Quote:
Originally Posted by paulhug
Hi lyn and sean...
sorry to hear about your house problem and i don't know how you are fixed financially or how much equity you have in your property. But if you put your house into a property auction you could have it sold, and the money in your bank within a month of the auction. You can even stipulate a quicker completion, say 3 weeks. Just another option for you.
Good luck
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Hi again, Lyn
Paul was not to kow it when he posted his reply, but it may prove to have been prophetic....
It might cost you £15-£20K to do whatever work the surveyor says is needed, but it would not cost a builder anything like that much to do it himself.
Also, surveyors are not always right about what needs t be done, I can ASSURE you of that. With one house that I bought for a client, the surveyor said the house was suffering from subsidence and structural engineers must be summoned to prop the thing up. We sent the engineers in. They said nothing was wrong and nothing needed to be done. I could give you COUNTLESS examples of surveyors proving to be wrong when you get the real experts in.
It is quite rare to sell a house in good condition by auction. Normally it is far better to sell it by private treaty. For one thing, that avoids the seller having to pay the auctioneer's commission of 10% + VAT.
However, two main types of buyer buy houses at auction. They are builders and investors. The latter are a group who will buy a house, give it a quick lick of paint, new carpets and a cheap new kitchen & bathroom if need be, and then let it long term. I know one guy who owns over 100 such houses.
There is nothing to prevent you from setting a reserve price in an auction and if it does not sell for at least the reserve, you owe the auctioneer nothing.
I would definitely get some advice about this possibility before abandoning your dream, my friend.
Alternatively, what about the possibility of letting it out and renting it out until the market becomes bullish again - which it inevitably will sooner or later. With domestic property in the UK, you get cyclical dips but overall if you can hang on to it for long enough you will never lose out because the value of the land wil ALWAYS continue to rise in the long term simply because we have so little land for such a huge population.
I would set to and explore all the alternative possibilities here.
Never say never, honey.
Hugz
Gill
xx
