Negotiating a price reduction after survey

bob2

P.S.

I've seen it a couple of times this week. If people think that an OP is wrong to ask for a price reduction after thay have asked for opinions, then the OP should really accept those opinions with grace. If the OP is looking for agreement then I can see how opinions might offend.

I said thanks for the opinions - but please note I didn't ask whether people thought a price reduction would be justified - I asked for suggestions on the best strategy to obtain one.

Subtle difference!

Doozergirl

It seems apparant that a new central heating system is not onthe cards as this would have been highlighted in survey. Water tanks are just sooo last century anyway, daahling. I have a combination boiler every time - instant hot water, great water pressure. If it's a very big house you can have a tank for reserve, but I'd rather have two seperate systems.

The water tank isn't a big deal as there are many ways around the problem. You therefore shouldn't use it as a renegotiation tool when you have already agreed a price; neither should you use the fact that the windows need a lick of paint or that the roof needs a very minor repair. There is a very blurry line between renegotiating on structural problems and trying to gazunder and you're not not making it any clearer for me I'm afraid.

Doozergirl

bob2 wrote:

I said thanks for the opinions - but please note I didn't ask whether people thought a price reduction would be justified - I asked for suggestions on the best strategy to obtain one.

Subtle difference!

well, seeing as I always try to provide a relevant answer...

The vendor may well turn down your request to drop the price, so if you leave it until the morning of exchange and then refuse to exchange until they drop the price, I'll think you'll find tham at their most amenable.

It's deplorable, but I'm sure it would work.

bob2

if you leave it until the morning of exchange and then refuse to exchange until they drop the price, I'll think you'll find tham at their most amenable

Yes - I'm sure that would work but it's not quite what I had in mind!

Anyway, in light of what people have contributed I'll think about whether to even bother asking for a reduction.

But the fact is removing the asbestos our surveyor recommended we remove is going to cost quite a bit - probably well over £1000 to do safely.

I realise that not all asbestos needs to be removed and am happy to live with the asbestos in the thermoplastic floor tiles, garage roof, & textured ceilings. However, I'm not keen on getting water from an asbestos containing tank - and there are disused flues that need to go.

Do the issues I've noted really affect the "value" of the house? Well, value is largely subjective and only partly dependent on the "integrity" of the property.

aloiseb

Doozergirl wrote:

well, seeing as I always try to provide a relevant answer...

The vendor may well turn down your request to drop the price, so if you leave it until the morning of exchange and then refuse to exchange until they drop the price, I'll think you'll find tham at their most amenable.

It's deplorable, but I'm sure it would work.

I hope I don't end up selling my house to you, Doozergirl!

I thought I was fairly well initiated into the more gorgeous end of house buying and selling but that suggestion really takes the cake.

Ian_W

aloiseb,
I rather think Doozer was saying that with her tongue in cheek mode well in operation. She hasn't got thanked for about a third of her posts for being a bad person.

Doozergirl

bob2 wrote:

Do the issues I've noted really affect the "value" of the house? Well, value is largely subjective and only partly dependent on the "integrity" of the property.

...And you agreed on the "largely subjective" bit of the value when you had your offer accepted. So the only thing left to negotiate on is the integrity of the property. You have some general maintenance issues, as any house of age will, and a cautionary note from your surveyor not to let loose on the water tank with power tools.

It would be most appropriate for you to ask for them to rectify the problems. If they offer you some recompense they are generous, but it is certainly better for them to feel that they are offering than you taking, in this circumstance.

bob2

And you agreed on the "largely subjective" bit of the value when you had your offer accepted."

Errr...technically agreed on a price "subject to survey". And the subjective value of a property can change with the results survey even if the findings do not relate to the "integrity" of the property.

it is certainly better for them to feel that they are offering than you taking

Better for who? Certainly better for them!

dander

I think it's always going to depend on how big the problems are in your perception. If the level of asbestos in the house is something that you feel uncomfortable with, then obviously you'll want to remove it. I would say the best way to negotiate is to know what the figures you're dealing with are. You will be in a stronger position if you can go back to the vendor saying we have been quoted £x to solve the problem - that is £x we were not expecting to have to spend on the house.

You'll always be in the strongest position if it's make or break. If you say you can only afford the house if they help you out with the repair costs, you really need to be prepared to walk if they say no. If you want the house so much that you'll still buy it even if they refuse to drop, it's a tougher call.

silvercar

The vendor may well turn down your request to drop the price, so if you leave it until the morning of exchange and then refuse to exchange until they drop the price, I'll think you'll find tham at their most amenable.

If I was forced to drop the price the morning of exchange, my buyers would find the house dirty, old fish under the floorboards, junk mail arriving from all sorts of dodgy places etc.