D
Deleted74396
Guest
Hi everyone.
I'm selling my house at the moment. I've had valuations of £140k-155k. I didn't buy to sell but selling at 140k I'm at a £7k profit, for reference.
In a valuation I discovered as the builder had taken out the door and window (without explaining the consequences) there is no thermal barrier. For this reason, the house wouldn't pass a mortgage survey. Basically, I can only sell to cash buyers. In the UK that's about ⅓ of buyers.
On one hand it kinda sucks as I don't have any money, so can't afford to pay the £2k to fit a new door and window, or a few thousand to finish the renovation. In that case, I'd be closer to 155k.
On the other hand, a cash sale will be quicker, which is exactly what I'm looking for. Although appealing to the ⅓ of cash buyers, it could take twice as long to find a buyer?
Although the property and area are ideal for first time buyers and professional couples, it's unlikely we'd be able to find FTBs/couples who aren't buying with a morthage. I'm the only person I've spoken to in the area who doesn't have a morthage.
Apparently because the property is 80-90% renovated it isn't very attractive to developers or investors. These are obviously the most likely type of buyers to pay with cash! For that reason I'm thinking to sell at the lower end of the valuation, or even under it (142k > 140k > 138k). Even if I have to go down to 138k, that would surely appeal as they can spend £5-8k and sell for 155k after literally a month or less of work?
I really need to get out of this place so I don't mind taking less cash but I have some questions.
1) Appealing to cash buyers only, ⅓ of the market, how much longer should I expect the process to be? It takes 60 days in my area on average to find a buyer (generally, not just cash buyers)
2) As I'm looking for a quick sale, how long should I wait between price decreases?
3) If I am unable to find a cash buyer and have to find a way to make the property morgage-able, would it a cardinal sin to relist the property at a raised price due to the changes?
Thanks for any advice! I really appreciate your time.
I'm selling my house at the moment. I've had valuations of £140k-155k. I didn't buy to sell but selling at 140k I'm at a £7k profit, for reference.
In a valuation I discovered as the builder had taken out the door and window (without explaining the consequences) there is no thermal barrier. For this reason, the house wouldn't pass a mortgage survey. Basically, I can only sell to cash buyers. In the UK that's about ⅓ of buyers.
On one hand it kinda sucks as I don't have any money, so can't afford to pay the £2k to fit a new door and window, or a few thousand to finish the renovation. In that case, I'd be closer to 155k.
On the other hand, a cash sale will be quicker, which is exactly what I'm looking for. Although appealing to the ⅓ of cash buyers, it could take twice as long to find a buyer?
Although the property and area are ideal for first time buyers and professional couples, it's unlikely we'd be able to find FTBs/couples who aren't buying with a morthage. I'm the only person I've spoken to in the area who doesn't have a morthage.
Apparently because the property is 80-90% renovated it isn't very attractive to developers or investors. These are obviously the most likely type of buyers to pay with cash! For that reason I'm thinking to sell at the lower end of the valuation, or even under it (142k > 140k > 138k). Even if I have to go down to 138k, that would surely appeal as they can spend £5-8k and sell for 155k after literally a month or less of work?
I really need to get out of this place so I don't mind taking less cash but I have some questions.
1) Appealing to cash buyers only, ⅓ of the market, how much longer should I expect the process to be? It takes 60 days in my area on average to find a buyer (generally, not just cash buyers)
2) As I'm looking for a quick sale, how long should I wait between price decreases?
3) If I am unable to find a cash buyer and have to find a way to make the property morgage-able, would it a cardinal sin to relist the property at a raised price due to the changes?
Thanks for any advice! I really appreciate your time.
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