Survey on a repo not mortgageable

chocomonsta

ok, so re the higher offer....do we just wait and see if they do go ahead or pay for an structural survey and possibly lose money if other offer is accepted.

How do we know if other offer is genuine, as in they have mortgage or cash in place, we are in a good position as no chain, 20% deposit and want to move fast.

from what i can see the house is livable, has no kitchen! but that's not a problem has a cooker but no worktops or units !

m_13

We had a full structural survey on the property we are buying and it was full of doom and gloom about possible subsidence and slip/heave because the vendor has chopped down some large trees in an area with medium risk of subsidence. There is one crack in a chimney breast. We paid for a structural engineers report and there is no subsidence nor slip/heave and he believes the removal of the trees will cause no ongoing problems but recommends putting a french drain along the garden to help with drainage. The cracked chimney is from an earthquake some years ago and is not moving.

We were told that the house was unmortgageable though before we viewed it and proceeded on that basis. The previous sale failed because the buyers couldn't get a mortgage on it, not even a commercil one. However, we couldn't afford to buy it if it was subsiding or sliding down the hill.

I'm not sure how you getting a structural survey would help somebody else buy it. It would be for you?

Thrugelmir

chocomonsta wrote: »

ok, so re the higher offer....do we just wait and see if they do go ahead or pay for an structural survey and possibly lose money if other offer is accepted.

It's a repo so you are in a contract race. First past the post wins.

chocomonsta

m_13 wrote: »

We had a full structural survey on the property we are buying and it was full of doom and gloom about possible subsidence and slip/heave because the vendor has chopped down some large trees in an area with medium risk of subsidence. There is one crack in a chimney breast. We paid for a structural engineers report and there is no subsidence nor slip/heave and he believes the removal of the trees will cause no ongoing problems but recommends putting a french drain along the garden to help with drainage. The cracked chimney is from an earthquake some years ago and is not moving.

We were told that the house was unmortgageable though before we viewed it and proceeded on that basis. The previous sale failed because the buyers couldn't get a mortgage on it, not even a commercil one. However, we couldn't afford to buy it if it was subsiding or sliding down the hill.

I'm not sure how you getting a structural survey would help somebody else buy it. It would be for you?

I mean we will have paid to have structural report but someone might come in with a higher offer and we lose out on paying for SR. We could actually pay for it in cash..............then we wouldnt need a survey but would we then offer lower.......o my decisions decisions :eek:

Yorkie1

Don't be stupid and buy without the benefit of a structural survey, given that the flag of possible subsidence has been raised. Worst case scenario is that your cash will have gone and you'll have an unsellable property on your hands, with no insurance paying out to assist with the remedy because you were on notice before you bought / insured.

Buying a repo is a risk, as thrugelmir has said.

Annie1960

chocomonsta wrote: »

ok, so re the higher offer....do we just wait and see if they do go ahead or pay for an structural survey and possibly lose money if other offer is accepted.

Ask the to take the property off the market if they have accepted your offer, and don't spend any money on it until they have agreed to this and you have a Memorandum of Sale in your hands.

EDIT: Just remembered it's a repo, so the normal rules don't apply