Buying Repo - house flooded due to burst pipe

besonders1

Is it worth buying a repo house that had a burst water pipe in the loft and has gone unnoticed for 3-4 months? Does anyone know how much it will cost to dry out the whole house as it now has damp on the floor boards, walls and ceilings. It is a shame as it has a new kitchen and bathroom and central heating in but the units are in need of renewal as the water has destroyed the kitchen completely.

The estate agent never told me about the flood (very secretive lady and evasive when asking questions) but when I knocked on the next door neighbour's house, she told me that water was leaking from the front door of the house continuously for 4 months and the council would not do anything about it. I want to know how much I should take off my offer to cover this cost as the house completely smells and has been empty for one year due to it being overvalued.

EliteHeat

What, you made an offer without seeing the property or you didn't notice the damage?

sooz

besonders1 wrote: »

I want to know how much I should take off my offer to cover this cost as the house completely smells and has been empty for one year due to it being overvalued.

£2 million

OR

£3.50

How should we know
What did you offer in the first place? How much was the asking price? What are the asking prices of non-repo, non-damp houses in the area?

Did you view the house before making an offer? Why not view again with a builder, to see what he estimates it will cost to put right, and take that figure off your offer?

poppysarah

It's probably a lot more work than another one that hasn't been flooded and left.

You need a builder to give you an idea of how much it'll cost.
How much did you offer?

Jorgan_2

Are you sure its burst pipe in the loft? Every repo I have dealt with has been drained down to prevent this type of thing happening. Have you checked the roof to see if there are any problems there?

With regards to value, unless it was very cheep I would probably walk away, your are going to be looking at replastering, renewing floorbaords etc. Have the electrics been damaged?

silvercar

check the water meter.

DKLS

I recently had a burst pipe that was undetected for 5-6 hours, so far the costs have come to 9K.

God only knows the costs would be after 3-4 months.

mlz1413

I don't understand either, did you put in an offer on a repo house and then months later go back to see it because the EA won't talk to you?

When was the last (or first) time you were inside the house?
Has your offer been accepted by the mortgage co?
If house has been empty a year and has had a water leak for months who is responsible for house? Surely if repo then mortgage co are responsible, or their ins co maybe?

IMO if I don't have an offer put in that has been accepted then I'd walk away, empty property with water damage sounds like a really bad buy short of it being 10% of current market value.

If you have an offer put in that has been accepted I'd be withdrawing it ASAP. As other have said a builder will give you an idea of costs, but there is far too much choice at the minute to be buying the worst on offer.

besonders1

hi thanks for the replies, the asking price is £65,000 for a 3 bed ex council house (average price in the north of england which in not a too affluent area). I have not made an offer yet, just curious in case I make an offer and find out it will cost thousands to fix the damp problem. I am annoyed that I was not told the truth though about how long the water was leaking as I think the damage to the structure of the house would be severe but it could still be a bargain if it would not cost a lot to fix. All the carpets, curtains and furniture have been removed from the house so that would not be included in the costs. I think i'll just play it safe and make a silly low offer and see how I get on. I was hoping that there would be someone on here that has had a flood over Christmas or on holiday and know what the costs would be.

besonders1

I recently had a burst pipe that was undetected for 5-6 hours, so far the costs have come to 9K.

God only knows the costs would be after 3-4 months.

Sorry missed that posting, I suppose you could be right. It definitely was a burst pipe not the roof, the neighbour said that clean water was pouring out of the door none stop

Jorgan_2

mlz1413 wrote: »

If house has been empty a year and has had a water leak for months who is responsible for house? Surely if repo then mortgage co are responsible, or their ins co maybe?

We have to inspect them every 7 days for insurance purposes, so the mortgage company or their insurance should be looking at sorting the problem.