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Re-negotiating after survey?
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FWIW, the house we are buying was valued higher than what we are paying and the vendor would NOT re-negotiate instead saying that he'll just put it back on the market. Was worth a try but still happy with the purchase
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does the survey value the property "in present condition" or does it value it "after essential works to x, y and z are completed"?
This is really key, the valuation could be for it exactly as it is.Debt free 4th April 2007.
New house. Bigger mortgage. MFWB after I have my buffer cash in place.0 -
Then they either had it overpriced or you did very well! If I had got £14 grand off and the fuse box just looked old then I wouldn't ask for more as I think the answer would prob be no but if a rewire was needed then I would ask.columbo360 wrote: »They were asking for £189k, we had an offer of £175k accepted.Cross Stitch Challenge Member ?Number 2013 challenge = to complete rest of millenium sampler.0 -
Present condition.
Yes, although - as I've been saying to the EA of the property we're buying - valuation DOESN'T take into account the results of further investigations (eg electrics). In our case the house needs complete rewiring. The EA is saying "yes but no retention was put on the mortgage and the surveyor valued it at what you offered". My point is that the surveyor always says "I suggest the electrics are checked, etc" and the value is based on the ASSUMPTION that electrics, gas, other matters, etc, are in good order. If subsequent investigation shows this is NOT the case, then IMO there is an argument to come to some sort of renegotiated agreement.0 -
NickDurham wrote: »Yes, although - as I've been saying to the EA of the property we're buying - valuation DOESN'T take into account the results of further investigations (eg electrics). In our case the house needs complete rewiring. The EA is saying "yes but no retention was put on the mortgage and the surveyor valued it at what you offered". My point is that the surveyor always says "I suggest the electrics are checked, etc" and the value is based on the ASSUMPTION that electrics, gas, other matters, etc, are in good order. If subsequent investigation shows this is NOT the case, then IMO there is an argument to come to some sort of renegotiated agreement.
Is this really what happens?0
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