no idea to be honest. I'll ask. Thanks for your comment.

OP posts:
Hiddenone123 · 08/12/2023 08:49

Why is your husband paying the mortgage and council tax? Leave that to when the house is sold as, unless your husband has put the house in his name, it’s not his debt.

Modern auction is possible the worst way to try and sell a property. Put it up for £80k in a traditional EA and let them do the work.

ShmackAttack · 08/12/2023 08:49

If you are in an old pit area and on sandstone have you considered the movement and damp could be from old mine workings - do a bit of research on the coal authority website - if you are they could be liable for reinstatement.

Dingdongkong · 08/12/2023 08:50

It’s the modern method of auction. I’m currently house hunting and I skim past any houses marketed this way.
I’d much rather buy at proper auction or the vendor list the house at price they are willing to sell at.
Could you get it listed at a price you are willing to accept before going down we buy any house route?

Original poster
GreyhpundGirl · 08/12/2023 08:55

Hiddenone123 · 08/12/2023 08:49

Why is your husband paying the mortgage and council tax? Leave that to when the house is sold as, unless your husband has put the house in his name, it’s not his debt.

Modern auction is possible the worst way to try and sell a property. Put it up for £80k in a traditional EA and let them do the work.

They took out the mortgage as tennents in common but FiL paid the mortgage until he died.. So husband is liable.

OP posts:
Unexpectedlysinglemum · 08/12/2023 08:58

You can use the mortgage charter to change the mortgage to interest only for 6 months