Makes me want to give up- V stressful day!

minibbb

We're in the process of buying our first house- a small two bed Victorian Terrace. To buy the house we are selling my one bed flat. This went under offer in the first couple of days it was on the market to buyers with a large cash deposit wanting it as a BTL. I had my reservations about them and true to my suspicions they pulled out today due to a £change of heart".

If this wasn't bad enough we had the homebuyers survey today on the house which was less than complimentary!

We knew the property needed extensive damp work doing but in addition to this; rendering requires replacing on the firewall, an extra purlin is needed in the roof space and a new loft hatch creating to allow access to the roof space, drainage gullies needed to the front/back walls of the house due to ground levels, Chimney stacks need re-pointing, seal has gone on one of the UVPC windows, chimney breast may well be unsupported in the bathroom where the breast was removed from the room below.

This is all in addition to the full modernisation which we knew was required throughout including re-plastering, new electrics, bathroom, kitchen etc. We offered on the house with the work we knew would be required in mind- my opinion is that its too expensive if all the above also needs doing.

I'll show the report to my builder on Monday to see what he thinks. Im worried that we might be biting off more than we can chew and that the house will be a bottomless pit

Now don't really know what to do, am feeling somewhat deflated!

My flat is being re-marketed now so I suppose it all depends on whether we can find another buyer or not.

summerday

It is stressful isn't it! At least when builder has had a look you will have an idea of how much you'd need to spend and can make an informed decision.

I try to tell myself 'what's meant for me won't pass me by'. We had an offer rejected on a house that in hindsight was overpriced and we also discovered there are plans for building a huge estate at the end of the garden, meaning the end of the rural views we thought we were getting.

Hope things work out well for you.

minibbb

Thankyou for your encouraging reply and sorry for my late return to the thread- busy couple of days!

Well it turns out all may not be lost- my gf's parents may well buy my flat as a BTL for the same price it was under offer for (minus the estate agent's fees so I would end up with the same figure)

By doing this potentially we could still rent my flat for a few weeks whilst we complete the major works in the house!

I'll have my builder check the survey and knock up some quotes- my gut feeling is to reduce our offer on the house as theres a heck of a lot to do!

minibbb

Well....my builder has quoted for the extra work which came up in the survey and I have reduced my offer by 6K.

The valuation survey valued the house 10K below what we were paying for it but said it would be worth the price we were paying once we'd sorted out the damp/ wall ties etc. Therefore my 6k reduction actually seems pretty fair to me.

I have told the solicitor that the vendor can view the valuation and homebuyers report to see for themselves that there is a heck of a lot to be done other than what was already known. A previous sale fell through after survey so im sure they'll realise that any buyer will uncover all of these issues!

Waiting to hear now, hoping they are willing to negotiate otherwise we are prepared to walk away as the price is just too high given what needs doing. Fingers crossed!

prosaver

Hi, I would go for a reduction of 10k not 6..what happens if the builder has to charge you more.?
Go for 12 reduction ..say thats all you can afford and if they reject it ..contact them in a week and say ok how about 8k..its a buyers market ....your in charge

minibbb

prosaver wrote: »

Hi, I would go for a reduction of 10k not 6..what happens if the builder has to charge you more.?
Go for 12 reduction ..say thats all you can afford and if they reject it ..contact them in a week and say ok how about 8k..its a buyers market ....your in charge

Thankyou for your thoughts. I was tempted to go for more however I don't want to get the seller's back up too much- I know they fell out with the previous buyer over the price and I want to be fair with them. Its an older couple selling it as the wife is in bad health.

The house is a good price for the area its in and once all the works completed there should still be equity in it.

I'll stand firm over the offer we've submitted and tbh will be more than happy if they take it.

prosaver

Fair dues .......good luck