Part finished new house

Ellie279

We saw a small detached house in a nearby village that had been built on a plot of land by a builder. He has obviously run out of money and has stopped when the walls and roof are on.
It has been like that now for months, and he want 215K for it in a finished state. This is overpriced for the area it seems and it has been on the market months.
We asked the EA whether he would sell it in current state. He has said yes but he wants 175K for it and it is unmortgagable due to its unfinished state (no windows, doors, floors, electrics, plumbing, heating etc etc)
We have said no as we were thinking more 120K due to the amount of work, and the planning, building regs we would have to sort ourselves.
Are we being unreasonable?

SquatNow

yes you are. you are considering buying a property at the start of a crash.

The reasonable thing to do is wait 2 years and buy it for £60k as a repo at auction.

Doozergirl

The question isn't whether you're being unreasonable. If he doesn't want to sell at that price, you can't make him.

It's going to depend on how much needs spending on it - if he thinks it needs £40k spending on it then he's quite mistaken on his price. An unfinished new build is a bit of a niche market - and those buyers are probably going to be looking for their own degree of profit as your average buyer isn't really going to be capable and/or have the funds to cover it all in cash.

Planning has already been dealt with, one presumes. The costs for Building Regs should have already been covered.