Negotiating lower offer after survey

ukmaggie45

I'd want to have all of the "needs doing now stuff" off, £21K? And then I'd negotiate as to how much to get off for the rest, partly depending on how soon it needs doing.

I know nothing about this stuff, but this is what I'd be looking to do... Unless it was my Dream House of course!

Good luck, but don't take on more than you feel you can cope with, both cash-wise and renovation-wise. And renovations are expensive as well as exhausting - speaking from someone part way through one where builder is doing the work and project management but it's still doing me head in! :eek:

whatyadoinsucka

i had this issue, about a year ago house up for 150, we agreed 142,

then had a valuation come in at £135
so we re-offered £135k

the estate agent talked absolute s*** and we offered £137 final offer, and ignored calls for a week.
they finally got though to us and said lowest would be £140, I laughed at the estate agent and said why would i or anyone else want to overpay a valuation in a falling markets, i then asked him to thanks the lady for wasting my time and money on a valuation and hung up
i was hoping she'd see sense but she never did, anyway browsing through rightmove last week, same house still not sold 15 months later priced at 140k


ps. don't care about anyone else in a chain only the sellers/buyers and the estate agent cares if it all goes through
don't be pressurised

mlz1413

Pay what are happy to pay and no more.

Ignore what current owners paid, what they have advertised at etc etc. Just look at what you are intending to buy and review what else you have seen and make a price judgement on that.

I echo do not be pressurized into a purchase that you are not entirely happy with.

The seller will only sell for what they can / want to, so it maybe that you do not agree or cannot agree in which case you will have to have to walk away.

shegar

mcc100 wrote: »

matmad wrote: »

Seven issues came back as 'do now' category, with an estimated top end cost of approx £21k.

More issues came back as 'need doing, but can wait a bit' category, with an estimated top end cost of approx another £19k.

So in effect £40,000 worth of work needs to be done.

I would have gone in with an offer of 10% below asking price ie £225,000 before the survey had been done ...... this is the norm at present.


Deduct the £40,000 worth of work required and you are looking at £185,000.

It's only my opinion but I would not pay more than £185,000.

£40,000 is a lot to find to get the house up to scratch,its definately over priced at £240,000,I definately woudnt offer no more than 195, dont be pressurised because of the chain,if they dont accept your offer tell them to stuff it, whatever they do the problems will come up on each survey.......and the owners know that....good luck....

dave_on_the_save

Can I ask a question?

What did the survey value the property at? Normally the valuation will take into account work required (unless I am mistaken) and will only allow Lendors to lend money up to the valuation price.

At the end of the day a house is worth exactly what you want to pay for it. Thats my opinion BTW

geoffky

some right charlies on here who must have mug on thier forehead ...we are talking about tens of thousands of pounds but some people still want to pay asking prices..more fool you...to the op i would run a mile with 40k worth of work needing doing..but i am not very diy..

matmad

Thanks again for your replies.

The valuation came in at £250k in its present condition, but then went on to list all these things that need doing.

The same surveyor did both the mortgage valuation and the building survey.

In the meantime, I contacted the EA and gave them a revised price of £230 (£10k off our original offer), to cover work to be done.

EA obviously not happy, and came back to me later saying the vendor would reduce by £5k not £10K.

After questioning the survey's (admittedly basic) estimation of costs, the EA agreed that we should get a specialist in to give a estimate in for the damp problems - my greatest concern.

However, the EA has set up two appointments with companies they use on a regular basis. I would feel more comfortable also getting a third visit from someone I arrange myself.

This doesn't take into account any of the other issues listed, such as not enough electric sockets to cope with todays technology.

I think I'll ask an electrician to have a look with a view to doing a safety check and putting in more sockets.

What do you think?

shegar

matmad wrote: »

Thanks again for your replies.

The valuation came in at £250k in its present condition, but then went on to list all these things that need doing.

The same surveyor did both the mortgage valuation and the building survey.

In the meantime, I contacted the EA and gave them a revised price of £230 (£10k off our original offer), to cover work to be done.

EA obviously not happy, and came back to me later saying the vendor would reduce by £5k not £10K.

After questioning the survey's (admittedly basic) estimation of costs, the EA agreed that we should get a specialist in to give a estimate in for the damp problems - my greatest concern.

However, the EA has set up two appointments with companies they use on a regular basis. I would feel more comfortable also getting a third visit from someone I arrange myself.

This doesn't take into account any of the other issues listed, such as not enough electric sockets to cope with todays technology.

I think I'll ask an electrician to have a look with a view to doing a safety check and putting in more sockets.

What do you think?

Can you write down and tell us what the list on the survey says that need doing, urgent and non urgent please,

ess0two

matmad wrote: »

Thanks again for your replies.

The valuation came in at £250k in its present condition, but then went on to list all these things that need doing.

The same surveyor did both the mortgage valuation and the building survey.

In the meantime, I contacted the EA and gave them a revised price of £230 (£10k off our original offer), to cover work to be done.

EA obviously not happy, and came back to me later saying the vendor would reduce by £5k not £10K.

After questioning the survey's (admittedly basic) estimation of costs, the EA agreed that we should get a specialist in to give a estimate in for the damp problems - my greatest concern.

However, the EA has set up two appointments with companies they use on a regular basis. I would feel more comfortable also getting a third visit from someone I arrange myself.

This doesn't take into account any of the other issues listed, such as not enough electric sockets to cope with todays technology.

I think I'll ask an electrician to have a look with a view to doing a safety check and putting in more sockets.

What do you think?

You must live in cloud cuckoo land,you've paid 240k for a house valued at 250k and want 40k off.

I'm sure the vendor will oblige

Would you be so accomodating,if selling.

matmad

shegar wrote: »

Can you write down and tell us what the list on the survey says that need doing, urgent and non urgent please,

It's over 17 pages long and I haven't got the energy - ear infection.

I realise that a lot of it is more minor stuff and the surveyor has to protect himself, but looking at it as a whole, it seems like loads of smaller issues and a couple of big ones, in particular, the damp.

I'm going to copy the relevant sections or the survey and drop them in to the EA tomorrow.

Of course, I understand that they will try and downplay most, if not all of the issues.