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A few months ago, I almost bought a house outside of London. The reason I withdrew the offer was that the survey said there had been cracks in the wall. This conclusion scared me.
Now I was informed that the house is still on the market and its price was reduced. I was supposed to buy it at £240,000, but now its asking price is only £235,000.
I find it tempting to come back, but at the same time, I still remember my initial instinct.
Aw shucks you could be a dallasite!! Now I don't know what would cause the settling(?) in a London home but in Dallas its expanding and contracting clay. Foundation issues are rampant. That being the case its almost impossible to find a home that has not had foundation issues. Here's how we faced it.
First off we had a home inspection (which you seem to have had) and then we also had a structural engineer come out and look at the place. He measured the floor incline etc and gave us an idea of what might be the future with this home. We were lucky in that the foundation had been fixed well a reasonable amount of time ago (since it had not shifted again we figured it was well done) and snapped up the house quickly. If the floor had issues we were going to get an estimate for work to fix it up and then look at that total price as the home's actual price. Also, if the home has issues you can show that to the owners and ask for a repair concession. that's how it works here anyway.
All of that being said is a drop in 5k really worth going with a home you are unsure about? Good luck
Well, if cliches hold any water, or are worth a grain a salt...
First instincts, impressions should answer your question. You'll always wonder if there is something wrong, or something is going to go wrong. You'll never sleep at night...
Keep walking and your gem will appear.
But, if the original price of the home was a fair market price, and the 5,000 off would fix the problem(s), would that settle your mind? Or would 10,000 off fix your woes?
Personally, I'd really have to love that house to get over the "what if".
A few months ago, I almost bought a house outside of London. The reason I withdrew the offer was that the survey said there had been cracks in the wall. This conclusion scared me.
Now I was informed that the house is still on the market and its price was reduced. I was supposed to buy it at £240,000, but now its asking price is only £235,000.
I find it tempting to come back, but at the same time, I still remember my initial instinct.
What would you do if you were in my situation?
It all depends on the situation. How old is the house? Is it vintage WWII? Cause many homes around London were damaged and successfully repaired during the blitz.
There are homes in Charleston, SC, that I would not hesitate to buy, even tho they have been damaged by earthquakes . . . and have poles that go through them to stabilize them! (I think some houses around London were repaired in much the same manner after WWII).
So if it is a situation like that . . . I would just have a structural engineer check the property out - if I loved it!
However, if this is a newer home . . . I would question the reasons for the cracking/shifting. I knew someone who bought a house on what was a landfill in the past . . . and the ground shifted . . . causing huge problems to the foundation.
You just have to find out what the conditions are that led to the problems w/ the house. Things can be mitigated - and sometimes - if style, location and price are enticing - those other things can be overcome.
GBP 5,000 isn't enough to make me think twice. I'm with Anifani: if you're on the fence about it, put the difference into a structural engineer who can tell you how significant the problems are.
Out of curiosity, where is the house? If it's somewhere north on the Picadilly line, I may help you lean towards purchase.
Mistaken - do come back and tell us what you have decided! I am very curious!
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