Skip to main content
Skip to main navigation
Skip to talk navigation

Active discussions

Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Saved Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Flip

Join our Property forum for renovation, DIY, and house selling advice.

1 2 3

Join our Property forum for renovation, DIY, and house selling advice.

Property/DIY

offering 25% less on a property

69 replies

Abbienurse1987 · 10/02/2017 17:40

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.

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

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

it has damp, needs damp course and replastering throughout.

needs a driveway built and garden maintenance.

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

6.needs new rads and boiler eventually

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

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

OP posts:

Report

VivienneWestwoodsKnickers · 10/02/2017 17:42

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 · 10/02/2017 17:43

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 · 10/02/2017 17:45

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 · 10/02/2017 17:45

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 · 10/02/2017 17:45

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

VivienneWestwoodsKnickers · 10/02/2017 17:45

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 · 10/02/2017 17:46

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

lindylove14 · 10/02/2017 17:47

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 · 10/02/2017 17:47

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

TeaholicsAnonymous · 10/02/2017 17:48

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

JellyMouldJnr · 10/02/2017 17:48

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 · 10/02/2017 17:50

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

InformalRoman · 10/02/2017 17:52

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 · 10/02/2017 17:56

"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 · 10/02/2017 18:19

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

OP posts:

Abbienurse1987 · 10/02/2017 18:22

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

OP posts:

AGrinWithoutACat · 10/02/2017 18:23

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 · 10/02/2017 18:27

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 · 10/02/2017 18:28

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 · 10/02/2017 18:29

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 · 10/02/2017 18:30

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

Abbienurse1987 · 10/02/2017 18:31

of course it does, dont be rediculous lol

OP posts:

Don’t want to miss threads like this?

Weekly

Sign up to our weekly round up and get all the best threads sent straight to your inbox!

Email address

Log in to update your newsletter preferences.

You've subscribed!

JigglyTuff · 10/02/2017 18:32

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

Abbienurse1987 · 10/02/2017 18:34

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

OP posts:

RaisinsAndApple · 10/02/2017 18:39

This reply has been deleted

Message withdrawn at poster's request.

Flip

1 2 3

Please create an account

To comment on this thread you need to create a Mumsnet account.