FTB. Are the seller and estate agent taking the micheal??

adwat

junglist_grans wrote: »

After finding out on the survey that all the windows are rotten and have simply been painted over by current owner we got some quotes for replacements - 9k.

The seller and his estate agent are saying that the survey still values the house at the asking price, even with the problems, so there is no need to negotiate on price. They are saying that only if the survey valued the house less would they negotiate on price.

Am I right to feel like they trying to take advantage because I'm a FTB?

What's the norm for solving problems that arise from the survey - I mean he's blatantly just tried to paint over rot and mould and pass them off as A1 condition - why should I have to foot the bill for the replacements?

Make a revised offer minus 10k. Make clear that the offer is on the table for 7 days, as you have other properties that you are interested in buying.

Remember that it is a buyers market right now, the sellers are well aware of this and if you have your finances well in place then you should make this VERY clear to your estate agents.

john_white

The survey is basically saying that these are issues that need looking in to but the value of the house is sound.

Look at it another way, the vendor may simply be of the opinion (to which they are entitled) that they don't want to buy the OP new windows, which effectively is what the OP wants. They may think the windows are fine.

How was this 9k figure arrived at? DG sales seldom give you the best price straight away.

If they were as blatent as the OP described how did they not noticed when viewing. Again, from the vendor, they may have paid someone to come round, strip the windows, prime and paint them, and they've done a poor job, but as far as the windows are concerned they have been maintained.

Personally, if someone presented me with a survey stating the offer price was fair I'd be disinclined to give away 10k.

Cannon_Fodder

junglist_grans wrote: »

I didn't realise that a survey gave you a highly accurate value of the house ( which in this instance is exactly the same as we offered!! )

Take surveyor's valuations with a pinch of salt.

On one occasion, when instructing a private survey report, I never told the surveyor the offered price, but miraculously the report came back with the exact figure (not an obvious, rounded figure, either).

Pretty obviously just spoke to the EA...

Reduce your offer by £9k. They may well say no. Be prepared to walk away, as others say it sounds like a money pit.

Eric1

junglist_grans wrote: »

The seller and his estate agent are saying that the survey still values the house at the asking price, even with the problems, so there is no need to negotiate on price. They are saying that only if the survey valued the house less would they negotiate on price.

The valuation is for your mortgage provider's protection, not yours. They are simply using it as an argument.

junglist_grans wrote: »

So does his argument that the survey says the house is worth exactly the same as offer so no room to negotiate hold water?

Who cares?
You may invent your arguments, or simply tell them you are not prepared to pay more than X, and walk away.
Set your own limit and stick to it.

junglist_grans_2

I just get the feeling that had are offer been excepted at +/- 10k from what we actually offered that the survey would have come back valuing the house the same as the offer. or is this not the case?

adwat

If you don't reply to my suggestions, then I'll leave you in peace.

Running_On_Empty

9K is exorbitant for DG.
The sellers probably realise this too.

adwat

Running_On_Empty wrote: »

9K is exorbitant for DG.
The sellers probably realise this too.

Buyers market, 9k is peanuts. First time buyer is worth their weight in the current climate.

junglist_grans_2

adwat wrote: »

If you don't reply to my suggestions, then I'll leave you in peace.

Sorry - I can't reply to every post on here. Your post didn't really address the survey value.

I'm keen just to come to a fair arrangement, say half the cost of the windows off the price; but the seller just keeps coming back with - "the survey values the house at the current offer so no negotiations are needed."

adwat

You asked for advice, my advice (I have bought and sold many houses as a developer) is to offer 10k less than your initial offer, based on work that needs doing to the property. It IS a buyers market, be prepared to walk away (there are plenty of other properties available, in fact as the months go by more will become available especially as recession bites harder). Your sellers KNOW this and as a first time buyer you are in a much stronger position than them ; 8 out of 10 first time buyers are priced out of the market at this point in time.

Anyway, whatever you decide, good luck and more importantly, enjoy your new home.