AHH! FTB stress!

~moneysavingnovice~

Soooo... we finally found our ideal first property.

Had an offer accpted on it last weekend (10k below asking price, but prob still around £10k more than the place is worth- but we LOVE it, so we're willing to stretch the budget).

Now, our survey came back yest- turns out the roof needs replacing. It's a small roof, and not a massive job, but think we're talking 5-10k still.

So we've explained to EA that we either want a 5k discount (though vendors v. reluctant to drop that first 10k), or we want them to replace the roof before we move in- so they know it's about the repairs, not just us being greedy.

Haven't heard a peep from our EA all day. Nervously waiting for reaction!

rsykes2000

Sounds a little like your heart is ruling your head. If you step back a bit and look at it rationally (I know it can be hard), then paying more than it is worth and then having to pay more to fix it doesn't sound entrely rational...
Personally I would get 2/3 quotes and make a lower offer based on those. I certainly wouldn't be wanting to pay out any more.

Lance

I should get some quotes and make a reasonable offer. Point out that any other buyer will get the same report and make the same reductions. Yes the seller can wait for someone to offer full price regardless of valuation but it depends on their position. You sound like you desperately want to buy but how desperately do they want to sell. Don't show all your cards until you are ready for the final offer.

~moneysavingnovice~

Think we're in quite a weak position now, given that we started negotiations at 180k, went up to 190k (asking price £200k), and now we're trying to negotiate them back down again because of the repairs.

They are not that desperate to sell- it's been on the market 4 weeks, and they are moving into rented accomm once they sell.

We do love the place, but will have to walk away if they don't come down by at least a few grand.

I just wish the EA would get back in touch and tell me their reaction to what we've said!

Tea3

I would say you want a couple of written quotes (arranged by you or by the sellers preferably) to say how much the roof will cost to repair as no point in them dropping say 3k off the buying price but the roof then costs you 10k to replace, or more if joists etc are damaged or if roofer finds extra problems. I don't mean to scare or worry you, just saying you are best having at least an estimate of the repairs to hand so you know how much money you need off the buying price. Chances are it may only be the 5k repair but better safe than sorry.

Henry_P_Chester

I can see no problem with requesting money off for repairs or the repairs to done before you buy. If they refuse, find somewhere else, like you say you are stretching the budget as it is. Can you really affor another 10K?