RightMove tactics

[Negroany]

This is my late mum's house, I am one of the executors:

https://durrants.com/property/reydon-southwold/

It went on the market in March and has had no viewings. It's a very specific area and I'm aware the market is pretty slow at the moment. I don't really care how much it sells for but I do have to make sure I am working in the best interests of the 7 residual beneficiaries (one of whom is a minor so relies on the executors decisions).

What are the best tactics here? I can see a lot of local property (there isn't really anything similar enough to truly compare) has been hanging around on the market for ages and that they have mostly had price reductions. I know putting on then reducing is now "the RightMove way", to boost views and get into a different price band.
I'm thinking about reducing after this bank holiday and about a week before the next one.

Brother wants to reduce by £15k and "not just give it away" (he's unrealistic and prone to hyperbole) and sister wants "one big reduction then that's it". In reality, it will sell for what it sells for and I'm not sure how much tactics will help, and as we're not worried about timings (I don't even have probate yet) maybe I can leave it longer still?

I could also change agents but I'm not sure the agents have that much sway these days.

I can't restyle the house at all because a lot of the furniture has now been taken and it's three hours from me. I actually thin the photos are pretty good. The only thing that could improve things is some photos of the garden which I assume (not been since Feb) is now starting to bloom.

I've never noticed it to be cold, no. It has very efficient heating, and a large multi fuel stove (which mum didn't really use after dad died but I stayed at Christmas and DP lit it).

Mum always had the heating on 23 and it was always too warm for me.

OP, you do remember that you posted, asking for ideas, don't you? From your reactions, anyone would think that we were bombarding you with unsolicited advice.

Since you clearly know better than everyone on here, I'm not sure why you started the thread?

I'd call it a simple difference of opinion. On one side me, the other executor, my siblings, the estate agent and my lawyer who all think it's fine and just one way of doing things.

On the other side people on Mumsnet who have a different opinion.

Just opinions, neither right, neither wrong.

I asked for RightMove tactics. Specifically.

I was very clear that I can't do anything about photos, decor, styling etc.

But people are very keen to give me advice about the things I didn't ask about, so I'm just explaining why that's not changing.

I've never sold a house using RightMove, but I can see that many houses have reductions and I'm interested to know if that's generally a "thing".

I think the suggestion to leave things as they are for now and reduce when I've got probate is sensible.

And as for how much it's on for - I had no opinion on that, I left it to the EA. I assumed it would be c£600k, which it may well be (in which case I'll be due a refund of inheritance tax).

People, with a vested interest in agreeing with you, agree with you? That's us told, then.

Odd that you haven't had any interest, really, considering how right you are about everything.

I’d not consider it because of the road.
If no one is viewing then it’s the price.

I agree with removing it until probate is granted. Tell the estate agents to do a bit of proof-reading as well - 'forth bedroom', 'principle bedroom'. FFS.

I would tend toward taking it off the market until probate is granted. It's not always, but very often, off putting because legally it's not actually ready for sale yet - most people are aware it can and often does turn into an extended process.

The thread has moved on but I'll answer.

Most sane people will not touch a house without probate or having tenants in situ as you can never know when the house will actually be available for you to buy/move in. In some instances it can take years. Just because the OP or EA say it will be fine (or there will be zero disputes) doesn't make it so. Most people want the least aggravation as possible when moving home. One of them is knowing that the time scale is likely to be approximately four months from offer to completion rather than "whenever".

I couldn't load past photo 2, either.

I know that you know that Reydon isn't Southwold @Negroany I was more making the point that Reydon is nowhere near as desirable so people will be less forgiving of a house that needs updating, also less forgiving that it's on a busy road. And I'm sorry to say it because the house is a loved family home, but it does look quite dated to me. If I was considering buying it I would be costing in new bathrooms & new flooring throughout plus good quality double glazing with wooden frames, if it doesn't already have that.

It's still a lovely house but it feels like it will cost quite a bit to do those things and that's before you even get to hidden things that may come up in a survey. It's an expensive house (for Reydon) on a busy road so it's not going to be an easy sell, especially with the complication of Probate which may be putting buyers off too.

As parts of it are quite old I'd be concerned it's a listed property, is it?
If so then the fact is does need updating and decorating this would put me off.

Plus the road, and relatively small area to park in and garden size of property this big.

Like others have suggested needs a realistic price drop and relist when probate is through.

