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So close yet so far

Parlaphone · 2023-08-02 18:54:35

Offer accepted on a house at 99,950 Bank agreed credit and inspected property Searchs complete RICS level 2 survey states offer £89,000 and the property needs £187,000 in repairs. Surely I could purchase a new house for that price. I know it sounds straightforward to walk away but is it worth exploring other options?

Options

Comments

warwick2001 Posts: 371 Forumite

4 August 2023 at 9:58AM edited 4 August 2023 at 9:58AM

Parlaphone said:

It turns out I misunderstood the report. The £187,000 is to purchase the house in full.

Don't quite understand this.

House is being bought at £99,950. Surveyor reckons you should pay £89k. So where does the £187k come into it?

Is that the rebuild cost for insurance purposes? Is it what the house would be worth it you repaired everything?

Seems a bit odd that if you buy for £100k, do approx. £30k repair/improvement cost (rough guess given the survey repair recommendations), the house would then be worth £187k..... Great business if that is the case, buy it now!!

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