Annoyed at husband not accepting the offer?

[RayDelLana]

My husband has inherited his fathers house and it’s been on the market since November. It’s in a lovely sought after area but not a great location - busy road and has a double decker bus stop right outside (no shelter) but still intrusive as the main bedroom is at the front of the house.

Its been reduced by £150K because we’ve had 40 viewing and no offers and it’s now (since January) got substantial flood damage from the roof and the ceiling has partially collapsed in two rooms. The bathroom/kitchen both need modernising, it’s wallpapered throughout and on the ceilings, areas of mould and the exterior is painted over brick.

We’ve finally had an offer at £350K which is another £75K reduction and I’ve told him just accept it and we can stop being responsible for it. He refused it in the hopes they would increase and the potential buyer said definitely not.

Aibu to be annoyed at him?

Is he going to fix the damage? Because if not, it’s going to get worse and worse and be worth even less.

He needs to fix it before it gets worse or just sell it at whatever they offer! Idiot man.

Yeah he needs to cut his losses because the house is just going to fall apart and then it’s going to be worth less and less

Sorry for your loss.

I agree, it’s a buyers market now. EA always give over enthusiastic valuations to secure the instruction. A property is only worth was someone is prepared to pay, and by the sound of it, needs extensive repair, so may not be mortgageable so a cash buyer, or to auction is probably your best bet.

Good luck, horrible circumstances in needing to sell.

So it was originally on at £575? That is a huge hit to take. Would it make sense to get the damage repaired (insurance?) and do some cosmetic work?

Understandable that you want rid of the stress and also understandable that he feels reluctant to take such a low price.

He’s either going to need to fix the damage or the price will get lower and lower.

id just have cut my losses and accepted.

its 350K that he didn’t have in his pocket!

Won't the insurance pay to repair the flood damage?

I can see why he doesn't want to sell it for 375k after thinking he'd get over 500k for it, but if he wants more cash he will have to repair the damage!! Who wants a house with collapsed ceilings??

The roof has been fixed but the ceilings and walls where the wallpaper has come away from the wall due to the water then no it won’t be fixed.

He should let the walls and ceiling dry out then re plaster them.

Yeah minus the 10K of inheritance tax and solicitors, estate agent fees.

We’ll have to pay someone to clean it out too, it’s a five bed, with basement and outhouse filled with stuff.

Do you know whether or not there is rot lurking under that fusty wallpaper?

Will the buyer take the house sold as seen as a counter offer, so you wouldn't have to pay someone to clear the house? I'm also assuming it's just your DH and he doesn't have siblings who are refusing to sell? Unless he's willing to repair the obvious damage like collapsed ceilings/ roof damage then it would seem to make sense to accept the offer. Does he have any trade contacts through family and friends he could get a second opinion from?

It’s your husbands decision. You need to butt out, it’s not your call.

you need to invest about £10k to get it sorted and internally decorated
Is it insured? They won't pay for repair but will pay for the damage to be be corrected

I know of a house which went on the market in November 2022 with a price of offers over £375,000. The owner is in her 90s and we suspect had lived in it all her life so it required a lot of upgrading. There was a freezing spell of weather and because it was unoccupied (the unmarried and childless owner had moved into care) it suffered substantial water damage due to burst pipes. It was pulled from the market and when it was remarketed only exterior photos were shown and it was on sale at a fixed price of £250,000 and cash buyers only as it wasn't in a state for a mortgage to be granted on it.
Your DH needs to bite the bullet and accept that he isn't going to get what he thinks the house is worth. Its condition is only going to deteriorate further if it has already sustained damage.

If he's now regretting refusing the offer OP, can he go back to the agent and say that he's had a re-think, and provided that the purchasers are prepared to clear out the property themselves, he is willing to accept the offer after all?

Having said that, you seem to be contradicting yourself somewhat, as on the one hand you're asking if you are being unreasonable to be cross with him for turning the offer down, but then, when a poster said that at least it was money you didn't have previously, you moaned about having to pay the tax, and fees out of the money offered, so are you actually happy for him to accept the offer or not?

He needs to get some quotes for fixing it as that’s a massive reduction in price. He can’t do nothing though or as others have said further damage will happen

If it’s structurally sound and the roof has been fixed, I’d be taking out a mortgage/loan for £50-75k and fixing it up (basic blank canvas).

It was valued at £575k with the busy road and bus stop taken into account already, so even if you got £475k- £500k with it fixed up it you would end up with more than £350k!

A lot of people don’t want to do a complete reno due to time, upheaval and cost which may be putting buyers off.

I‘m sure your FIL would want his son to get a fair price for it.

What are you talking about? Genuinely what an absolute reach.

I didn’t moan at all about paying fees, I was simply stating that it’s not £350K lump sum. As it wouldn’t be if it was sold for £550K.