The house I'm buying has dropped 10k value

AGA

Do you know how I can find that out?

The house was inherited from an older lady to her daughter when she passed.
After a few years of living there, the daughter remortgaged and that company went bust, so a larger company bought the debt and her interest rates increased.
In turn she couldn't afford and missed 1/2 payments and was evicted.
This had been her family home for years.

It was put on the market around June but the people who are making the offers, have been let down or it's fell through.

The company that bought the debt, bought around 20 properties in a portfolio and this is the last property to sell.

When I search sold prices, it's only coming up what if was bought for when the lady remortgaged. And the home report is showing the cost of the 20 something properties together so it's not clear what they'd paid for this specific house.

AGA

Yes the power had cut out as it's pay as you go.
Yes it is being sold from the company who repossessed I'm sure.

At least I think.

AGA

Do you know how I can go about getting a survey if I don't own the property.

davidmcn

Firstly, it's helpful if you use the "Quote" button so we know whose post you're replying to.

AGA wrote: »

Yes it is being sold from the company who repossessed I'm sure.

Right, so not "a repossessed house and bought by a company". It's being sold by the lender who has repossessed it.

AGA wrote: »

Do you know how I can go about getting a survey if I don't own the property.

You instruct a surveyor and the surveyor arranges access through the estate agent. Though you might want to agree a price in principle before spending more money.

I suggest you discuss with your solicitor.

DottieDam

Something similar happened when we got a refreshed Home Report, the house we bought had been empty for 18 months. First Home Report was done in May, second in November year later. Unsurprisingly they found damp in the second and not the first (just after someone was living in it). Our attitude was we were buying a Victorian property in Scotland that hasn't had heating on or people in it for over a year, of course there is damp.

Our offer was actually much below valuation so this didn't impact us but you have every reason to reduce your offer. Especially if you need a mortgage.

Crashy_Time

davidmcn wrote: »

Are you sure about this (despite it not being on the market recently, the apparent lack of any refurbishment and the power being off), and that it's not currently being marketed by the lender who has repossessed?

In any event, if the seller's own home report has downvalued the property, it's difficult for them to argue that your offer shouldn't reflect that.

Exactly :rotfl: