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offering 25% less on a property

(70 Posts)
Abbienurse1987 Fri 10-Feb-17 17:40:21

i have a question. i am interested in purchasing a property. i have fell in love with its age and quirkiness it was built in 1870 and has amazing old features, 4 bedrooms and very large. however, they are asking for £179950. now here are the issues.

1. it has a mine shaft in the rear of the garden within 20metres of the house.

2. its been on the market three years and hasn't sold.

3. it has damp, needs damp course and replastering throughout.

4. needs a driveway built and garden maintenance.

5. no one has lived in it since it went up for sale

6.needs new rads and boiler eventually

7. they have 2 extensions with flat roofs that are collecting water and causing damage. need replacing.

8. also new windows and kitchen

lets just say needs about £40000 pounds spending on it. which i don't mind i like a doer upper.

am i within my right to offer £40000

i feel cheeky

VivienneWestwoodsKnickers Fri 10-Feb-17 17:42:55

Offer anything you like, but my God, the problems the survey will show..... Are you a cash buyer? Well a mortgage company offer you an agreement in principle with the mine shaft within the boundary?

DelphiniumBlue Fri 10-Feb-17 17:43:42

Not cheeky. But the mine shaft would put me off. Has it been reinforced?
Not sure if it would be mortgageable otherwise, unless you can get indemnity insurance. Might be worth checking that out.

ShatnersBassoon Fri 10-Feb-17 17:45:13

It isn't already priced with the necessary remedial work in mind? £180k doesn't sound a lot for a large house like that.

Anyway, there's nothing to stop you putting in the offer, even if the vendor has already priced up all of those jobs and come down accordingly. There's nothing wrong with being a bit cheeky if you think they'd be glad to be shot of the house.

QuattroFormaggio Fri 10-Feb-17 17:45:35

It entirely depends on the market in that area. Just because it needs £40k worth of work doing on it doesn't mean they will accept £40k less; it may have been priced with that already in mind. Having said that, if it's been on the market a long time you never know, so perhaps it's worth a cheeky offer.

PossumInAPearTree Fri 10-Feb-17 17:45:49

After having 40,000 spent on it will it be worth (according to local market) 180k or 220k?

VivienneWestwoodsKnickers Fri 10-Feb-17 17:45:51

Posted too soon. Is it even worth £140k? Is £40k enough to do all those improvements?

Full heating system, damp course, new doors and windows, two new roofs and associated damage beneath, and new kitchen. That's a lot.

The driveway is optional, you can't knock money off for that.

If you're replastering throughout, I'd suggest doing the boiler and pipes before the plastering rather than waiting.

ShatnersBassoon Fri 10-Feb-17 17:46:40

Oh yes, a mine shaft, missed that on first read confused. That would be what is stopping everyone else buying it after all this time.

lindylove14 Fri 10-Feb-17 17:47:32

Am I misunderstanding? You want to offer £40k for a house that's on a £180k? I suspect they'll think you are severely taking the piss - but it would at least open negotiations. I would talk to the agent about what is a realistic price. If it's been on for three years at £180k with no takers, that's obviously not realistic. But it doesn't mean that £40k is! Maybe they don't really want to sell?

QuattroFormaggio Fri 10-Feb-17 17:47:57

Fancy posting a link? I love a nose at a doer-upper...

TeaholicsAnonymous Fri 10-Feb-17 17:48:11

My Dad always says "if your first offer doesnt cause offence it was too high"

JellyMouldJnr Fri 10-Feb-17 17:48:52

Walk away. This isn't just a doer upper, it's going to near impossible to sell on with a mine shaft in the garden.

Secretspillernamechange Fri 10-Feb-17 17:50:33

I assume you've made a typo? I don't think offering £140k is cheeky, offering £40k definitely is!

InformalRoman Fri 10-Feb-17 17:52:54

Are there any records of how the mine shaft has been capped? Have you seen the British Coal mining report? Bear in mind that the reports are not always accurate with regards to location of shafts. Are there any signs of subsidence at the property or neighbouring properties?

Has the price already taken into account some/all the issues? How much would it be worth completely renovated?

Given that it's empty, hasn't sold in 3 years and needs a shed load of work I would give it a go - they can only say no.

Iamastonished Fri 10-Feb-17 17:56:00

"Walk away. This isn't just a doer upper, it's going to near impossible to sell on with a mine shaft in the garden"

This ^^

I live in an area that was traditionally mining. All the houses round here have to have a mining search when buying them. The underground round here is riddled with shafts and tunnels.

We have also had to deal with subsidence, and knowing what I know now I would avoid buying that house like the plague.

Abbienurse1987 Fri 10-Feb-17 18:19:20

no i want offer £135000. which is a 40000 reduction. the house price is higher than other houses sold in this area. it is dudley in westmidlands house prices are usually low. it has a mine shaft no where near the house so do most of the houses in this area, the black Country is a mining town.xx

Abbienurse1987 Fri 10-Feb-17 18:22:01

there has been no subsidence since it was built jn 1870. the price they have asked doesnt take into account the work.

AGrinWithoutACat Fri 10-Feb-17 18:23:24

Our house went on the market at £200k dropped to £170k 4 years later

Similar issues to what you have described but no mineshaft!

We paid £130k

Go for it - they can only say no.

(What helped with us was that if we hadn't bought it was going to auction as they needed to sell and the estate agent had already asked what their bottom line was for offers)

QuattroFormaggio Fri 10-Feb-17 18:27:59

I know I'm nosy but I think I've found it and I like it. Doesn't look like its been uninhabited for 3 years and it doesn't look anywhere near as bad as is expected.

FiveShelties Fri 10-Feb-17 18:28:33

If it has been on the market for three years I would just offer what you want and see what happens. They may snatch your hand off and if they do, you will wonder if you could have gone lower! Good Luck

JigglyTuff Fri 10-Feb-17 18:29:21

Houses have no intrinsic value. If no one is living in it and they haven't dropped the price since they put it on the market, they may tell you to sod off. Or they might meet you halfway or bite your hand off.

But it has nothing to do with the cost of work needed

JigglyTuff Fri 10-Feb-17 18:30:56

Sorry, not no intrinsic value - of course they do but the price they sell for often has little to do with it!

Abbienurse1987 Fri 10-Feb-17 18:31:13

of course it does, dont be rediculous lol

JigglyTuff Fri 10-Feb-17 18:32:33

At the risk of labouring the point, if it was in London, it might be worth £800k.

Abbienurse1987 Fri 10-Feb-17 18:34:29

its not in london. luckily. we will see. fingers crossed and i will let you know jiggly xx

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