Bad homebuyers survey results...wwyd?

[Becaroooo]

We have had the survery results today and they are not great....we knew there were some issues - the current owners are not DIYers!!! but the survery shows issues with;
the fuse board
the gas meter
some door frames
cracks under window frames
ill fitting windows
pointing
flashing
kitchen finished to very poor standard (eg: floor tiles not grouted, pipes not boxed in etc)
stud wall in upstairs hall needs replacing
leak in bathroom which has affected the stair wall

sigh.

We are pulling out BUT our buyer is a no chain cash buyer who is expecting to move in here 4 weeks tomorrow!!

We need to find a new house, but til then what??? Even if our buyer wold wait til end august, its still not long enough to complete on a new sale.

Renting seems the obvious choice but how long do you have to sign for? We would be looking at a short term lease (3-6 months) Do you have to pay a deposit??


aaarrghhhh...help!!!!!!!!

[Becaroooo]

No, me either tyler

I think we will be in a really good buying postition too - i.e. no chain, and mortage agreed. Almost like 1st time buyers I guess!

[tyler80]

I've just been looking at sold prices for round here (also East Midlands) for the past month. A house we used to live opposite just sold for 500 quid less than it was bought for in 2004. I don't think you need to worry about getting back in the market if you were to rent for 6 months.

[Becaroooo]

Not in London, in East midlands and housing market def not buoyant here!

[Pendeen]

From what I gather the housing market for the UK generally is not going anywhere soon, maybe prices will fall even further so renting is probably a sound bet unless you are in London?

[Becaroooo]

SD True.

We have always been too very cautious wrt property and we could borrow a fair bit more than we currently are so we may end up doing that and going for a more expensive i.e less run down house.

[SoupDragon]

Perhaps your DH is worried that in the time you are off the property ladder, prices may actually increase, leaving you unable to buy what you want/need. that is the flip side of the "prices may drop" scenario you are seeing.

[Becaroooo]

OK, so.....

Told everyone involved (bank, EA, solicitors etc) that we are pulling out. Feel very bad for the vendors, but we just cant take on that much work

We are planning to book some more viewings this weekend to see what else is out there...

Bank seem very helpful (mortgage application on hold, dont need to apply again) and solictors know we need to move quickly and are on board.

Wish me luck!

[Becaroooo]

Thanks x

[mylovelymonster]

Sounds well worth avoiding. You will find something else. Best of luck to you x

[Becaroooo]

Thing is...I can make a nice home for us wherever we end up buying (you should have see this place 12 years ago!!!) so cant really understand dh's attitude.....I will make it work for us.

[Becaroooo]

yeah....its worrying me tbh....there were lots of little niggly things that needed doing, but hey! they have 2 young children and little time, like me so I could deal with that but they other stuff...have also found out who did the original work to the house (in the 1980s) and he is a complete cowboy builder!

Think we may have dodged a money pit tbh

[mylovelymonster]

You could, if you still wanted the house, get a builder in to quote for what needs putting right and renegotiate to allow you funds to do the work, but sounds as though your vendor would not be able to take that hit, so overall sounds like a no-go to me.
If there is stuff that seems botched then likely to be further issues not apparent on simple survey, and it would raise big red flags for me.

[Becaroooo]

Thanks mylovelymonster I will!

thunderboltkid Wow! 4 weeks...that gives me hope! thing is, we will be be in a really good position to buy..i.e. no chain, mortgage offer agreed etc....there are plenty more houses to look at...just need to convince dh renting is not so bad!!!

[bigbadbarry]

Well if it was me I'd want a substantial reduction but expect to go ahead. (that isn't helpful given that you have ruled that out, is it?!) But your buyer has already invested in your property - survey, solicitors, etc, so even though they are expecting to move in 4 weeks they might just have to accept that these things happen and hang on a bit longer.

[mylovelymonster]

DO NOT DO ANYTHING SO IMPORTANT AND FINANCIALLY HUGE AS BUYING A HOUSE YOU DON"T REALLY WANT!!!!!!!!!!!!!!!!!

Glad to get that out my system. Rent. You will find something else to buy and you will be in the best position from which to offer.
Trust your gut feeling.
HTH x

[Becaroooo]

lachesis Not enough for new walls and a new bathroom!!!

[Becaroooo]

Also, survery brought the house in valued at £5k lower than we are paying.

Our mortgage redemption fee will be £2k (not sure about the completing in 12 weeks thing...is that all mortgage providers???).

A months rent and deposit would be £1500 in our area.

Sellers have had work done and - tbh - its all bad. I wouldnt want them doing it....he gets his "mate" to do all the work and frankly it shows!!!

Sigh.

I dont expect a house to need no work, but new walls and a new bathroom straight away??? And rectifying all their dodgy DIY?

Question: If you were selling a house, would you make sure the kitchen floor tiles were grouted????? Perhaps IABU!!!!

[SparklePrincess]

Sounds like you have no option but to take out a 6 month tenancy. You will need at least a months rent up front & a months deposit though, so at least 1500, (or more, depending on where you live) plus moving costs. Its not an ideal scenario. :(

[stressheaderic]

Nothing there as bad as what turned up on ours. Suggested we needed new roof, wiring, dampcourse, gutters etc etc etc....have done none of those things and been here 6 years and very happy!

[lachesis]

It's bad if you have no cash at all whatsoever left over.

[SoupDragon]

None of that sounds very bad at all.

[Becaroooo]

hmmm...thats what I am wondering tbh....the market may well go down further too by then?

Feel really bad for vendors but we simply cannot afford to put all that right