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Property/DIY

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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:

cavershamtights · 09/03/2017 23:09

This reply has been deleted

Message withdrawn at poster's request.

PickAChew · 09/03/2017 23:09

Though, smogo, from the sound of the state of the property, there's probably a lot that didn't get spotted in what will always be a fairly superficial survey. Offer a price that will more than cover the work you know about, but no more.

Original poster

Smogo35 · 09/03/2017 23:10

Cannabis farm yes. Not sure on what scale at least one room full

OP posts:

HmmOkay · 09/03/2017 23:11

Older houses are always going to need maintenance. That's the reality of it. The one that you say has been 'done up' probably hasn't had everything done. It has probably just been tarted up in order to sell.

OP, I'd wait the 2 years if I were you until you have finished your study. You have enough on your plate with your studying and working without taking on a renovation project that sounds like it won't even pay for itself.

You might get a job at the other end of the country by then and you'll have maximum flexibility to just pack up and go. Concentrate on your studies, get your job first and then look to buy a nice house in a nice area convenient to your new job.

LoupGarou · 09/03/2017 23:27

The one that you say has been 'done up' probably hasn't had everything done. It has probably just been tarted up in order to sell.

This precisely. Unless you have the knowledge and experience to spot a lipstick on a pig job, tread very carefully.

DH and I used to buy virtually derelict houses (in the US) fix them and sell them on, we always did almost all of the work ourselves and it is hard and can be soul destroying, especially when you're working, or in your case studying.

I remember in one we had a dripping tap, and as I tried to fix it I kept unearthing more and more problems, I ended up having to re-plumb the whole bloody bathroom .
A realtor friend of mine said houses which need renovation are like icebergs, what you can see needs doing is only a small fraction of what you will have to do.

Original poster

Smogo35 · 09/03/2017 23:29

Iceberg good analogy 👍🏻

OP posts:

Astro55 · 10/03/2017 08:06

Hi - the other thing is - if this was an illegal canavos farm - then the likely hood is the house will have debts against it and you may not get credit based on the property address - worth looking into!

Also if dealers live there - who's going to come knocking at 3am?

Lilypurple · 10/03/2017 08:13

Have you left the owners of the house without electricity?

Astro55 · 10/03/2017 08:15

I think the electrian did that!

Lilypurple · 10/03/2017 08:18

I've just caught up with this. Walk away Renee! Find something that doesn't need so much work as I think you need to gain some experience before taking on a big project like this.

SarahBernhardtFan · 10/03/2017 08:20

Debts are no longer registered against addresses, it is names.

unfortunateevents · 10/03/2017 08:22

OP, you have obviously made up your mind that you have offered too much for this property. You don't seem to want to listen to anybody who suggests that your initial offer should already have reflected the level of work required. If there are live wires out in the kitchen, it should have been perfectly obvious that the house would need rewiring. Even without that, it is very common to have to replace the electrics in a house of any age where you are going to be doing refurb work of any extent.

It makes no difference whether you persuade strangers on the internet that your offer was too high, you think it is, so go back and reduce your offer on the basis of the survey. If they say no, you can walk away and find another property.

SnowGlobes · 10/03/2017 08:45

unfortunate I don't think it's at all reasonable to expect the OP to have realised the extent of work required prior to her offer / that's why we get surveys. Even then surveys will only reveal so much ad when refurbi g you can often find hidden problems. smogo IF you like the location and it'll work for you then offer £105k or even £100k making it very plain that it's because of the extra work involved. That will also give you a bit of cash to remove their rubbish etc. If they refuse then walk away - it'll have to be re-marketed but that's their problem. It obviously hadn't been cared for so you really need to get a bargain rather than paying more & having the hassle of doing up. As a cash buyer you are in a great position. A bank may not give a mortgage as it sounds inhabitable therefore eliminating many potential purchasers. Stick to your guns. If you think £115k is too much you'll always believe that. You're in no rush so if they don't accept a lower offer then walk away - something else will come along. Good luck!!

SnowGlobes · 10/03/2017 08:50

OP - unfortunate' last paragraph is spot on. It's about what you believe it's worth and are willing to pay. But you may piss them off reducing your offer at a late stage. Was your offer 'subject to survey'? Also if you r seen the tick boxes regarding what will be left in the house I'm guessing you're a way down the solicitor route? About to exchange?

RebelandaStunner · 10/03/2017 09:08

I wouldn't bother. It sounds like a nightmare. You will probably end up spending double what you think. Save yourself a load of hassle and expense by going for something better when you're in a position to do so. You've got cash make it work for you.

specialsubject · 10/03/2017 13:25

Offer what it is worth to you, which is now less. Vendor takes or leaves.

Business, not charity or playground.

Astro55 · 10/03/2017 14:20

Debts are no longer registered against addresses, it is names

Unless it's a crack house -

SarahBernhardtFan · 10/03/2017 14:23

Oh, did you mean getting credit for cannabis?

Kiroro · 10/03/2017 14:27

I am prepared to walk away.

You are in a super strong position.

Go back with a revised offer, they can take it or leave it.

Original poster

Smogo35 · 10/03/2017 19:47

So what a nightmare this has turned into. I offered her 107000. She has lost the plot. Screamed and shouted at the estate agent.

The estate agent have told her if she doesnt accept my offer they are dropping her and she can sell her house elsewhere because they are not putting up with her behavioir anymore.

She was screaming and shouting at them long before I came along apparently.

OP posts:

PickAChew · 10/03/2017 20:35

I think you need to walk away. I can imagine her making your life a misery at every conceivable point.

RandomMess · 10/03/2017 20:40

I think run for the hills!

It may end up at auction tbh and you could pick it up for even less if it does. As a cash buyer perhaps you should consider going to auctions to buy tbh?

JoJoSM2 · 11/03/2017 00:59

I would suggest not buying the house for 107k either. You'll be completely out of pocket. Given the scope of work, there is no way it can get done for 20k unless you'll only buy materials and do all the work yourself. It sounds like a completely run down property that requires a full refurb. Given the end value of 125k, it should cost more than about 80k...

JoJoSM2 · 11/03/2017 00:59

*shouldn't

bbcessex · 11/03/2017 17:49

OP.. you are perfectly within you rights to ask for adjustment to price as a result of survey.

The EA was probably expecting it, as would most savvy vendors (although this vendor doesn't sound like she fits that category!).

You are a cash buyer. Your mortgage company would have also adjusted their valuation and your mortgage offer based on the results, If serious enough.

Those who say a house value is just what someone will pay (ie, an individual can go over market expected value) are not correct if a mortgage is needed.

Do not pay over the odds for a property that needs work. By the sounds of it, work evident right now is likely the tip of the iceberg.

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