House price negotiation after survey

stables_kid

I posted last week asking for some tips on negotiation after the Natwest valued the property we are purchasing down to £105k from the offer/asking price of 115k.

I've spoken with the agent who was most unpleasant and implied this had never happened before - surely not?! she then rung back upon receipt of written evidence of the new market value price in minutes saying the vendor had flatly refused and said put it back on the market immediately. I have already had a survey and specialist structural report (requested by the bank due to possible movement) there is also a number of other repairs which need carrying out as the property is in poor condition.

Not sure how to proceed from here. we dont want to walkaway but obviously dont want to be in negative equity and go above £105k with the cost of additional repairs. Is this a game estate agents play and does anyone have any tips for how to proceed from here?

bryanb

It's down to the vendor, if they won't accept a new offer there's nothing you can do.
If you make a new offer the EA is bound to pass it on unless the vendor has set a limit.

Cannon_Fodder

If they've not even hinted at any negotiation, I'd let them stew for a week.

In your other thread, you mention a 'mystery bidder'. It may be that this person appears and proceeds. Then its down to luck with their lender, whether they end up with the same valuation as you have had.

Or they might not exist...

View some other properties with the same agent ?

stables_kid

They EA did suggest we viewed another property which seemed a little odd considering we had gone this far down the line with this purchase. We've spent over £750 on 2 surveys and don't feel like walking away just yet.

I'm more concerned she hasn't even consulted the vendor and is playing a game to see how we react.

RacyRed

If it is a bluff by the EA, call it. View other properties with that EA and also make sure she realises that you are registered as buyers with other agents. It can be useful to turn up with the details of a house handled by another EA tucked in your pocket.