House valued at less than offered...

Sonofa

Moldy wrote: »

Sonofa, roof needs completely re-covering, basic 2 side shape eg. /\

total re-wire, chemical injection damp proofing and re-plastering around 3 walls.

My concern is that the vendor might agree to £7k off but it might still cost more than that to repair it. Any advice re: prices would be great!

Rob

Get quotes is all I can advise. We had to do the same with our house when we were buying it. Fortunately ours had, had the roof done and my dad was an electrician. Wife's dad was a builder, did the damp course myself. Hire the injection machine and buy the fluid from HSS or similar. You can save a lot this way and by doing the donkey work yourself.

Joyful

My roof for a semi in Scotland is costing £10000. The quotes ranged from £9000 to £23000 so if you have been advised only £3000 I would get some quotes.

bluejake

Sonofa wrote: »

Not a seller, just Karma

Idiotic reasons for posting "advice" are not helpful on a money saving site. People are asking for advice on how to save money.

Original poster: You have offered way too much. We are in the midst of the biggest property crash in history. The property is highly likely to be worth a lot less than £105k in 6 months or 12 months time.

You should certainly ask for at least the £7k off.

Ignore the idiots who post about what is "fair" and other nonsense. They are people who are so motivated by their own self interest that they cannot help themselves offering a complete stranger duff advice. Regardless of the consequences for you. Very selfish people, just a rotten thing to do to people who may be young and inexperienced and may have to live with the consequences of their decisions for decades to come.
They had better hope there is no Karma.

Remember you are not trying to make friends you are trying to get the best deal you possibly can for your money. Bargain hard - the direction house prices are heading means you can and you need to - and don't be afraid to walk away. You'll get more bang for your buck in 6 or 12 months time.

socrates

bluejake wrote: »

Idiotic reasons for posting "advice" are not helpful on a money saving site. People are asking for advice on how to save money.

Original poster: You have offered way too much. We are in the midst of the biggest property crash in history. The property is highly likely to be worth a lot less than £105k in 6 months or 12 months time.

You should certainly ask for at least the £7k off.

Ignore the idiots who post about what is "fair" and other nonsense. They are people who are so motivated by their own self interest that they cannot help themselves offering a complete stranger duff advice. Regardless of the consequences for you. Very selfish people, just a rotten thing to do to people who may be young and inexperienced and may have to live with the consequences of their decisions for decades to come.
They had better hope there is no Karma.

Remember you are not trying to make friends you are trying to get the best deal you possibly can for your money. Bargain hard - the direction house prices are heading means you can and you need to - and don't be afraid to walk away. You'll get more bang for your buck in 6 or 12 months time.

Agree with what you say BUT not with the way you have said it.

Sonofa

bluejake wrote: »

Idiotic reasons for posting "advice" are not helpful on a money saving site. People are asking for advice on how to save money.

Original poster: You have offered way too much. We are in the midst of the biggest property crash in history. The property is highly likely to be worth a lot less than £105k in 6 months or 12 months time.

You should certainly ask for at least the £7k off.

Ignore the idiots who post about what is "fair" and other nonsense. They are people who are so motivated by their own self interest that they cannot help themselves offering a complete stranger duff advice. Regardless of the consequences for you. Very selfish people, just a rotten thing to do to people who may be young and inexperienced and may have to live with the consequences of their decisions for decades to come.
They had better hope there is no Karma.

Remember you are not trying to make friends you are trying to get the best deal you possibly can for your money. Bargain hard - the direction house prices are heading means you can and you need to - and don't be afraid to walk away. You'll get more bang for your buck in 6 or 12 months time.

Hello '!!!!!!'

Perhaps if you read more of my posts you would realise that I'm not some trippy hippy spouting love n peace but have actually posted some advice/experience which may be of assistance to the OP. This site isn't just about how cheap you can get something for.

I see you are yet another slash and burn 'offer them chit cause it ain't gonna be worth more than chit in a month's time' kind of poster. Still living with mum and dad or in rented then are we? I say this because your venomous opinion can only be that of one who isn't financially involved in the current housing market. Sure it's easy to spout the chite you're coming out with if you aren't actually involved. Who's agenda is more obvious, yours or mine?

I'm giving my opinions, nothing more, from my point of view. My ar se isn't twitching at the threat of negative equity as I am fortunate enough to have bought more than a couple of years ago and I'm not presently selling either. Let the market dive, my house is still going to be worth more than I paid for it. Now that's selfish!

You and I know little to nothing about the value of the house the OP is talking about. I'm sure he's a big enough boy to make his own decisions and decide all by himself if he wants to take this on.

I for one will continue to believe in Karma. And on this basis I suggest you bend over and brace for what's to come.

jkd_3

You offer what you feel is a fair price to pay for such house, whether it is 1p or £1m.
The valuation is used as a guide to how much a bank will lend you against.
If the house is worth £100k (as per valuation) but the market price is £110k - for argument's sake - the bank will only lend you against what the independent valuer values it at.
Simple.

domcastro

Sonofa wrote: »

Not a seller, just Karma

karma - what so you get bad karma if you pay 105 for a property worth 105?

domcastro

As far as I'm concerned gazundering is legit and fair if the valuation comes back less than the offer.

huntersc

This has happened to me before, twice. Both times I've gone back and made a reduced offer based on 2x the estimated cost of repairs. The last house needed a repair to the roof and there were issues with the basement. Total cost of repair was £12k. I dropped my offer by £24k. The fact is you never know how much it will cost to fix. When's the last time a builder came in on budget?

The way I see it is they can either fix the problem themselves or give me money off for the cost of doing it and the inconvenience caused.

They will have this same problem with anyone that puts in an offer so they might as well negotiate with you. Furthermore, at this time they'd be lucky to get another offer due to the market so they really don't have much of a bargaining position. You hold all the cards, don't wuss out

blued

If it was me I'd offer 100k with a view to going to 105k max. What it will be worth after sorting the problems is irrelevant as far as I see it. You're making an offer on the property at the value it is worth NOW. If the owner wants to make more why dont they do the work?