Struggling To Sell Inherited Property

[AgitatedGoose]

I'm trying to see my late parents' property. It's well maintained and after my Dad died I had it professionally decorated in neutral colours throughout and bought new carpets. I've cleared the house of all the furniture as most of it was in a poor state or very dated. The estate agents (a well known chain) have been a nightmare. I had to re-write the entire property description because there were so many inaccuracies and glaring grammatical errors. The photographs are mediocre which I've complained about with no response. I've had four viewings in just over two weeks. I don't think the price is too high as it's well below comparable properties in the area. I live over 100 miles away so can't afford to keep travelling to check the property and maintain the garden. Most of the money from the estate is tied up in the property so I'll probably end up having to maintain it out of my own funds if this drags on. Should I cut my losses and sell at auction or am I being too impatient. Where I live property doesn't stay on the market long and there's far more interest. A friend recently had an offer in 18 days.

@rainingsnoring exactly! Bungalows are great family homes too. Our new agent is the first one who has said that to us. So much of it is in the marketing and staging.

Get the photos redone.

Pay someone to maintain the garden.

Make sure the curb appeal is good.

Ask for feedback from every viewing.

Your property is not "languishing on the market", you are being impatient. Many people have little imagination, staging helps. You need good photos and an agent who can point out to younger people that bungalows also make good family homes, no lugging a pushchair up steps.

Although it sounds like the bungalow is walk in that doesnt mean the new kitchen/bathroom/carpets will be to anyone else's taste.

As before you want the most helpful comments you post a link.

Everyone wants a quick sale, but they want it without having to actually price it for a quick sale!

and that is the most salient point in this thread.

Should I cut my losses and sell at auction No.

or am I being too impatient. You are being too impatient.

It's only been on the market 2 weeks.

I've just gone down the Modern Method of Auction for the probate property I've had responsibility for selling. I went down that route because the property was in a poor condition and therefore likely to be most popular with do-er uppers or developers/builders. We did take a hit on it - it sold for less than its valuation - but it is a much quicker process.

@AgitatedGoose I am so sorry for your loss and completely sympathise with how stressful it can be trying to deal with all the ensuing arrangements, organisation and selling of the house.

When I was in a similar situation I tried to sell the house for several months and just found the upkeep, stress, travel involved and also the uncertainty on top of grief unbearable.

In the end I put the house to auction with a reasonable (having taken professional advice) reserve. Oh my goodness the relief of knowing it was gone, on one bid, one night and a short deadline for completion was such a weight off.

OK, I might have made a bit more had I hung on, but it could have been months/years of stress and worry. Also, I had made no investment into the house so every penny I made was a gift and I was very grateful for that.

Two weeks is probably a little early to jump straight to auction, especially if the main problem so far is poor marketing rather than lack of demand.
I’d first consider changing agent, particularly if you’re unhappy with the photos, description and communication. Four viewings in two weeks is not necessarily disastrous, but if the property is genuinely priced below similar homes, you would want to understand why it is not getting more interest.

Because you live a long way away and the ongoing upkeep is becoming a burden, it may also be worth speaking to a company that deals specifically with probate or harder-to-manage property sales. Firms such as Augusta Probate can look at the property and explain the quicker-sale options available, which can be useful if certainty and avoiding months of maintenance are more important than holding out for the highest possible price.

Auction is another option, but I wouldn’t assume it is automatically the best or quickest route. I’d compare the likely net amount, fees and timescale from each option before deciding.

It might not, demand in some areas is well down, and many people wishing to downsize to a bungalow can"t sell their house for various reasons relating to a declining market, proposed taxes on more expensive houses etc. etc.

Thanks @KeepPumping and @karinasavoie. This was a post from last year. I sold the property without having to reduce the asking price three months after my original post.

Well done, good result, do you think it would sell at that price today?

Great news.

No definitely not. Prices have dropped in the area and people are struggling to sell.

Good timing for you in that case.

@AgitatedGoose You will have to wait for a bungalow buyer. Families and young people are not interested - generally. They are generally older down-sizers. 2 weeks is nothing. Auction is foolhardy. Older down-sizers don’t buy at auction and the price will be ultra low. Why throw money away after just 2 weeks?!

My friends thought they had a decent semi in a road people like. However, no downstairs cloakroom and upstairs the loo is separate from the rest of the bathroom - nowhere to wash your hands if the bathroom is in use! It’s a 65 year old design and it’s not been altered. It sold eventually but the ones with a better configuration and didn’t need alteration for family life, sold first.

I think you have to critique it and do small things to make it attractive. If you were prepared to go to auction - lower the price now and ask if agents have people who want a bungalow.

Is there furniture in it? What’s the garden condition?

@MeetMeOnTheCorner This was a post from last year. I thankfully sold the bungalow after three months for the asking price. It was sad to see my parent’s house go but I’m relieved I’m not trying to sell a property with an oil fired central heating system in the current climate.

Yes, the economic climate is deteriorating by the day, Sky news report on oil routes today very concerning, also bad civilian casualties mounting.

Oops @AgitatedGoose Didn’t notice that! However - well done.