House Price Negotiation

silvercar

The valuation will give you leverage, assuming till comes in at 170 or so. Take advice on when to renegotiate. If you successfully renegotiate now you will need to tell the mortgage company that you are paying a lower price, this could effect the valuation. If you wait til you have the valuation in your hand and then renegotiate, you just tell the lender that you have renegotiated afterwards. Less risk of the valuation preventing you get the mortgage.

noopys

Thanks silvercar.

I should have the val report tomorrow.
Then will commence with chipping the price.
If they are very eager to sell before the financial year end, I doubt they will deliberate too long on my offers.

geoffky

here is what is happening to new builds in Cheshire.. make sure you have done your home work...


24 July 2009 12:41:29

• Price changed: from 'From £249,995' to 'From £212,995' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

07 June 2009 11:34:44

• Price changed: from '£249,995' to '£212,995'

noopys

Got my mortgage offer and a copy of the valuation yesterday.

The valuation came back at £190,000 exactly.

I know the house builder is willing to put up 5% deposit.

Is there much more scope for a discount/incentives through renegotiating?

The sales rep keeps on contacting me and saying they are eager to complete prior to the end of March (end of financial year).

My tactic are as follows:get my solicitor to say we want the house for £175,000.
If they say no, I'll instruct him to say we'll have the house for £180,000 with carpets, turfing and electric garage and will keep quiet from there.

If they are really eager to complete before the end of March I doubt they'll lengthen the negotiations much further.

Any suggestions to the above?