Renegotiating after survey - Help Please!!!

pie81

To the OP:

Regardless of what the agent has said, there is nothing to stop you negotiating. Nothing is binding till exchange. What the agent is really saying is that the seller is very reluctant to negotiate the price downwards, and if you try to negotiate, may choose to walk away rather than selling to you.

So it really comes down to bargaining power. How much do they need your purchase to happen versus how much do you need to buy this place.

To chickmug: If an agent told me, before I made an offer, that the owner wouldn't accept negotiations after survey, I would definitely assume there was something wrong with the place. Seems a very odd stipulation to me.

chickmug

pie81 wrote: »

To chickmug: If an agent told me, before I made an offer, that the owner wouldn't accept negotiations after survey, I would definitely assume there was something wrong with the place. Seems a very odd stipulation to me.

I post for many reasons and one is to give an alternative view.

I try and offer a balanced view in my posts and my answer may help one side but annoy the other. One side being the buyer and the other being the seller. My job was, as an agent, to maximise the net price for seller clients and it did us no harm with those who bought from us. Our Motto was today's buyer could be tomorrows seller (with our firm) which most agents seem to forget.

stanleyunwin

Surely all offers on a property are 'Subject to Survey'? They have been on all the homes I've bought

ILW

Am I missing something here. I cannot see how a poor survey gives the purchaser any "right" to renegotiate the the price if the seller does not want to. But the buyer has a perfect right to walk away.

tek-monkey

No, that is exactly right. The vendor does not have to enter negotiations, but the buyer does not have to purchase.

pie81

chickmug wrote: »

it did us no harm with those who bought from us.

just out of curiosity, did you ever get a buyer who did try to negotiate after survey despite one of these no negotiation stipulations? if so, what happened - did the vendor negotiate?

chickmug

stanleyunwin wrote: »

Surely all offers on a property are 'Subject to Survey'? They have been on all the homes I've bought

EA's know any offer is always 'subject to' loads of things - survey - valuation - searches - other inspections, etc, etc ,ets but RARELY do those making the offers make any of this clear when they make the offer either by phone, or email, or letter.

But as I say it doesn't need saying as any EA not realising this should not be in the business.

chickmug

ILW wrote: »

Am I missing something here. I cannot see how a poor survey gives the purchaser any "right" to renegotiate the the price if the seller does not want to. But the buyer has a perfect right to walk away.

The position is not as some of the posts on here would indicate. But can happen these ways: -

1) Some sellers are desparate and easily agree to reduce by the whole amount.

2) Some buyer are so desparate to buy they don't even try to renegotiate.

3) With either sellers or buyers there is every shade of grey in between.

Overall though you would be very surpised (as I always was) that many do not have surveys just a basic valuation. For the seller and the EA this is good news as surveys can (and do) 'open a can of worms'!

chickmug

pie81 wrote: »

just out of curiosity, did you ever get a buyer who did try to negotiate after survey despite one of these no negotiation stipulations? if so, what happened - did the vendor negotiate?

After all the years in the business I came across every eventuality - as alluded to in above posts. In our case it was a question of knowing your seller client and how keen they were to move but it was annoying when some 'moved the goal posts' at these cirtical stages. Sometime because they didn't have to move, or sometimes as they had not yet found their dream home, or sometimes where they were awkward 'sons of a !!!!!'.

Specifically when sellers set none negotiation tactics either with there initial price, or after survey, what they were really saying, IMO, is they were a soft touch usually always gave way on such matter and they usually did. But as I say a case of knowing for who you act.

ILW

chickmug wrote: »

The position is not as some of the posts on here would indicate. But can happen these ways: -

1) Some sellers are desparate and easily agree to reduce by the whole amount.

2) Some buyer are so desparate to buy they don't even try to renegotiate.

3) With either sellers or buyers there is every shade of grey in between.

Overall though you would be very surpised (as I always was) that many do not have surveys just a basic valuation. For the seller and the EA this is good news as surveys can (and do) 'open a can of worms'!

In this case though, it appears the seller has said "no negotiation" and the buyer seems to be under the impression that the seller is under some sort of obligation to negotiate. I could be reading it wrong though.