Seller won't move on price after survey.....but I've had no quotes yet!!!

:username:

Hi all @ MSE

I had an anwserphone message from my EA today. She explained that the vendors are not prepared to move on the asking price as they feel the property was under valued!! The problem is that I haven't sent anybody round yet to get quotes for the likely cost of urgent repairs stated in the survey.
I'm quite confused as to why the EA would tell me this before we had even started to gather quotes!?!
The survey stated the property in its current condition is worth £140950 and we had offered £142950 so only £2000 difference.

Anyway I called the EA and told them just because I have spent money on legal fees and surveys that I'm not getting tied into that house just because I have money already invested in it. I will be making my offer, if any, when I have all the information to make my choice.

I just didn't need this after my busy day at work!

Has this happened to anyone before?

UN

pawpurrs

The reason the agent has told you now is because you have indicated that you are getting quotes, and may be looking to reduce your offer based on the work that needs to be done, so they are stating their postion, to let you know, that if you are only interested in proceeding if you can get a reduction then this senario is not acceptable to them, they feel that the price is fair even with the work that needs doing to the property. Fair enough. People will only sell at a price they are happy with. If that is now not a price you are happy with then you can walk away. But you must accept that most all secondhand houses will come up with bits and pieces that need doing.
Personally I dont think that is unreasonable of the venor, You are buying a secondhand property and therefore must accept that it will have some faults. People seem to expect vendors to drop every penny for work that needs to be carried out.
The vendor may not be able to afford to drop anymore, as they may have worked out what they can afford to offer based on what they were expecting you to pay for theirs.
If they wont drop and you dont want to proceed then thats up to you. I would never renegotiate on survey, unless it came up with very expensive repairs that I was not aware of at the time of offering.

lilyann1

We had this when we put our offer in on the house we're buying too.
The vendor said that is was likely to come up with some rewiring issues,so he would take the lower offer,but would not budge any lower if other things came up.
We were happy with that,but then the survey came up with all sorts of drainage issues,gas and electricity checks and a small flat roof extension needed some maintenance,together with some guttering.
All little things we felt so it was not worth haggling any more over price.
You are bound to get little bits that come up in the survey,but anything major then the vendor would have to come down on price or do the fixing himself or he wouldn't sell the property.
It's stressful.I know I've been in this process for 7 months and have had all sorts of problems and we're not finished yet.

Robert_Sterling

:username: wrote:

Hi all @ MSEI just didn't need this after my busy day at work!

I agree with Pawpurrs.
It would be the same even if you had an easy day at work.
The vendor decides what to sell the house for and you decide whether to buy it or not.

Rimo2021

I think they are doing the right thing telling you up front they will not agree to drop the price. If you had put a lot of time/effort into finding out costs and they then said 'no negotiation' you would probably be annoyed that they hadn't saved you the time and effort.

silvercar

We had to get quotes to replace a dodgy extension roof. The sellers were concerned that we would use it as a price levy, but we just wanted to know what sort of figure it would cost to put right. If it was going to be about 10k we would of had to renegotiate or pull out, as it turned out to be about 3k we decided to live with it. But we needed to get the quotes to know.

Rimo2021

silvercar wrote:

We had to get quotes to replace a dodgy extension roof. The sellers were concerned that we would use it as a price levy, but we just wanted to know what sort of figure it would cost to put right. If it was going to be about 10k we would of had to renegotiate or pull out, as it turned out to be about 3k we decided to live with it. But we needed to get the quotes to know.

That's fair enough - I suppose the sellers just saved a little time/hassle in that the renegotiation/haggling step was skipped as you could make your decision as soon as you received your quotes since you already knew it was a 'take-it-or-leave-it' price.