Historic subsidence, should we buy?

Christabel

We are thinking of buying a house at auction with a view to doing it up and selling it on but have been told that there has been historic subsidence at the property so it is a cash buy only. We haven't yet viewed the house and don't know any more details. If we buy it what steps should we take to sort out the historic subsidence problem so that the house is acceptable to building societies please? Is it more trouble than its worth do you think? Your views would be appreciated. We are new to this but feel we are getting so little return from our savings that we must look elsewhere.

movilogo

I understand that you are trying to improve it and sell it for a profit. But keep in mind that buyers may not get a mortgage on it.

Talc1234

Auctions are for properties that are difficult to shift through normal channels because they are unmortagable. A worthwhile punt for someone in the building trade or has the experience (and the cash) but not for you if you are needing to ask the questions you have asked.

If you were to bid then a full structural survey will give you an idea of what needs to be done and costs involved but blowing £100's on a survey for a property you might not win takes a strong stomach.

There are bargains to be found a lot less risky than the one you are looking at. Suggest you try something less problematic

Christabel

We'll keep looking, thanks for taking the trouble to advise me.

kingstreet

It's not necessarily unmortgageable because of the subsidence. It may be uninsurable. It would be cheaper/free to contact your potential insurers and see if they want to take the risk, before you make any commitment to spend money.

Surveyor and insurer view will probably determine the future saleability, or lack thereof, so do the one that will cost you least at the outset...