Woodworm, Damp and and Dry Rot

Clairebw

We are presently selling a property following the death of a relative.
The property is in very bad state of repair and was priced and marketed as such. It is in a very desireable area and there was considerable interest which led to a sealed bid process.
We accepted the highest offer
The buyers have now had their survey and are looking to negotiate as it has been valued under their offer price.
WE are sticking to our guns but would be prepared to negatiate if there was a genuine problem over and above what was visible.
The suvey suggested that there 'might' be woodworm, damp and dry rot and that they should get this checked professionally.
They have asked us to drop the price if they complete without having any further survey done - on basis that they will be taking a risk.
We would prefer to have a wood company in to give us an appraisal, but with Xmas etc this will hold things up and they are very keen to get in.

So, my question...
Does anyone have any rough idea of what remedial work costs for thsi type of thing. It's an Edwardian 3 bed terraced house with a small cellar.

I have phoned a few companies but they all want to come and see before they'll give me any info - for a fee of course!!

Thanks in advance if anyone has had any experience of this. We just need an idea of where we should start negotiating! They started with a drop of £50k :rolleyes:

onestep

In my humble experience, most surveyors try and cover themselves and say that there 'might' be rot, damp, etc - it's so they don't get sued if there really is. The survey for our present house said the same - and 5 years on we're in the house, and there is no sign of any damp or rot. Treating damp, and rot will not cost 50K in any case - tell the buyers to take a jump!

HTH

onestep

Doozergirl

If their survey undervalues then it's possible that they can't afford to buy at the agreed price, if they have a mortgage, or they will use that valuation to their advantage.

We reniovated a huge 6 bedroom Edwardian property which was riddled with dry rot. It cost about £9,000 to the Damp & timber man and I can't really quantify the subsequent replastering etc. The plaster would have had to be done anyway, to be honest.

Where are you? £50k is a lot to try and knock of a 3 bed terrace in my part of the world!

Do you think their original offer was reasonable? What were the others you got - were they close? (I'm trying to establish whether they are paying the right price - maybe they are the kind that think houses only need a lick of paint and a new kitchen!?)

dougk_2

Personally I would go pack and say you have adeal if you take the last "0" off the price drop!
50k for damp etc is a joke. How many EA's did you get to value the property - were the figures that different?

Kaminari_2

I would just go for the second highest bidder. Can you do that?

matto

Clairebw wrote:

They have asked us to drop the price if they complete without having any further survey done - on basis that they will be taking a risk.

Seems to me they are asking you to take the risk. I'm sure they could easily get the problems remedied for much less than the kind of discount they are seeking.

I'm guessing the property has not been lived in for a while and/or there's no central heating. As a result it is likely there will be evidence of damp. The lack of a good damp proof membrane (it's probably slate) tends not to be major problem if the house is sufficiently heated and ventilated.

Woodworm is only very rarely a problem. Flight holes tend to be indicative of wood that had woodworm before it was cut down - they like soft damp living wood.

Dry rot is the major problem IF it is confirmed.

If you're not in a particular hurry to sell then tell them to get a further professional survey done.

benood

I agree with Kaminari - they are trying it on - they fear they have overbid on sealed bids, if you act tough they'll soon fall into line assuming the area is desirable - I've heard that places needing work almost get a premium at the moment as the buyer can get them just right for their own needs.

clutton_2

if you are in a hurry to sell, why not approach an auction house nearby and see what their view is on the price of your property.

Clairebw

Thanks for that and yes, I'm sure you are absolutely right. The paragraph in the report was so unspecific!