Bad Homebuyers Report - Help!!!

kiwichick

Hiya,

Can anyone help me please? My husband and I have offered on a 1950's 3 bed semi which was on the market at £188500, they have accepted £185000. The internal decor is fab and the garden is big but we have just had our homebuyers report come in the post and it has highlighted concerns for me. There is evidence of wood beetle infestation in the loft which appears historic but may have spread. The roof needs a complete overhaul as there are broken/missing tiles, extensive moss growth, bad drainage etc. We need to add sub floor and loft ventilation as there is none and so may be rot in there. There has been an extension made to the kitchen but it is single skin and may be liable to damp, they also have not provided loft access to the extention and so that could be hiding some defect. Walls have been removed but there is no evidence of supports having been provided, likewise a chimney stack has been removed with no evidence of support. I just dont know where to go with the amount we have offered! We do really want the house as it is in the area with the best schools and suits us down to the ground. I have arranged for a local builder to go and inspect everything before revising the offer. Has anyone else found themselves in a similar situation, any advice?!?!?

We are desparate!
Thanks,
Al.

Jay1b

If in doubt walk away... its a buyers market.

LouLouHelen

I am having the exact same problem. My homebuyers uncovered a porch without lintels, electrics that need a total rewire.

I really love the house we have offered on and the area but I am not able to pay the same amount as originally offered as there is a lot more UNEXPECTED work to do due to what the valuer found.

Do you think your vendor new the problems and was just hoping these wouldn't be found or do you think they priced it allowing for these issues. This makes a difference to what you do next. I think my vendor wanted fast money as cut corners!!

Get specialists to quote, write a letter to vendor via estate agents with the quotes and extracts from valuation report and ask for help in the matter.

GOOD LUCK!

Doozergirl

There's a lot of work that has to be done there. Structural problems like unsupported chimney breasts are dangerous and the roof, if not fixed will start to cause other problems like damp. Adding a second skin to the extention will impact on the size of the room - we have a small area in our house which was to be the utility. By the time the single skin problem was rectified, there was enough space for a fridge!

The best you can do is get a copy of your homebuyers report to the vendor, having highlighted your mojor issues with a bright pen. Tell them you are getting quotes for work and will be reducing your offer accordingly. Have they lived there long? If they have, hopefully they'll have seen enough of an increase in value to give you a hefty discount (which you will need in order to get the work done!)

Please remember that a home that may not be decorated to your taste but is structurally sound, will cause you less trouble and will probably be better value for money than (to use my favourite meanmachine phrase) one done up like an 'old trollop' :rotfl:

Good luck with your negotiations!

kiwichick

Thanks to all who have replied to me here. I have today sent a copy of the report to our solicitors and asked them to check on planning consent etc for wall removals and chimney removal. We have also instructed a local builder to go and inspect and quote on everything that needs doing immediately or work which needs doing structurally. Cosmetics we live with dont we but I cant have my kids in an unsafe home.

Will let you know how we get on.
Al.

Conrad

ahmilligan wrote:

Thanks to all who have replied to me here. I have today sent a copy of the report to our solicitors and asked them to check on planning consent etc for wall removals and chimney removal. We have also instructed a local builder to go and inspect and quote on everything that needs doing immediately or work which needs doing structurally. Cosmetics we live with dont we but I cant have my kids in an unsafe home.

Will let you know how we get on.
Al.

Dont be too surprised if the vendors decline to reduce price / make repairs.
Many people are selfish and ignorant so wont play ball. They may consider the price achieved to be reasonable regardless of any works required.

Just like drivers, everyone thinks they know best and can do no wrong and can only see thier own point of view, so be prepared to walk away.

On the other hand you must consider your own response in terms of value for money. If the house is fair - value then it might be the case that even with the works required its worth sticking to the original price agreed.

WSO

When we got our homebuyers report the value it was given in it's current state was £4,500 less than we offered (about 5% of the offer price) - we knew the seller wanted a quick sale so went to their estate agent and gave them a copy of the report. Since the bank would not release the full offer price, we got the price down to the value on the report without too much resistance.

If you have a recommended value on your homebuyers report, I would use that as a guide since it will take into account any work that needs to be done to bring it up to standard.

Surveyor reckoned there was £6,000 worth of work needed in our case and was very helpful when the bank referred back to him after it was discovered that some underpinning work done without the necessary paperwork 10 years earlier (the underpinning did not feature in the report since you can't see it).

We were so close to completing and were bitterly disappointed when the surveyor told the bank he would not have approved the sale if he had known about the underpinning from the start but now we really couldn't thank him enough!

Both our surveyor and our conveyancer saved us from making an expensive mistake buy bringing our feet back on the ground when we got too emotionally attached to the original property we went for... we repaid the favour by keeping them to buy the place we have now (which is better and was cheaper than the offer on the first one).

I know its hard, but don't let your heart rule your head (easier if someone takes the decision out of your hands like they did with us)! If you make a mistake now, you may have to live with it for a long time to come...

LouLouHelen

That is really good advice websiteowner - I have taken this on board as I am in a similar position. :T

Glad to hear your situation had a happy ending! :j

Baron_Samedi_2

I have bought two houses in my life and have chosen a full structural survey as the reports ALWAYS find flaws, minor or major, which can result in you getting the £600 back that the report cost you in the first instance. My last report highlighted around £10,000 - £12,000 worth of issues.

I wrote a letter to the estate agent listing every flaw found (around 25) ..... then discounted all but one of them. I explained that whilst accepting all the other issues as my risk, the 'problem one' (flat roof extension) could not be discounted and I would be seeking a £3,500 discount on the asking price. Estate agent thought I was a 'very reasonable bloke' considering!

I do understand that this is a pretty difficult situation to be in. On one hand your heart is ruling your thoughts desperately wanting the house. On the other hand is your common sense dealing with all the issues. Issues to consider if I may:

1. Is the house worth its currently value with the work req'd? (I guess no)
2. How easy would it be to re-sell quickly - would you get the same return?
3. Who else would be able to buy this house in its current condition?

Do not be bullied or pressured by estate agents. Commission is their game.

The chimney stack should be of grave concern. May I suggest that if you a really keen on this house to go for a full structural survey. Spending an extra £600 on a £185000 house is a lot of money, but could save your heartache and misery later on. Would you buy a car from a main dealer without FSH?

Good luck Al!

kiwichick

Wow, thanks everyone for your support. I'm a newbie to this site and wasn't expecting it to be so great! My husband is out viewing another house today which is a bit hard to accept but like so many of you say - I can't let my heart rule my head. Am reserving judgement until we get the survey back from the builder who is going in, should be next week some time. Will let you know the outcome...............................!

kiwichick

PHEW..................after a very long week we have had a report back from the building inspectors .re.our house purchase. They say that none of the things mentioned in the survey are in urgent need of repair, the wood beetle is long gone :j :j :j

All we are waiting on now is the paperwork from thecouncil with regard to the planningpermission. With any luch that will come back good too.

We are waiting and hoping.

Al.