Selling a house with subsidence

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I need to sell my DM's house which has subsidence caused by a suspected drain collapse. Surveyor says I need to get the water company to fix the drain and then I need to monitor the cracks for a year and at the end of all that it will probably need underpinning and crack stitching plus internal redecoration. So if I want to maximise the value I need to wait18 months before I can sell it. Really don't want to rent it out for various reasons. So the plan would be that it would sit empty for a year while it was monitored and then I'd have to manage building works from a distance (I live a long way away from the house). And sell after that - though I think house will still be tainted by the subsidence and so doubt I'd sell it for full value if you know what I mean. Nightmare.

Or I could to try to sell it now at a significant undervalue via an auction. Probably end up selling at £50k-£75k less than I would get if I waited and did all the work etc which is a shame BUT I would avoid all the stress, hassle and uncertainty. I have a full-time job, 2 kids, house to run etc and live over 100 miles away so could do without that tbh.

WWYD?

Or is there a 3rd option I've not thought of?

I'd sell it as is, with the price clearly lower to reflect the works. At a push, get 3x written quotes from trades near the house, and have the EA include the quotes (informally on viewing) with potential purchasers.

Yep, sell. You also need to factor in double council tax if it's sat there that long as it will count as a second home.

I would sell now.

Has anyone got experience of selling via an auction? Think this will be better than the open market where I can imagine people will show interest then drop out and I'd be going round in circles. Can't blame them tho - wouldn't buy a house with subsidence tbf!

I think it depends on the value.

I'd suck up a £75k loss on £500k. Frustrating but to save all the stress, yes.

I'd be far less likely to do so on £200k.

Get rid . The property market is stagnating. Properties are no longer selling almost as soon as they come on to the market .

House is worth £285k with no defects (will never be in that position though)

£225k as it stands.

Remedial work £25k. Probably could then sell at £260k.

Reckon I'd get £200k at auction. So I'd be selling at £60k less than I could but it's really £35k less as I won't have spent the building works.

Sell at auction. Keeping it and getting the work done and an 18 month check period might (nb: "might") be doable if you lived within walking distance but not if you are as far away as you say.

Even if you did this, there is no guarantee that with a history of subsidence anyone would pay the same price as it would fetch if the drain hadn't collapsed.

Is the subsidence covered by insurance?

If so, you may be able to sell the property with the insurance agreeing to transfer their liability and cover the repairs for the bew owners.

I do have experience of this when buying a property, although this was only for water damage caused by a burst pipe.

Sell! Sell! Did I say Sell?! I'm in your position - Dad passed 15 months ago. Trying to get work done on the house from a far is a nightmare, trying to find good builders is a nightmare, and you don't know how much you'll be able to sell for anyway. That work is going to be long winded, and you don't know how much time and money it will really take. By then the housing market could have changed significantly and your house might not be worth as much as it is now. Yes if the remedial work only cost £25k and you really sold it at £260k you would have made a gain of £225k which would be £25k more than you'd have made without doing the work. Those margins are small though relatively speaking - the work ends up costing £35k, you sell in for £200k - not impossible - and the margin is smaller despite the costs and hassle.

Not covered by insurance unfortunately as the insurer only offered limited cover because the house is unoccupied - having checked the policy it turns out that subsidence is one of the things that is excluded.