Forgive me, @Negroany , but this thread is following a well-worn path.
OP: why isn’t my house getting viewings? Will a magic Rightmove spell attract them?
Replies: it’s not getting viewings because of X
OP: no, that’s not it
More replies: It really is. It’s actually Y and Z as well but it felt a bit rude to say it all at once
OP: definitely not Y and Z because this is a special house that will be bought by special buyers who can see through all that.
Yet more replies: X is still a problem
OP: no it isn’t because the estate agent, whom I don’t actually respect or trust, said it wasn’t. Anyway, I wasn’t asking about that.
More replies: IT’S X AND Y AND Z
OP (by implication) I’d rather not sell at all than consider I might have got something wrong and people on Mumsnet got it right.

Ah I understand. Thank you for explaining

I'd call it a simple difference of opinion. On one side me, the other executor, my siblings, the estate agent and my lawyer who all think it's fine and just one way of doing things.

On the other side people on Mumsnet who have a different opinion.

The people in the first paragraph have a vested interest in you listing it now. The people in the second paragraph are your potential purchasers.

You may feel confident that probate will be through in a couple of months. Your potential buyers do not know that though. And they won't trust either you or your EA telling them it's all fine either.

Have to agree.

It feels a bit like kicking a puppy to say so, but it's actually not hard to guess reasons why the house has had no viewings since it went on in March. The EA must be well aware of the reasons too but is choosing not to be honest.

Most of the things OP can't do anything about like the busy road, or doesn't want to do such as redecorate & changing agents won't solve the problem. The only "tactic" left (apart from taking it off the market and relisting once probate is granted) is reducing the price down to 700k and see if that does the trick.

on RightMove tactics, I am always put off when I see a house has been on a while or has been reduced. In both cases I’m thinking ‘there must be something wrong with it’. If it’s been reduced I’m thinking ‘there’s going to be a disappointed seller there who thought they’d get more and are going to be hard to negotiate with’ and if it’s been on a long time with no reduction then I’m thinking ‘delusional seller, not reading what the market is telling them’. This is probably unfair in many cases but it is what goes through my head, and might be enough to make me think I won’t bother travelling any distance for a viewing. And great houses usually still usually sell quickly so even having been on a month would be making me start to ask questions.

I’ve looked at loads of probate property in the last year and the decor would be no problem at all and it’s a lovely house your selling IMO. Probate not granted would be if we were in a chain though as chains are taking AGES to put together at the moment and the prospect of holding it up for reasons beyond my control would be too much for me as I’ve been there with estate agents shouting at me when the chain is getting tricky for something I had nothing to do with. And we all know how crap HMRC and the like are about getting things done. Yours is definitely a family house so chances are many people interested in it would already be homeowners moving somewhere bigger (and therefore having something to sell).

if you take it off the market for a couple of months even it would give the market a chance to refresh and then your house would no longer look like it’s ’old hat’ or appear as ‘reduced’. If probate comes through by then so much the better. Or maybe an interest rate drop (people definitely do buy £750K houses with mortgages - I know plenty of them!). Or some people who have just started looking and are seeing it for the first time.

good luck with it all!

I think the market is slow at the moment. Prices in our area vary so much it's impossible to know what people will be willing to pay. We put my MiLs on at £425k and had barely any interest. Reduced it by £25k and it sold within a week. Fingers crossed it all goes through.

I'm not sure I agree with the "it will sell for what it sells for" strategy. That was what someone said to us but that cost difference does impact what people will search for. I agree with not wanting to give the house away but it's also not great for a house to be empty too long as you will incur costs etc to maintain. Especially over winter. I would get probate sorted & reduce it. Hopefully probate won't take too long. It took about 8 weeks for us.

Well yes exactly if it was OTT grey. But it’s obvious though that a neutral grey carpet will be considered fine by many more people than a pink one would. Sellers mentally cost up how much that will cost and want the price to reflect that. I’m not suggesting you go and redecorate, I’m saying as you’re considering pricing then it’s something to consider.

In terms of tax, if it sells at £600k would you all receive more than if it sold for £700k?

The more people who view a house with quirks, the more likely you are to find someone prepared to forgive the quirks. That's why the photos are really important - you need to lure people in.

Posters are explaining that some of the photos are off-putting. The OP, however, knows better and the mere fact that no one has viewed the house is not enough to change her mind.

Not helpful but I really like that house. Can't comment on price as I don't know the area. It's the sort of quirky house that someone will fall in love with.

I feel like I’m missing something really obvious: why isn’t it a house someone who needs a mortgage would buy?

”subject to probate” is likely putting prospective viewers off.

It can take months and people know it. Have you considered waiting until it’s sorted and re-listing after?

I think a few of us are wondering that....

Ohhh, if only I had the money! I'd love to be able to move to that area, and it's a gorgeous house. Sorry - that didn't help you one bit did it? Just fantasising out loud! 😁