Selling my mum's house

[toffee]

All good thoughts and advice. I am going through something similar currently as my dad has gone into care and the house needs to be sold to pay as he is classed as “self funging”

That aside, our Estate Agent was able to market the property to their database and we have had 12 viewings in just two weeks and three offers.

As @Profpointy has said, £10,000 only generates £80 of commission (My EA fees are 0.8% + VAT) in my example so he/she is not going to push the price for a meagre few hundred at the risk of a slow sale.

I spoke at length to our Estate Agents re the development potential of the house (ability to extend combined with the location/views but needing a full refurb). The price it’s on at is based on all of this i.e. money that needs to be spent, and the potential of the house/plot.

Your Estate Agents need to do that too and hopefully you’ll get a true valuation based on its potential and if your mum’s neighbour can see this, your Estate Agents should too !

Before you sell the house if you haven't already done so take some advice.

Even though your Dad is self funding, the council should pick up the bill when his savings is about £23k. The care home fees are only paid out of the cash he has not the house. Because the council is paying it will be at their rate not the rate he is paying at the moment. You will have to pay the council back when he dies, with interest. Therefore you should end up with more of his Estate assuming he does not use up all of the value of the house.

My sister and I are currently in the same position with our Mam.

 

[Gunk]

My uncle passed away a few years ago. He had no wife, no kids, so it passed to me. For the longest time I didn't know what to do because the last years of his life he has been very sick and I checked him into a retirement home. I live abroad so it ws very hard for me to take care of him and the home. Hiring someone also didn't sit right with me.
Anyways, when he passed, I didn't know what to do with the house. it was very old and in a terrible state. Old pipes, leaks and non-functioning boilers were some of the issues. No one would buy it in that state.

Consider selling it through auction, you’ll surprised how strong the hammer prices are.

 

[Kingfisher101]

My uncle passed away a few years ago. He had no wife, no kids, so it passed to me. For the longest time I didn't know what to do because the last years of his life he has been very sick and I checked him into a retirement home. I live abroad so it ws very hard for me to take care of him and the home. Hiring someone also didn't sit right with me.
Anyways, when he passed, I didn't know what to do with the house. it was very old and in a terrible state. Old pipes, leaks and non-functioning boilers were some of the issues. No one would buy it in that state.

Plenty of people would buy it.

 

[Alex321]

My uncle passed away a few years ago. He had no wife, no kids, so it passed to me. For the longest time I didn't know what to do because the last years of his life he has been very sick and I checked him into a retirement home. I live abroad so it ws very hard for me to take care of him and the home. Hiring someone also didn't sit right with me.
Anyways, when he passed, I didn't know what to do with the house. it was very old and in a terrible state. Old pipes, leaks and non-functioning boilers were some of the issues. No one would buy it in that state.

There are people who go out specifically looking for that sort of house, to do up and then sell on at a profit.

 

[mr_cellophane]

When my father died his house was in an untidy state. We had it valued for probate and paid IT on that value. We did it up, sold it and paid CGT on the difference. So 40% Inheritance Tax or 28% CGT after the CGT threshold.
The agent said a house just up the road had been sold with the stipulation, No builders.

 

[mr_cellophane]

There are people who go out specifically looking for that sort of house, to do up and then sell on at a profit.

They appear on Homes Under The Hammer

 

[Kingfisher101]

If it had totally fallen down, people would be queueing up to buy it.
I've known people who's relative has just died and they have been approached by total strangers banging on the door asking to buy the house. I've had plenty of notes pushed through my door asking if I'm interested in selling my house.
There's loads of flippers wanting to make money.

 

[alicat]

Holy thread resurrection, Batman!

 

[siadwell]

While we're at it, an update.
The house sale completed last month and I got a good price, with the buyers wanting to develop the existing home rather than demolish it, so win-win. I just need to sort out the inheritance tax now, as the sale price was much higher than the original estimate I used for probate.