Wobbly Monday - what would you do?

downshifted

We are just trying to renegotiate a price on a property we are buying because of the survey. We knew it needed a lot of modernisation (1960s bungalow) but we had not forseen active woodworm, rising damp, and a structural problem with the extension. The asking price was £290k and our pre survey offer was £250k. Let me emphasise that this was not an amazing bargain - on careful research in todays market the price offered was reasonable - and we happen to know they had also accepted the same price from someone else late last year but that sale fell through - we are cash buyers ready to proceed immediately. However, the buyers obviously feel they have "come down £40k" albeit from an unrealistic starting price

The only work I have asked them to cover is damp proofing of the main property (there is also damp in the garage), woodworm treatment and the structural work to the main roof - totalling £5k. They have refused. Lots of other issues came up that were not obvious (need for ventilation in the loft, asbestos water tanks, wiring issues, drains clearing, gas fire condemned etc) but I felt they were reasonable wear and tear and it seemed fair for us to just accept them in the course of the renovations - however I see damp, woodworm and structural issues as main fabric problems. I have spoken to the surveyor and he agrees that as they were unforseen it is reasonable to try to renegotiate. I have provided written evidence of the problems and quotes for the repairs.

So - we will have another round of negotiations - but if they refuse we could

look for another property - there is a bit more on the market now

put all our furniture in storage and go off travelling for 6 months or so - we have always wanted to travel to Oz and New Zealand - and try again when we return (we are retired and currently renting having sold our house last year)

pay the extra ourselves - we like the house enough to buy it and renovate it and had planned to live in it long term - but it taints it a bit when you feel you have been treated unreasonably

I'm having a wobble - what would you do?

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Thrugelmir

Bungalows often have larger than average plots. So while the property itself may not be vaulable. The land maybe to someone looking to redevelope.

Just an observation as obviously don't know the location or what has been built in the surrounding area.

motherofstudents

It is not surprising that house buying and selling is so stressful. I think you have to consider the options available to you and how will you feel about your decision 12 months from now ? I don't think you are necessarily being treated unreasonably, if the vendors decide they don't want to contribute £5k to the repairs don't take it personally. It is just a financial decision so don't let that influence you unduly. If you really want the house as you seem to say and you can afford to do the work then go for it. I know £5k is a lot of money but in a few years' time you won't even remember it. On the other hand if you are not quite sure (this is the wobble bit), then why not do your trip and look for another place when you get back by which time prices may have dropped further. The bottom line is nobody else can make the decision for you and it is fairly normal to have these wobbles. Maybe if you could take yourself out of the emotion of it all you might be able to think a bit more clearly. Try pretending it is a friend who is in your postition, what advice would you give them? Hope it all goes well in the end whatever you decide.

downshifted

Thrugelmir wrote: »

Bungalows often have larger than average plots. So while the property itself may not be vaulable. The land maybe to someone looking to redevelope.

Just an observation as obviously don't know the location or what has been built in the surrounding area.

Thanks Thrugelmir - in fact it is not relevant in this case - it's in a cul de sac of similar bungalows on a reasonable but not excessive plot

Fire_Fox

Don't do anything - tell the estate agent you have submitted your best offer which they should be recommending, given that you are cash buyers and the state of the market and let the vendors stew for a week.

downshifted

Thank you everyone for your advice. This has made us think carefully about how we would feel if we didn't get the property at a fair (not rip off) price in the current market.........and we are prepared to walk away. We will have lost £750 in fees so far - but comparatively speaking that is not the end of the world

We are willing to gamble that if we go off travelling and come back in 6 months time the market will not have risen significantly and may even have fallen - this may prove to be an opportunity!

poppysarah

active woodworm, rising damp, and a structural problem with the extension ... and you've not run away screaming...?

Cost up how much it would cost to put that all right - get several quotes.

Gwhiz

Go traveling. Lots of fun and no house stress - sorted!

PS. Send us a postcard and tell us how wonderful a time you're having

downshifted

An update

Travel may be on hold - although it is finger's crossed til exchange still.

We must have convinced them we were ready to walk away because after a final round of negotiation they have come down on price as we requested

I see the exchange rate is extremely unfavourable again - so maybe it is right to wait another year or two for our big trip! (We will be that long renovating this place, but it is in a good location - maybe we can use it in house swaps in due course)

dreaming

This is so similar to my position that for a minute I thought I had posted here in my sleep!
I have had offer accepted on bungalow but survey has shown up some problems (mainly due to vendor's d-i-y) on roof, floors ("excess spring"), and leaking plumbing, as well as the problems I could see and was willing to accept. Have spoken to estate agents and asked to renegotiate price but they were very scathing about survey - reckoned the surveyor "maximised" the problems - and said they would get quotes for work to show how "little" it would cost. Don't want that, as I would only trust quotes from firms I have employed, but need to know vendor will reduce before I pay people to check work.Having already paid out for surveyor don't want to incur any unnecessary costs.
Now can't decide whether to proceed, as worried about what else may turn up. The purchase is stretching my budget, so did not want to do major work, and felt the price accepted was ok for house in good structural condition, but not for one needing remedial work.
Feel like pulling out of purchase now but will wait a couple more days to see what vendor says.
Wish I could go travelling and get away from the hassle, but unfortunately still have several years to retirement!

downshifted

My quotes did not cost me anything! We live miles away from where we are buying and our surveyor recommended workmen who were happy to go in and quote - we will use them to do the work because they were really helpful and phoned/emailed me but there is no actual commitment. Have a chat with your surveyor - he may be able to put the problems into perspective for you or help you get quotes for the cost. (We are taking ours a good bottle of wine as he went beyond the call of duty I think!)

Our EA did not argue on quotes or the need for work - I gave them a copy of the survey and one of the quotes - they just said the vendor would not reduce the price.

I told them they had my final offer and that I had stopped my solicitor working in case it was a waste of further money. I pointed out that the next potential buyers would have similar survey results and may have mortgage problems as a result if they are not cash buyers like us. Also Halifax said prices were down in Feb and RICS said more houses had come on the market (hinting I had more choice and they might have further difficulty selling)

I would have walked away.....but I'm glad they agreed in the end. I think you sometimes have to play hard ball but it depends on your position.

I wish you good luck - and I'm sorry you are going through this stress, I know how hard it is