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Renegotiating offer to developers after survey valuation

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Dawn248
Dawn248 Posts: 111 Forumite
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in House buying, renting & selling
I'm buying a flat with my divorce settlement and have just got the survey back. The valuation is 10k less than what I offered and I want to renegotiate.

There are no serious issues raised in the survey but many minor points such as finishing/making good but also the windows being apparently poor quality.

The surveyor has said the limited natural light in parts of the flat and location on a busy road may deter some buyers. I intend to get back into work so I can get a mortgage and sell in about five years and move into somewhere nicer, so re-sell value is important.

It's my fault I offered too much initially and, as this is a developer rather than a vendor, I'm nervous about approaching the estate agent to reduce my offer. Should I put all the points about finishing/making good in an email along with the surveyor's valuation and take it from there? My daughters want to be settled (we're renting at the moment) and it's near my youngest girl's school so I don't want to lose the flat but really want to pay at least 5k less.

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  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    Don't bother writing a massive email with reasons.

    "Hi, the survey has come back with the valuation of £10k less than the original offer and therefore I am reducing my offer to match the valuation of £x. I have attached a copy of the relevant parts of the valuation."

    Bit in italics you could choose to take out but it would be useful for negotiation (as otherwise they would just be taking your word). Just provide them with the summary sheet of the valuation being £10k less. Follow up with a phone call.
  • Dawn248
    Dawn248 Posts: 111 Forumite
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    Thanks for your post. Would you email now and call later today or give them a day to speak to the developers and call tomorrow? Just extremely nervous doing this on my own.
    Also should I inform my solicitor about my reduced offer or wait to see what the Estate Agent comes back with?
  • Lokolo
    Lokolo Posts: 20,861 Forumite
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    I would send an email then follow up a few hours later just to confirm they received the email. I wouldn't expect a response from the developer until a day or two after.
  • ReadingTim
    ReadingTim Posts: 3,970 Forumite
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    You can ask, but should probably consider what to do if/when they say no; for example the location of the property on a busy road potentially deterring some buyers is not really the developer's problem, so I doubt they'll be too keen to take a hit on that.
  • eddddy
    eddddy Posts: 16,445 Forumite
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    Just to add...

    Don't expect them to just agree to your reduced offer.

    Their first response will almost certainly be that the valuer is being unrealistic.

    You'll need to stand firm. Realistically, they will only accept your lower offer eventually, if they genuinely believe that you will walk away if they don't.

    Even then, if they think they can find another buyer who will pay the extra £10k, they'll dump you and go with a different buyer.


    It's all part of the game of negotiating and buying property!!
  • Dawn248
    Dawn248 Posts: 111 Forumite
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    Yes it's scary but I'd hope to get at least a 5K reduction. Just not sure if them being developers rather than a private vendor makes them more/less likely to accept. Other flats in the building are still waiting for buyers. I suppose it all depends how quickly they want to be rid of the building-it's not even finished yet!
  • jbainbridge
    jbainbridge Posts: 2,014 Forumite
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    If you would settle for 5k off ... ask for 10k - you might get it! Failing that say you'll meet them half way!
  • Dawn248
    Dawn248 Posts: 111 Forumite
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    Well, I bit the bullet and emailed them with the lower offer....scary stuff!
    Expect to get a very chilly response from the Estate Agents but looking at property prices today they have definitely dropped and there are tonnes of flats online at a lower price so hopefully it will be accepted. If not I think I'll consider going elsewhere.
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