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Renogotiating
notsogeordie
Posts: 10 Forumite
Ive just had my home buyer's survey, and it is of the surveyor's opinion that I can renegotiate, as there have been some surprises.. which will be costly!
My question is, when, and who do i negotiate? and if they do lower the price, do i have to get a new offer from the bank? or accept the mortgage offer for the original price and use the extra I will have for repairs?
My question is, when, and who do i negotiate? and if they do lower the price, do i have to get a new offer from the bank? or accept the mortgage offer for the original price and use the extra I will have for repairs?
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Comments
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Do you still want the place? First of all think through whether you still want it and only then think about renegotiatingHi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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yes.. i still want it..0
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OKnotsogeordie wrote: »yes.. i still want it..
Go back to the Agent, explain and revise your offer.notsogeordie wrote: »My question is, when, and who do i negotiate? and if they do lower the price, do i have to get a new offer from the bank? or accept the mortgage offer for the original price and use the extra I will have for repairs?
The mortgage is more difficult. Does the valuation still come to your original offer? If it does, lender may still put a 'retention' on your mortgage to cover cost of repairs. You then have to find the money to do the repairs, but they then let you have the retained money when they are satisfied. This gets more difficult for you if you don't negotiate the price down to cover the work.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0 -
The valuation was at the offer price, no retention. If i got them to lower the price, do i still have to let the bank know?0
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If they do not re negotiate, Ill have to walk away...0
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notsogeordie wrote: »The valuation was at the offer price, no retention. If i got them to lower the price, do i still have to let the bank know?
Yes, they will now use the price you're paying as the valuation to calculate LTV etc0
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