Problem properties could describe any problem that a property or homeowner may face regarding selling to a ready, willing and able buyer who would be expected to require a mortgage and survey or at the very least, a mortgage valuation.
However, it encompasses any property with an issue or problem that prevents its sale, reduces its value and or appeal in the marketplace.
“Problem property” is a phrase used by police, councils and governments seeking to apply pressure to the owners and managers of buildings where social order issues, crime, vandalism, drug dealing, drug taking, squatting or theft takes place.
“Problem property” is also used to describe any land or building that has a negative issue associated with it, such as uncertain ownership, structural issues, vacant, derelict, etc.
Motivated sellers may find that selling to quick cash buyers is the best way to get rid of problem property fast, easily and with no risk. We buy problem properties with cash, quickly and without a hassle.
365 Property Buyer actively seek and buy any problem properties all over the UK no matter the problem we guarantee to make you an unconditional cash offer to purchase your problem property.
Selling a problem rental property or selling a house with a problem tenant
We are often asked to buy problem property where the problem is actually the tenant and not the property. Problem tenants can be a bigger issue for sellers than a physically defective house.
In the rental house industry, landlords have a duty of care to ensure tenants will not engage in criminal behaviour that affects the quality of life of neighbours. A failure of some landlords to screen tenants appropriately for their rental properties can lead to greater criminality and lower quality of life in some neighbourhoods. This can result in these properties being stigmatised under the banner of problem rental properties.
Some may consider telling a white lie or being vague with their answers, but this can come back to bite you, even after you have moved out. For instance, you may say there are no problems with a neighbour when in reality there is an ongoing boundary dispute. This is likely to come up in the conveyance process, but if the lie doesn’t come to light until the new buyers have moved in, the buyers can still pursue you through the courts.
Ultimately, any misrepresentations may land you in the dock answering criminal proceedings with the potential of hefty fines and, in the worst case, imprisonment.
Estate Agents are duty bound to reveal any material information they know – or ought to know – about a house. For instance, if a previous sale has fallen through because of defects that came up on the survey, this must be disclosed.
The National Trading Standards Estate Agency Team have recently released updated guidance that all estate agents should be working too. Agents can’t make misleading statements or fail to mention something that may put off ‘an average consumer’ so if you live next door to a school (which for some buyers might be a bonus) or a power station, this must be mentioned, and any photos of the property can’t be taken in such a way as to conceal them.
Don’t be encouraged to keep potential problems quiet, as not only could you be breaking the law, nearly all the information that should be declared is almost certain to come up during the conveyance process. Hidden ‘faults or disputes’ which suddenly appear could lead a buyer to withdraw from the sale, costing both sides a lot of time and money.
A good, reputable agent will know how to deal with this sort of information and how to pass it on to a potential viewer or buyer at the outset in a sensitive and positive way.
We can purchase any problem property from you without all the necessary guidance, extra fees and risks of attempting to sell a problem home. Please get in touch to discuss your problem property and how we can help with a fast cash house sale.