Horrific Homebuyer's Report - HELP.

davidmcn

AnotherJoe said:

Even so seems very high that  house worth 135 woudl cost 335 to demolish and rebuild.

Mid-terrace means potentially shoring up the houses on either side, access difficulties, etc.

Elizabeth12345

Thanks for your advice. The house wasn't originally put up for auction, it was a standard sale but after a couple of months it went to modern auction. We were told this was for a quick sale due to family members selling the property on somebody's behalf (presumably due to a death in the family) although obviously took that with a pinch of salt. Of course we knew there would be issues but just not to this extent. Although the cost of the house is cheaper than others on that road, it does not reflect the endless list of issues that are attached to it. Yes, I'm going to try to get in touch with the auctioneer and clarify the T&Cs. My mortgage advisor seemed hesitant as the surveyor had actually been in touch to emphasise the long list of work that needed doing to the property. I'm seriously hoping we can have the £6k refunded although know that this will be extremely unlikely  

Tooskint

Have you signed anything to say you have actually bought the house.  If not I would just walk away as you would be unlikely to get mortgage for that amount if so bad.  Also the bank's values will value much less probably

Elizabeth12345

sal_III said:

If you don't have the funds to resolve the issues and the loss of £6k is going to be devastating, why on earth did you go for an auctioned project house? What was the estimates you had for the repairs you noted BEFORE putting the £6k deposit? You did get some right? Or did you just blindly put a £6k deposit with no clue how much it will cost to fix the house?

My God the likes of "Homes under the hammer" have a lot to answer for, deluding people how good/easy it is to flip houses.

Sorry, I'll make it explicitly clear for you. The loss of £6,000 won't be welcomed with a smile - it would, as I imagine it would for most people, be upsetting. The estimates for the repairs that we noted were within budget. The survey has revealed undetected and unprecedented issues - nothing new there in the world of house-buying, but not ideal nevertheless. This was never a 'quick flip' - this was a home that we could work on over an extended period of time and LIVE in. To the eye, that looked completely feasible. The homebuyer's report suggests otherwise and that is the concern. Not that we can't fund any repairs, we absolutely can. But that the sheer amount of urgent repairs needed is at odds with the potential value of the house. This post asked for advice, not judgement. Hindsight is a fantastic thing - I'm sure you've benefitted from your wealth of knowledge and experience greatly. Either bestow it or take your judgement elsewhere, thanks. 

Elizabeth12345

Tooskint said:

Have you signed anything to say you have actually bought the house.  If not I would just walk away as you would be unlikely to get mortgage for that amount if so bad.  Also the bank's values will value much less probably

We haven't, no. But we have paid a £6k non-refundable fee which we would lose. It's looking likely that we will have to do that now. Thanks for your advice. 

Tooskint

In my opinion 6 k is better to be lost than starting all the work.  These houses can  just be money pits and do you need the stress.  You also got to think why did a developer not buy it.  Probably as not going to be a quick turnaround to resale.

jimbog

lincroft1710 said:

It would be unusual for an inner terrace property built in 1910 to have a cavity wall.

This ^^^
Seems to me the surveyor was doing a lot of copying and pasting

Skiddaw1

I suppose it really does depend on how much you want the house and how long you intend to stay there. If you went ahead you could use your existing budget for the highest priority items and have a 'B' list to tackle afterwards. What are your DIY skills like? Are you in a position where you could call in any favours from DIY skilled friends or family? You know the sort of thing.

If it is a house you really love perhaps it's worth biting the bullet and turning it into your dream house.

Bossypants

If you have some money to spend on it, now is the time to have a long hard think about 1) how much you love this house (you need to REALLY love it); 2) how long to intend to stay in it; and 3) how much of that time you can stand to be living in a building site. Then get a builder round and find out what needs to be done just to make it safe (even if that means propping parts up on those metal jack things until you have the money to get the work done in full), then decide if you feel you can proceed. If you go ahead, you'll need to think of it as a labour of love and be willing to commit to the money, time and discomfort it'll take.

Elizabeth12345

Bossypants said:

If you have some money to spend on it, now is the time to have a long hard think about 1) how much you love this house (you need to REALLY love it); 2) how long to intend to stay in it; and 3) how much of that time you can stand to be living in a building site. Then get a builder round and find out what needs to be done just to make it safe (even if that means propping parts up on those metal jack things until you have the money to get the work done in full), then decide if you feel you can proceed. If you go ahead, you'll need to think of it as a labour of love and be willing to commit to the money, time and discomfort it'll take.

Thank you - I appreciate you taking the time to advise.