Thinking of reducing offer

crystaltips_68

I put in the full asking price on a house recently, the first day it was on the market, knowing that people were booked in to view it in the following day or two. It is a tatty old house owned by an equity release company. I knew i would need to spend a fair bit on it, so i got a full survey done. I am quite shocked as the amount of work that needs doing, so i am thinking of dropping my offer. Plus my surveyor (own private survey, not for my mortgage co) said it was overpriced. My question is this; how likely is a BIG company to take a reduced offer? Will they just want a quick sale, or will they pull out and go back on the market? I dont want to loose the house, but dont want to pay the full asking price either. I would like 10k off, therefore bringing it in just under the 175k SD threshold.

Colincbayley

Send them a copy of the survey with your revised offer to show you are not pulling the wool.
Bear in mind that if you don't ask you won't get and that any other purchases will come up against the same repair costs as you.

Good luck.

dopester

crystaltips_68 wrote: »

I would like 10k off, therefore bringing it in just under the 175k SD threshold.

What kind of twonk would pay £185K when the stamp-duty free threshold is £175K ?

It is a no-brainer imo (if you absolutely have to buy before the second leg of the crash).

crystaltips_68

Colincbayley wrote: »

Send them a copy of the survey with your revised offer to show you are not pulling the wool.
Bear in mind that if you don't ask you won't get and that any other purchases will come up against the same repair costs as you.

Good luck.

Thanks, i think this is how i will proceed.

crystaltips_68

dopester wrote: »

What kind of twonk would pay £185K when the stamp-duty free threshold is £175K ?

It is a no-brainer imo (if you absolutely have to buy before the second leg of the crash).

I offered the asking price because it was new to the market, had others booked to view it, and it's a good price for a 4 bed detached. I really dont appreciate being called a twonk thanks.

G_M

Twonk
- noun (pl twai) a savvy market manipulator
- vb to manipulate markets/market stallholders/venders, get best price
- origin via Latin from Greek

Fire_Fox

crystaltips_68 wrote: »

I offered the asking price because it was new to the market, had others booked to view it, and it's a good price for a 4 bed detached. I really dont appreciate being called a twonk thanks.

If £185K is a good price for a four bedroom detached in your area, why has the surveyor said the house is overpriced? Are you looking at for sale prices or sold prices?

crystaltips_68

Fire_Fox wrote: »

If £185K is a good price for a four bedroom detached in your area, why has the surveyor said the house is overpriced? Are you looking at for sale prices or sold prices?

Looking at for sale prices, it is a good price. However, when you add in the significant amount of work that needs doing, the price is questionable. I dont know about sold prices. However, i can do the work slowly, when i have the money, so for me it is a good buy.

ess0two

crystaltips_68 wrote: »

Looking at for sale prices, it is a good price. However, when you add in the significant amount of work that needs doing, the price is questionable. I dont know about sold prices. However, i can do the work slowly, when i have the money, so for me it is a good buy.

Perhaps its a good price due to the problems your survey has reported.

Fire_Fox

crystaltips_68 wrote: »

Looking at for sale prices, it is a good price. However, when you add in the significant amount of work that needs doing, the price is questionable. I dont know about sold prices. However, i can do the work slowly, when i have the money, so for me it is a good buy.

Most for sale prices are highly inflated at the moment, properties are staying on the market months and even years. You need to compare to sold prices and there are websites, such as mouseprice, where you can do this quickly and easily.