Selling a ‘problem property’ can be more difficult and complicated than selling a ‘normal’ property but what constitutes a problem? Is it cracks in the plasterwork, an electricity pylon next door or no working kitchen?
Open Property Group’s guide helps you identify whether your issues are something to worry about and offers a solution to those needing to sell a problem property.
What is a problem property?
A problem property is a dwelling that has something wrong with it – an issue that considerably affects its market value or makes it harder to sell. These issues range in severity, from faults that can be fixed with time and money, to permanent limitations and uncontrolable environmental aspects.
The 6 signs you may have a problem property:
There are a number of different types of problems that could affect a property but the main six are detailed below:
- Structural faults, such as subsidence, dry rot, unfinished building works, non-standard construction and properties where planning permission for an extension or remodelling wasn’t granted
- Unmodernised properties that may be deemed unfit for human habitation, for example, if they have no working kitchen, no power, no running water, are dilapidated or have severed flood/fire damage
- Damp, mould or excessive condensation
- Japanese knotweed in the garden or on the boundary
- A lease of less than 70 years
- An environmental issue, such as a boundary or neighbourly dispute, a location next to an undesirable aspect (such as an electricity pylon) or a predisposition to flooding
How could these factors affect your sale?
If your home is affected by any of these issues, it can create a real challenge when you want to sell. If your problems are visual or clearly evident when looking at photographs or on a viewing, you may struggle to attract buyers in the first place.
If your problems are more ‘hidden’, your buyers may drastically reduce their offer - or withdraw from the purchase altogether - if the issues are laid bare in the survey results. A sale can also be scuppered if the estate agent’s valuation is downgraded after a surveyor has made their inspection on behalf of a mortgage lender.
In some cases, the problems may be so severe that the property will be deemed unmortgage-able, leaving a cash buyer as your only audience. The alternative is paying to rectify any problems that can be fixed, which doesn’t usually make financial sense.
Sell a problem property for cash today
Even if your home has been written off as a problem property by a High Street estate agent, a mortgage lender or a surveyor, there is still hope. Open Property Group is a professional property buyer and will purchase any property for cash, regardless of its condition, location or the length of its lease. We won’t ask you to fix issues, make changes or spend money on diagnostics. Instead, we buy as is – or ‘sold as seen’ – saving you stress, worry and cash.
When to talk to us
- If you are thinking of selling but already know your property has issues
- A High Street estate agent has refused to take on your property
- Your home has been on the market for some time, with little interest
- You’ve already experienced an aborted sale
- An existing valuation has been downgraded by a surveyor
- A buyer of your property has had their mortgage refused
- You need to sell property fast and for cash
Watch the video below which explains more about selling your property fast or click here to continue reading this article