Selling to a builder

[AKMild]

I expect to be selling my late mother's property sometime this year. It is "in need of modernisation" to coin an estate agent's phrase. I'm thinking of seeing if I can sell it directly to a builder and cutting out the estate agent, but presumably the discount the builder would look for would eat up anything I saved on the fees? Anyone got any experience of this and be able to advise on pros and cons of not using an agent?

[murraymints]

you could ask for a valuation from an estate agent then sell yourself based on that information, stick up board, advertise in papers, put on line etc etc. then simply pay a solicitor to do the conveyancing once you have agreed a sale...you will save BUCKETS....

[sandyRoe]

Without the advice of an estate agent how would you know what price to ask? Do they charge about 2.5%? It might be worth paying if it helped you get the best price for the property.

[jackthehat]

It is simplicity itself.
1. Ask an Estate Agent for a valuation; as it stands and if it were done up.
2. Find some middle ground with which you are happy and offer it at this price (or thereabouts) to a local builder, as you are considering.
3. Conduct negotiations yourself; only move as far from the original price as you are happy
4. Take money from builder...........
5. Resist urge to find out how much Builder has sold it on for after he has done it up........

Option 2.
a. Get valuations as in (1) above.......
b. Obtain Estimates from builder for work to improve house.
c. Get work done.
d. Advertise house on www.tepilo.com, or similar.........
e. Take cash with a smile.

[craft1948]

I wouldn't bother with a valuation.............go onto rightmove and see what similar properties in the same road have sold for in the last 2 years, then knock a bit off for modernising it.

[Ankou]

just get the valuation estimates then advertise/sell it yourself, buyer doesn't need to be a builder, that just limits your market.

[Old_Geezer]

Or you could take a risk and simply auction it. A friend of mine was surprisingly pleased with the price he got for his old place.

[LoftyLottie]

Estate Agents don't charge for a valuation Sandy.

I would do what Jack has advised

[LoftyLottie]

And agree with Ankou. It doesn't have to be a builder. There are plenty of people that are happy to buy houses that need work doing. Just find out the market price and then advertise it.

In fact, why would you want to sell to a builder - they are more likely to want something for nothing.

[TonyV]

AK - the only thing estate agents have is customers looking in there windows - if you can sell property at price you are happy you are with - then go with it