FTB and put an offer on a house with some serious issues... Am I mad?

I'll be honest, if saw all that I would pull out of buying it immediately. At least until you have had professionals round (who don't only have an interest in their field of work). I full structural survery from a reputable firm is what it required. It is your first house and could turn out to be a nightmare. The price has dropped so much for a reason.
 
Nope, it can penetrates mortar, plaster and concrete.:eek:

I myself would walk away from that house, could end up a money pit.
 
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Nightglow said:
Nope, it can penetrates mortar, plaster and concrete.:eek:

I myself would walk away from that house, could end a money pit.
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Bugger. Ok, thanks for the advice. We are having the survey done some time this week so if that and a specialist inspection confirms my worries I will be walking away from the property. That will be disappointing because this was "the one", but I'm not going allow myself to lose my head over it. My search will have to begin again. There were a few other properties we "liked", so we might have to reconsider those places.
 
Captain Planet said:
Bugger. Ok, thanks for the advice. We are having the survey done some time this week so if that and a specialist inspection confirms my worries I will be walking away from the property. That will be disappointing because this was "the one", but I'm not going allow myself to lose my head over it. My search will have to begin again. There were a few other properties we "liked", so we might have to reconsider those places.
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You may see mild signs on the surface, like walls, skirtings, etc, a coat of of paint can hide many faults, but it's not until you start lifting floorboards,etc, & exploring deeper do you find the full extent of dry rot damage, & that can be extensive & expensive.
 
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I bought a house with similar problems just over a year ago. I hacked the whole ground floor off, had it replastered and new skirting. It's not cheap.

Definitely go with a full survey- it's not worth the risk to save a few hundred.

Get a builder to look at the walls with you. If possible get a damp course company to quote you, too.

The big expense is the replastering if you do go with a damp course...

If it's dry rot, avoid at all costs!
 
TBH, I am no expert but it looks like you might have to gut the entire insides of the ground floor and basically rebuild the internals, let alone sort out any kind of damp proof layers. Could also be structural issues if the rot is bad, e.g. It can effect concrete so the foundations might be gone.
 
Just out of interest - Have you been next door and asked them if they have same problem ??

If the party wall is damp free and it's just outside walls maybe the drive has something to do with it - is next doors drive lower then that one -

Either way as a long time home DIYer due to lack of funds to pay pro's I would certainly walk away knowing what I know now.

Dave
 
DXP55 said:
Just out of interest - Have you been next door and asked them if they have same problem ??

If the party wall is damp free and it's just outside walls maybe the drive has something to do with it - is next doors drive lower then that one -

Either way as a long time home DIYer due to lack of funds to pay pro's I would certainly walk away knowing what I know now.

Dave
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Good question. I went and knocked on their door but unfortunately they weren't home. I have a local builder as well as the survey going in soon.
 
So we are awaiting the results of the survey just now. However, we have been to look at a few other houses and have found another excellent option for us. We asked the EA if the vendor would take an offer and they have come back to us and said yes they accept that offer!!

Essentially I didn't make a formal offer, when I spoke to the EA I worded it "Would the vendor be willing to accept £X". And they have rang back and said yes that's accepted. So what to do now? Can I just go ahead and pull out of the 1st house? I assume that is fine as there have been no exchange of contracts. I know I will not get any survey costs back.

My mortgage broker is going to like this one!
 
Sounds like a very wise move. Yeah you can just call the first vendors EA and tell them you are pulling out. No need for any excuses you are perfectly within your rights.
 
Morals would be the only thing playing on my mind, but I guess you look for number one with the biggest purchase of your life. Thanks for the vote of confidence.
 
Captain Planet said:
Can I just go ahead and pull out of the 1st house? I assume that is fine as there have been no exchange of contracts. I know I will not get any survey costs back.

My mortgage broker is going to like this one!
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Of course you can, given the state of that first house i wouldn't walk away ide bloody well run!, nuts to morals, it's the biggest purchase of your life, don't taint the experience by buying a potential money pit as your first house.
 
There are no 'morals' in house buying, first house is a money pit,you seen a few issues, & as I said eariler, a coat of paint can hide my faults.
Forget it & go for the second one.
 
Captain Planet said:
Morals would be the only thing playing on my mind, but I guess you look for number one with the biggest purchase of your life. Thanks for the vote of confidence.
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I think you're perfectly within your rights to pull out - you can say that given the issues with the property and research on the subject you weren't willing to spend ££££ on surveys when the bank would be very unlikely to lend (which in all honesty I don't think they would be keen at best).
 
Obviously before the survey this is pure speculation, but given they accepted an offer 10k under the asking price, I'd be dubious that the vendor isn't entirely unaware of the cause of the damp and just wants rid. As the old adage goes, you cant polish a turd, but you can roll it in glitter! :)
In the grand scheme of things the decorative order of a property represents a small portion of its true value, as its all stuff that can be corrected in small manageable chunks. The bits underneath the glitter tend to be the bits that will make you wish you never bought it. Once you get a professional opinion, get some prices to put it right. You may well find that your offer was quite generous, when you find out how much it will cost to put it right.
 
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The mortgage company surveys may also provide info on this, depending on which survey you/they request.

This can be excellent bartering power with the seller (sad first hand experience here :( ).
 
Captain Planet said:
So we are awaiting the results of the survey just now. However, we have been to look at a few other houses and have found another excellent option for us. We asked the EA if the vendor would take an offer and they have come back to us and said yes they accept that offer!!

Essentially I didn't make a formal offer, when I spoke to the EA I worded it "Would the vendor be willing to accept £X". And they have rang back and said yes that's accepted. So what to do now? Can I just go ahead and pull out of the 1st house? I assume that is fine as there have been no exchange of contracts. I know I will not get any survey costs back.

My mortgage broker is going to like this one!
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Nothing stopping you pulling out of house 1 mate, if its not right for you (based on the history and potential issues) then just let the EA know.

Nothing is set in stone until keys are handed over. I had 4 people pull out of buying our house before we finally got it sold. In that time we had our offer on 2 houses gazumped and we ended up pulling out of house 3 due to house 4(our current house) being to good to let go. We still see the owner of 3 daily, and no bad feelings there, as long as your honest with yourself and doing what is best for you.
 
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