Homebuyers survey back - downvalued asking price, help!

tishbell

Hi, not sure why this has trailed off, any more suggestions? Will have to renegotiate soon.

Thanks

keith969

Personally if I was the seller I'd say you agreed a price for a house that you knew was not going to be 100% perfect and its now up to you to pay for any work that needs doing.

Having said that there's no harm trying. They may well be willing to go halves on the cost of the work.

RobertoMoir

tishbell wrote: »

Hi, not sure why this has trailed off, any more suggestions? Will have to renegotiate soon.

Thanks

sorry, clicked thanks button by mistake

there's not really a lot else to say... you can ask, they can say no, you have to decide if you can (or should) afford the difference if they do say no.

tishbell

Thanks, I'm just trying to get a few more opinions especialy from people who have been through this. Most of my replies are partly conficting, apart from the message of 'its worth a shot.'

I think its important to have a strategy with the asking, because potentially asking for too much could mean loosing the sale.

I'm afraid I do not aggree about the price being fixed at the offer stage. Surely there would be no point in paying 100's of pounds for survey's otherwise. Personally I was told that the electrics were newly fitted before they move in 10 years ago, so why should it be us to have to fork out for updates as soon as we move in?

Also you would not expect every houe to need damp treatment, but if the survey comes up with that, the cost has to come out of somewhere, and buyers right now just do not have this extra cash.

typeractive

tishbell wrote: »

I like what you wrote, not saying exactly how much, but letting them make the decision. Have you used this tactic before? I imagine it is slightly more riskier than just saying, look give me the money for the repairs and we will exchange..

You could tell them the figures - I was just using the algebra to set example. Yes, this is a 'tactic' I am using at the moment - which seems to be working. Not that I intended to do this - it's a simple matter of fact that the lender undervalued the property and would not lend me the full amount of money I requested - hence, back to negotiations. Always difficult. Though my scenario is different to that of yours with buying from a company and it's a vacant possession. The property has been on the market for an amount of time with previous sales falling through. Such a position you could argue helps me - no emotional attachment and a tangible asset that they want to get rid of. I'm plodding along, keeping in good contact with all the necessary people - ensuring they're lined up and ready to proceed. Good communications is proving to be very beneficial to me at the moment. Indeed a long drawn out process and I've still got a way to go - fingers crossed.

I thought you may have already been negotiating? Time is equally important in my opinion. As people have said it does not hurt to try as such. Showing them you are keen and comitted might help you along? Get your people ready and in position, and tell them you're ready to proceed as soon as you can come to the final agreement.

If you don't ask, you ain't going to get.
Best of luck!!

Grovester_2

So 2 valuations have come back at 245 and 250. The lower was an independant survey. I'd say they (245 valuers) were trying to give you the impression they were saving you money, I.e. justifying having the report done.

With the other work that needed doing I'd find it hard to get it so close to the agreed price based the new items they mentioned. It's a safe amount, most people could find it if requied or the buyer reduced the price. If the reports show 2-4k worth of work then a value of 246-248 would be more accurate.

As I say, fromt he works that have been listed and the values involved sounds like the 2nd survey is simply there to justify having it done.

keith969

tishbell wrote: »

I'm afraid I do not aggree about the price being fixed at the offer stage. Surely there would be no point in paying 100's of pounds for survey's otherwise. Personally I was told that the electrics were newly fitted before they move in 10 years ago, so why should it be us to have to fork out for updates as soon as we move in?

Also you would not expect every houe to need damp treatment, but if the survey comes up with that, the cost has to come out of somewhere, and buyers right now just do not have this extra cash.

Surveyors often say that houses have signs of damp when in fact they do not. Read Jeff Howell's excellent book "Guide to looking after your property" for why. Did you notice any problems when you viewed the house? Did it have a dank musty smell?

The sad fact is that if you pay for a survey then the surveyor will almost certainly come up with a list of things that 'need attention' when in fact they've probably been that way a long while and will go on being no real problem for a long while hence.

Take for example the roof which you mention. The first flat I bought had in the lender's survey report 'The roof is old and will be in need of constant attention unless replaced'. Well this was rubbish, it was a Victorian terrace and the roof was just fine, and we sold 18 months later and there was no question of the roof being a problem in the buyer's survey.

You certainly have every right to ask the vendor to reduce the price, but just remember the vendor has every right to say they have taken into consideration the state of the property when accepting your offer... when you come to sell the place in the future, how will you feel if your buyer turns around and offers you less based on their survey?

Sandra2

Hi. We went halves on the cost of the work that needed doing when our vendors asked us - their survey said damp work, their mortgage company (RBS) said they would retain £1,000 for the damp work - they asked for the full amount and we said no, we offered half, they accepted and we all moved forwards and exchanged. I would go with the person who advised you to point out the survey results, include the costs of things you know about and then ask to negotiate on the things you didn't know about and see what they say. House prices are beginning to move so if you really want this one then decide what you are prepared to pay and go with it - good luck!

RobertoMoir

tishbell wrote: »

Thanks, I'm just trying to get a few more opinions especialy from people who have been through this. Most of my replies are partly conficting, apart from the message of 'its worth a shot.'

I think its important to have a strategy with the asking, because potentially asking for too much could mean loosing the sale.

Well that's your whole strategy right there isn't it? What's more important, this one particular house or paying what you consider is the right price for you. Whether or not you're prepared to walk away and how much of an issue this is for you dictates how hard you can push.

tishbell

Thanks everyone for your comments it has been very useful to get perspectives from those who are/have been in this situation and those who have put the buyers point of view across. I have heard the the house the vendor is buying have tenants that have to recieve notice first, so once we get a date I will start to negotiate, maybe starting high but being realistic with what we should expect.

Thanks, Tishbell