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.
Dislike ads? Become a Fastlane member:
Subscribe today and surround yourself with winners and millionaire mentors, not those broke friends who only want to drink beer and play video games. :-)
Access Restricted: Unlock 1,000,000+ Posts
Stop Peeking Through the Keyhole.
Open the Door.
You hit a wall because the best advice isn't free—it's earned. Since 2007, MJ DeMarco has been active here daily (99.9% active rate), building a war room for entrepreneurs who refuse to settle for mediocrity.
- Active Daily: Life-changing content posted dozens of times every day. No dead threads.
- MJ's Inner Circle: Direct access to the author of The Millionaire Fastlane.
- Vetted Network: Connect with founders scaling to 7 and 8 figures.
- Proven Roadmaps: Strategy over motivation. Execution over "hustle porn."
"SCALED TO 6-FIGURE MONTHS"
"Tips and advice here saved me from huge mistakes, others allowed me to scale my business to 6-figure months."— User MitchC
"INSANE QUALITY OF PEOPLE"
"The number of high quality people I've met from this forum has been insane. All of it predicated on building real value."— User Richard Peck
"You are the average of the five people you surround yourself with."
Are you surrounding yourself with success?
