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Original poster

Reducing offer on house help!

75 replies

Smogo35 · 09/03/2017 22:03

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.

OP posts:
PurpleDaisies · 09/03/2017 22:37

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.

Now I'm really confused. If you've got enough money to buy a house without a mortgage why aren't you buying one you actually like? You could get a small mortgage on any extra you'd need.

It doesn't sound like you're up for a big project so why bother with the stress?

mrsclaus100 · 09/03/2017 22:37

It's not a charity, and that's potentially 10k that you are lining someone else's pocket with whereas you could be spending that on the property renovations instead. I don't know why people get so offended by lower offers. They certainly don't have to agree or even stick with you as a buyer so make your final offer and make it clear that you will walk away. We walked away twice from our current house as we weren't prepared to enter into a bidding war/race to completion and still ended up with the house in the end as other buyers pulled out. You have to be emotionless about it and not get attached until it's yours

Original poster
Smogo35 · 09/03/2017 22:37

Purpledaises please explain to me why I would spend more on a house than it's market value? That makes no sense.

It's maximum market value is 125000-130000. The work required to bring it to a liveable standard is 20000. I would be stupid to pay more into it than it's worth unless it is a forever home.

OP posts:
Figgygal · 09/03/2017 22:38

It sounds like a bloody money pit I would walk awAy rather than reduce offer personally

InfiniteSheldon · 09/03/2017 22:38

If the survey values it at 120 I'd tell you to shove it if it you tried to reduce from 115

Original poster
Smogo35 · 09/03/2017 22:39

I don't want a mortgage at the moment because I am completing a masters degree and only work 23 hours a week. The next step up for a house I like is around 180000. The only reason this house is at the cheaper end of the market is because it is on a very busy a road which doesn't bother me

OP posts:
mrsclaus100 · 09/03/2017 22:39

I think people are completely missing the point here! I think OP does like this house......at the right price given the work involved. Renovating properties is a great way of moving up the property ladder and a brilliant starting point

foodiefil · 09/03/2017 22:39

Just did a 3 bed terrace up in the North. Thought we'd spend £30k

Spent £50k

(Rewire, plastering, heating system, kitchen, bathroom, decorating throughout, bit of a roof, damp, odds and ends)

Original poster
Smogo35 · 09/03/2017 22:39

Wow some people on this forum are so rude.

OP posts:
PurpleDaisies · 09/03/2017 22:41

purpledaisies please explain to me why I would spend more on a house than it's market value? That makes no sense.

I'm not saying you should do anything. If you don't want to buy the house, don't.

I'm just giving you my view as a seller that if the survey valued it higher than your offer and you wanted money off I'd tell you to bugger off and I'd put it back on the market. I've already said you can try and get a reduction based on faults that were identified in the survey but the seller is well within their rights to refuse.

EineKleine · 09/03/2017 22:44

Its value is what someone will pay for it, not what you personally will pay for it. PPs are right, put in your reduced offer, be prepared to walk away, be prepared for the house to sell successfully to someone else for more than £105k.

IvyLeagueUnderTheSea · 09/03/2017 22:46

So you aren't looking for a project as such. Just a first rung on the ladder?
If so I would find another house. As others have said this sides like an utter money pit.

None of my business but I don't understand how you can have enough money to buy a house for cash but have been stuck in renting.

(could be an inheritance I guess)

Original poster
Smogo35 · 09/03/2017 22:47

Inheritance yes. My other option is to wait two ish years until I can get a mortgage and get a safe house that's nice and finished

OP posts:
mrsclaus100 · 09/03/2017 22:50

^^ I can't believe you answered this OP! I think your original plan sounds absolutely cracking and don't let people of here put you off. My first house sounded very similar to what you have described, 2 years of hard graft and I made 90k profit and now have a much bigger and better house in a better location. Some people can't see potential or are too lazy to do it so don't understand.

HmmOkay · 09/03/2017 22:50

Honestly, the lack of parking will make it very difficult to sell on at a decent price.

OP, have you thought about buying a new-build or a relatively new house? From what you say, I'm not sure a renovation project is going to work for you. And if you can't get a decent price for the house even when you have finally done the work, then what on earth is the point?

Original poster
Smogo35 · 09/03/2017 22:53

I also know the seller only had offers from one other person that was below 110000 according to the estate agent. So they obviously saw what i didn't. I didn't even look at the fuse box! In hindsight I should of thought of that lol

OP posts:
Original poster
Smogo35 · 09/03/2017 22:54

New builds are smaller in terms of room size round here. This house is a 1930s build.

OP posts:
HeddaGarbled · 09/03/2017 22:57

Putting aside the valuation, I wouldn't buy a property from someone who screamed at an electrician. Buying property is stressful enough as it is. You need to be dealing with someone reasonable so you can be sure they won't:

Pull out before completion
Be difficult about agreeing on a moving day
Not pack up and be ready to move out on the day
Trash the place before they leave
Be mean about taking out light fittings, curtain poles etc

These things are always so much easier if you can be amicable. It's already looking dodgy and you reducing your offer significantly is just going to make that worse. It doesn't matter whether you are right or not. If your vendor is angry with you, whether justified or not, this will be hell.

My advice is to forget this house and find another. There's plenty out there which will need less work and whose owners will be reasonable people.

cavershamtights · 09/03/2017 22:58

This reply has been deleted

Message withdrawn at poster's request.

Original poster
Smogo35 · 09/03/2017 23:00

Thanks hedda very constructive advice.

I forgot to add the property is vacant. But what you said brought another thing to mind. In the information from the solicitor she had ticked no to leaving the property clean and free of rubbish. There is currently some of her junk left behind in cupboards and the garden.

OP posts:
Original poster
Smogo35 · 09/03/2017 23:02

Caver my electrician told me it was his duty of care. As he would be prosecuted if he left it in that state and someone got injured and he was the last registered electrician to see it. He said there were live wires out in the kitchen.

I can only assume the electrics are the way they are because of the illegal activity going on there

OP posts:
Original poster
Smogo35 · 09/03/2017 23:05

Now I have said it out loud I realise how much of a disaster this house sounds... lol

OP posts:
PickAChew · 09/03/2017 23:06

Purple daisies, I know OP isn't in that position, but anyone wanting a mortgage on a house would have their mortgage offer reduced on the basis of such a report so might not have any choice but to negotiate a lower price, based on the lowest of 2 or 3 professional reports.

HmmOkay · 09/03/2017 23:06

Illegal activity?

Cannabis farm?

EineKleine · 09/03/2017 23:08

Flats can give more floor area than a similar priced house, with a fraction of the upkeep costs...