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Reducing offer on house help!

(76 Posts)
Smogo35 Thu 09-Mar-17 22:03:42

Need some advice re buying my house struggling as it's a minefield!

It's a 3 bed terrace in midlands in a nice area with a good view. One sold last year for 131000 with a larger back garden and no work required.

The house is in a state was on at 125000 and we got 115000 accepted. Then we did a survey and realised there was a lot more work required. An electrician went in to do a check and removed all the fuses as it's so unsafe. Quoted 3.5k for rewire. Also had a damp report showing rising damp. Got a quote for £900 for damp course not including the plastering aspect of it.

It also doesn't have central heating, needs full replaster, new kitchen and new bathroom. I am estimating costs of renovation to be 20000. Would you agree?

I am now thinking no more than 105000. The seller paid 80k in 2011 and has not maintained it, she's actually made it worse.

ShowOfHands Thu 09-Mar-17 22:05:56

What did the survey value it at?

Oly5 Thu 09-Mar-17 22:07:55

I think you should ask for cash off but be prepared to settle half way. Show the estate agent the survey. It will have been priced partly due to its bad condition so you can't go too low

Smogo35 Thu 09-Mar-17 22:10:02

The surveyor valued it at 120k which is a joke in itself. It's basically a shell of a house.

I'm just really wary of spending more on it than it's worth. There is a ceiling price as it's on a busy road with no parking.

ShatnersBassoon Thu 09-Mar-17 22:10:31

Presumably you knew it would need central heating and new kitchen and bathroom before you made your initial offer, so you can't play that card now.

What was it valued at for mortgage purposes?

It's quite normal to renegotiate after a survey, so you could go back and tell them about the cost of repairing the electrics and damp and that you're reducing your offer accordingly ie £5k will cover it. Unless the valuation seemed to say the price you're paying is fair considering the cost of works needed.

Smogo35 Thu 09-Mar-17 22:12:01

I knew about the central heating kitchen and bathroom but thought plastering would be a skimming job but it's all going to have to come off and start again.

I don't have a mortgage valuation as I'm a cash buyer

ShowOfHands Thu 09-Mar-17 22:13:25

If it's valued at 120k and you're getting it at 115, then you're taking the mick by asking for more off. You would have known about the majority of the issues on offering.

SnowGlobes Thu 09-Mar-17 22:13:37

You may get a reduction for the rewire and damp but not for the central heating etc as you'd have known that at viewing. If it's in such a bad way dyou think you may find other problems when you start to refurb? Would you be prepared to walk away if your reduced offer was refused?

Smogo35 Thu 09-Mar-17 22:14:23

It's not worth 120 at all. I don't know how the surveyor came up with that figure when they sell for 130 refurbished. There's 20k worth of work. I have all the quotes

Smogo35 Thu 09-Mar-17 22:15:50

I am prepared to walk away. I haven't refurbished a house before and I know these things can be money pits.

ShatnersBassoon Thu 09-Mar-17 22:15:54

Hold out for a refurbished one then. Don't do the donkey work yourself if there's no reward.

HmmOkay Thu 09-Mar-17 22:15:54

"It also doesn't have central heating, needs full replaster, new kitchen and new bathroom".

Well, you knew about all of them when you made your offer of £115K. They've not just suddenly appeared as issues.

If you settled on £115K and you've identified 4.4K's worth of work (electrics and damp) to be done then the valuation of £120K sounds about right surely?

Smogo35 Thu 09-Mar-17 22:19:03

I think my point is being missed. When I offered 115000 it was on the basis of the work costing 10000 to bring it up to standard. Now I have all the facts it's 20000

EineKleine Thu 09-Mar-17 22:23:10

Tbh it sounds like you should find a different house. Even if there's £20k worth of work, that doesn't mean its market value is £20k less. Round here houses sell on location and size. State of decor or work required makes very little difference, the houses are so in demand because of the school catchment.

cavershamtights Thu 09-Mar-17 22:25:55

If you're prepared to walk away then you've nothing to lose. If you need to reduce your offer to afford it then do it - the worst that can happen is they refuse. Your finances are more important than etiquette.

Wallywobbles Thu 09-Mar-17 22:26:11

Put in your reduced offer and walk away.

PurpleDaisies Thu 09-Mar-17 22:27:55

It sounds like you should just walk away. We priced our house as we did because we knew it needed certain things doing. We wouldn't have negotiated with a buyer trying to get a discount.

Smogo35 Thu 09-Mar-17 22:28:26

This is literally the most stressful thing ever! I really don't want to make the wrong decision

Smogo35 Thu 09-Mar-17 22:29:26

The seller in this instance is unrealistic. She also grew cannabis in the property and got raided shortly before putting it on the market. I know this as I currently rent four doors down

PurpleDaisies Thu 09-Mar-17 22:29:29

Why are you buying the house? It is going to be your family home for a while or is it a do up and sell job?

mrsclaus100 Thu 09-Mar-17 22:30:46

I can't understand why so many comments are that you're being cheeky. OP I think you are quite right in re-negotiating with them. You have justified your reasons well enough on here so go for it. You are a cash buyer, who presumably the vendor will want to keep hold of. So reduce your offer to what you see fit and they can like it or lump it and walk away if it's not right. Good luck

Smogo35 Thu 09-Mar-17 22:30:59

It's a do up and sell job to get out of renting. I am not necessarily looking for a big profit I would happy to break even just to get out of renting.

PurpleDaisies Thu 09-Mar-17 22:31:37

What do you mean the seller is "unrealistic"? They prices the house to sell and got an offer from you of not far off the asking price. confused

I'm not sure you quite understand how house buying works from your comments here.

Smogo35 Thu 09-Mar-17 22:32:01

Thanks Mrs clause I didn't think I was being too unreasonable. Just careful

Smogo35 Thu 09-Mar-17 22:33:02

Unrealistic as in when the electrician doing the check disconnected the electrics as it was so unsafe she literally screamed at the estate agent as if we had done something wrong. I didn't ask him to do that.

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