Home Buyers Report lower value than expected

felop

Hi all hoping you can help with a problem I have.

I am trying to purchase a property in which the property agents had advertised the property at 130K and we had an offer accepted on 123K. Now we had the homebuyers report done and to our surprise a few things such as damp and electrics came up and the property was valued at 120K by the surveyor. now as you can see we are not prepared to pay our original offer the dilemma we have is do we offer say the 120K based upon the report or are we in a position to offer say 115K?? Being a first time buyers I’m at a loss as to how to proceed with this.

Any more information needed let me know and I will provide.

Hope someone can advise

Cheers

shaven-monkey

Have you signed anything?
If not, you can negotiate the price down based on new information. Or just say you're no longer interested in the property at that price.

Other than that I'm no help, sorry.

pjread

until you exchange you're in a position to offer/do pretty much whatever you want.

Be prepared to walk away if it comes to it, or if you're in love with the place and thought it was a great deal before hearing this maybe don't get so worked up over 3k - sure it's a wedge, but what have you already spent here?

felop

no not signed anything yet so i know im in a position to tweak the offer. we do love the place but at the same time we dont want to pay over the odds. really just looking advice based upon the report if we shout go for the amount he suggested the property was worth or try to get a better offer on it

Bogof_Babe

Damp sounds like a fairly costly thing to put right, likewise if it needs a complete re-wire. I'd try to find out how much the repairs will cost you and subtract that from what you'd be prepared to pay if it was in 100% good condition, then offer around that figure.