Selling Dilemma

lissadenton

We are selling an old property with problems and have priced it accordingly-in fact we have reduced it now by about 15k

It's had a lot of interest-it's in a very desirable area.

several people have had a survey then pulled out.

However we have accepted an offer -and the purchasers have had two surveys-now they want to bring in an expert to raise the floorboards to look at joists.

We just find it all so depressing-like we are just being bulldozed along.

A house in the same street went for 28k more than ours-so we feel that the amount we have reduced ours by would pay for what's needed to bring it up to scratch.

Or am I missing the point.

We are now faced with the decision that if we don't allow the expert to take up the laminate floors and tiles in 4 rooms we could lose the sale.

We want to help this young couple -they probably have spent in excess of £500 on two surveys-so they are serious-but if as a result of the expert's-they walk away-we will be left with 4 floors all wrecked-how on earth will we attract another buyer with a house looking like that.

as a compromise I have said that they can take up floorboards in the 3 carpeted rooms. Am I being unreasonable?

Have other people had experience of this sort of damage to their property when selling.

When other surveys have been completed we have come home to wallpaper torn from the walls-that's why we are worried

go_cat

What did the first survey raise that caused the first buyer to pull out?

lissadenton

not sure-as you don't get to see it-plus it was an elderly lady who was being co-erced into moving to a single storey home by her sons.

the poor old dear was expected to stay there while the work gets done-impossible.

Although it's perfectly habitable-it needs money spending on it to bring it up to date-new electrics, central heating, damp proof

go_cat

They will be having these surveys no doubt to work out the extent of work it needs and how much it will cost

Then you will probably be asked to reduce it some more to accomodate this cost

Its unfortunately the pitfalls of selling older property, another may have sold for £28k more but you need to forget that as it may not have needed the work

a house is only worth as much as anyone will pay for it

the owners of the house we are buying are going through just this with their purchase have already had one price reduction and now more surveys to see how much repairs will be and no doubt be after more money off

lissadenton

sorry-I think I confused you there. The one for 28k more was all refurbished-and you could just walk in.

That's why I thought (maybe naively) that you sold your property at a reduced price to allow for work to be done.

These houses when done up are really lovely-we just don't have the money to do that-so felt it was priced accordingly.

I know-it's a dog eat dog world-basically I suppose I am asking-would you allow your floors to be ripped up-on the chance of a sale knowing that if it falls through-you are left with a mess?

getmore4less

If you don't have a clue to the extent of the work needed then you will have to let someone else find out.

The big question in any potential buyers mind is why have you not fixed the place up yourselves.



Don't know why inexperienced buyers go down this route cost mount and they get scared.

What you need is a buyer that know what they are doing with a fixer upper.

eddddy

I think it would be reasonable to say to your prospective buyers that they must pay the cost of re-instating the laminate floor and tiles, whatever the outcome of the survey. TBH if I was a prospective buyer, I would assume that I would have to cover that cost. (But different people have different assumptions.)

Hopefully, this might lead to a compromise of maybe lifting floorboards in just one or two rooms.

lissadenton

getmore4less wrote: »

If you don't have a clue to the extent of the work needed then you will have to let someone else find out.

The big question in any potential buyers mind is why have you not fixed the place up yourselves.



Don't know why inexperienced buyers go down this route cost mount and they get scared.

What you need is a buyer that know what they are doing with a fixer upper.

I think they have builders in the family-or at least like you say a fixer upper.

I did think about asking them to pay for any damage -just seems a bit mean

Trollfever

Spambump.....

eddddy

lissadenton wrote: »

When other surveys have been completed we have come home to wallpaper torn from the walls-that's why we are worried

Hi lissadenton

Just re-read your first post. I can't believe that any professional surveyor would tear wallpaper off your walls without your explicit permission, probably in writing.

Are you sure that they were 'real' surveyors - not just somebody's friend/family who is a builder?

I would be seeking damages from the "surveyor".

lissadenton wrote: »

I did think about asking them to pay for any damage -just seems a bit mean

Ummm... are you sure you're not letting prospective purchasers (and their "surveyors") walk all over you? I know it's a buyers market, but I haven't heard of many sellers prepared to allow prospective buyers trash their homes whilst they decide whether or not they want to buy.

property.advert

Please understand this simple fact.

If your house requires £35k of work doing to it, then I will want perhaps £70k off the full market value once done. Why so much ? because the first £35k is needed for works and the other £35k is financing costs, potential overruns and some profit for me for undertaking the work when I could have paid full price and got the house next door where the owners had fixed it all up.

You obviously don't like the solution, which is to fix it yourself and then sell it for full market value.