Selling a Problem Property
Selling a property with a problem is not only complicated and stressful, but also much harder to sell. But that doesn’t mean it’s impossible to sell your problematic property. We will show you how to do it as quickly as a few days.
What is a problem property?
‘Problem Properties’ can take many forms, broadly it is a term used to describe properties that have an issue or issues that significantly affects it’s value or the ability of the owner to sell it. These can be negative issues such as: subsidence, uncertain ownership, fire damage, structural issues, legal issues and more. Anything that makes it difficult to sell your home or significantly reduces your target market.
Types of property problems
We can meet several types of problem properties, but the most popular are:
Subsidence is when the ground beneath a property sinks, pulling the property’s foundations down with it. The effects of subsidence are among others: the walls are cracking, tilting the whole side of the house down, there is a problem with opening and closing doors or windows and wallpaper is crumpled. In the worst-case scenario, subsidence can lead to severe structural damage or even collapse. For owners, this usually means high repair costs and difficulty in getting a mortgage on the property.
If you want to know more, try reading our guide: Selling a house with subsidence.
Selling a house with fire damage is one of the most significant issues a house can have. As well as the obvious cost of repair, the fire may render the property structurally unsound, which leaves the owner responsible for potentially expensive structural surveys and repairs. Often the cost of repair of fire damage property will be so extensive that the eventual sale of the repaired house will not come close to matching your costs.
Read more on: Selling fire damaged property.
If your home was built using non-standard building material or has any construction issues, it may be illegal to use as a rental investment, and probably can not be used as collateral for loans – meaning buyers will not be able to purchase the property with a mortgage. These issues can include:
- Cracks or bulges in walls and ceiling
- Cracks in chimney
- Gaps in windows and doors
- Gaps between walls
- Sloping or cracking of floors
- Sagging roofs and roof leaks
- Timber Rot
If a property has been left untouched and uncared for over a long period, it’s likely to fall into a derelict state. This can result in high repair costs, especially if the extent of disintegration has affected the structural integrity of the building. Properties like these almost always require a buyer with at least some expertise in the property industry.
Living near a body of water, or on land at a low elevation above sea level does carry flood risk. This can make it unattractive to end-users, prone to structural issues due to ground instability and hard to obtain a mortgage on.
If you’re currently renting your home to tenants and they refuse to leave when you want to sell, a problem arises. Right from the start, you have a smaller target market and more to manage.
More information on: Selling a property with tenants.
This is fairly self explanatory, a property located in an area seen as unattractive by buyers, will naturally struggle to sell. The poor location could be related to road access, noise pollution, crime, natural factors or many other issues.
You may have done everything, your home may look beautiful, but when it comes to selling, potential buyers are put off by the neighbourhood. If your neighbors are making noise or behaving anti-socially, you will have a problem selling your home because of them.
How to sell a problem property fast?
In some circumstances, it may be better off selling your property quickly. The waiting may cost you, or you may miss the chance to sell if your property becomes more problematic.
At Gaffsy we provide a service for those looking for a convenient and guaranteed property sale. We do not act as agents or traders, but instead guarantee to purchase your property at our quoted price and not a penny less, with no fees or add-ons. Whether you need to move with urgency or need some time to fix your affairs, we will structure the timing of every sale around you.
We buy any house any condition - sell property fast for cash
Sell your house for cash - Benefits of selling your problem property to Gaffsy:
- You don’t have to worry about the condition of your property.
- You don’t have to repair any damage.
- You don’t have to worry about the open market sale process.
- You don’t have to pay any fees.
- You can sell your property at a timeline that suits you.
- Selling your house to us is fast, easy, and for a fair price.