Opinions on best way to renegotiate?

pelethecat

OK, so following our survey it appears there are fairly serious problems with damp - we've had quotes from specialists for this, and we're putting in a revised, lower offer.
Given that:
a) the house looked great on viewings and the HIP said they'd recently had a DPC put in so we weren't budgeting for this work
b) the surveyor has valued the price we offered as at the top of the local current market
c) the surveyor's identified a number of 'likely' problems with timbers as the damp may have been long standing (but we can't get quotes as the inspection work would be too invasive)
d) all the hassle of getting roofing and damp work done, as well as lots of other smaller jobs that we'd need to do to prevent further 'weather ingress' eg window sill repairs
e) the vendors are likely to want to bargain us up from our revised offer,
we're planning on putting in an offer a fair bit lower than just the quotes for the serious work.

What are people's ideas on the best ways to play this? I've written the EA a letter detailing how we've arrived at our new offer (quotes, making good, extra month in rented accomodation, unquoted work, contingency for likely problems we couldn't investigate) and given her a survey. But maybe it would be better to be less detailed?

I'm not out to put the screws on the vendors, but also want to get the best deal at this point. I really like the house, but wasn't planning on doing work so if they only just cover the most essential items it's very much less appealing, and I may decide we'd be better going for somewhere cheaper where we could actually add a bit of value by doing work ourselves rather than just getting it back up to scratch.

Thanks for your opinions!

potter78_2

pelethecat wrote: »

OK, so following our survey it appears there are fairly serious problems with damp - we've had quotes from specialists for this, and we're putting in a revised, lower offer.
Given that:
a) the house looked great on viewings and the HIP said they'd recently had a DPC put in so we weren't budgeting for this work
b) the surveyor has valued the price we offered as at the top of the local current market
c) the surveyor's identified a number of 'likely' problems with timbers as the damp may have been long standing (but we can't get quotes as the inspection work would be too invasive)
d) all the hassle of getting roofing and damp work done, as well as lots of other smaller jobs that we'd need to do to prevent further 'weather ingress' eg window sill repairs
e) the vendors are likely to want to bargain us up from our revised offer,
we're planning on putting in an offer a fair bit lower than just the quotes for the serious work.

What are people's ideas on the best ways to play this? I've written the EA a letter detailing how we've arrived at our new offer (quotes, making good, extra month in rented accomodation, unquoted work, contingency for likely problems we couldn't investigate) and given her a survey. But maybe it would be better to be less detailed?

I'm not out to put the screws on the vendors, but also want to get the best deal at this point. I really like the house, but wasn't planning on doing work so if they only just cover the most essential items it's very much less appealing, and I may decide we'd be better going for somewhere cheaper where we could actually add a bit of value by doing work ourselves rather than just getting it back up to scratch.

Thanks for your opinions!

So the Surveyor valued the house at the agreed price?

If you're genuinely thinking of pulling out unless you get the price signifcantly reduced, I think itemising the discount you want off the price is a good idea, as it may help the seller understand your point of view. However, it sounds like you're pushing your luck a little (extra month in accomodation, unquoted work, and contingency). If money off to do the serious work alone isn't enough, I think you may well have to find another house.

pelethecat

The mortgage valuation said that the price we offered was OK once we had the necessary work done (damp).
Our own surveyor seemed to say the same things but had a bit of a weird wording:
"This figure is considered to be at the top of the current market although generally acceptable for a property of this nature within the current market and is returned as our opinion of market value. We recommend the purchase price is viewed in light of quotations/estimates and further investigations recommended within this report, obtained/undertaken prior to commitment to purchase."

Yes, possibly am pushing my luck a little. Mainly thinking that if we start with just asking for the costs of the serious work they'll try to push us up from there, so might as well add on a few things that we can negotiate over and still make sure all the serious stuff's fully covered.

poppysarah

too invasive for quotes means expensive and between quotes you'll have no floorboards fixed down and maybe no ground floor.

Why buy a rotten house unless it's an utter bargain.

Homersimpson

I had exactly the same situation with a house I have just bought, the surveyor used a very similar phrase about the price being at the top of the valuation band.

My advice would be:-

Don't give the estate agent the survey that you have paid for, only send them the relevant points -if you don't proceed with the purchase they get a free survey to show potental purchasers.

Offer less than you are prepared to pay to give some room for negotiation.

Be honest about what it needs and how much its likely to cost based on the report and what you can see.

I managed to get a reduction circa 10k for works that did genuinly need doing. Mind you the house I have bought is for total refurbishment - the full horror of which has not yet sunk in!

DVardysShadow

Negotiating strategy? I would add it all up, tell the agent what work is required and tell agent what is required and how much it would cost and say you are reframing your offer. Leave it for a few days and go back in with a higher offer than your accepted offer minus the cost of works you have already advised. But cut yourself the slack to get the job done for the cut your propose. And make it plain to agent you are not for negotiating other than a token amount