HELP-FTB unfair negotiations

terrierlady

you have only offered to buy, not signed a contract and exchanged, so your free to walk away at anytime before exchange, choice is ;
do you want to pay/can you pay or do you want to walk away?
You are walking gold dust as a FTByr and if the vendor cant see this he needs glasses, he could be stuck with a long chain, with all the problems that brings.
Lots of good advise from fellow members here go with your gut feelings after all your the purchaser.

dougk_2

Did you have a standard valuation or a homebuyers report?

Although I have to say I take lots of things surveys say with a pinch of sort, if you had only the valuation done, there maybe other things that need doing that have not been highlighted.

If you are still intrested in purchasing get a couple of quotes from tradesmen for the work - don't rely on the surveys estimate.

Remember that the house has already cost you some money (valuation and searches I pressume) so walking away you would need to shell out this again on the next house....

Personally I would try the line get the problem fixed and I'll pay the price I offered!

Pal

Two questions: Are you in a real hurry to move? Do you really love the house?

If the answer to both are no, then I would play the game a bit. Contact the estate agent (not the buyer) reducing your offer by, say, £5k, to allow for the fact that house prices are generally falling and work needs doing to the property. At the same time ask the estate agent to show you some more houses in your price range, and also make it clear that you are looking at properties through other estate agents as well.

This makes the estate agent a bit more desperate to persuade the seller that the lower offer is reasonable!

Then start looking at other properties. Just leave your lower offer on the table indefinitely, whether it is rejected or not, and start acting as if you don't really care one way or the other about it.

If the seller changes his mind then buy at the lower price. If he wants to be pig headed then he will have wasted time and will be back where he started.

In the meantime you will find a cheaper better house somewhere else.

pault123

Thanks for all the help, will reply tonight in a rush at the mo!

Found some interesting information

http://www.propertyfinder.com/2/pf/articles/sellersViewHousingMarket.do

relates to my situation>

Paul

nelly_2

The advice about telling the estate agent rather than the seller is excellent, they will put the pressure on for you, they are only interested in their commision and nothing else, and they want it in the bank now not latter.

pault123

Thanks for all the help.

Have withdrawn my offer yesterday, explained I had seen another property for less and have also viewed it. I said I wouldn't budge on paying for the work to be done and giving full asking price.

The estate agent who I dealt with (thx nelly) sounded quite shocked as he knows i really like the house, he is in negotiations with the vendor. Get the impression he doesnt want to remarket it as all the hassle involved and only one fee!

Paul

terrierlady

well done on turning the tables as i said you are walking gold dust let us know how you get on the vendor I'm sure will negotiate now you have stood firm .

mrcow

Good for you!

If your mortgage company won't lend the money without the work being done, then it's highly probable that he's going to have the same problem with any other prospective buyers, and at some stage is going to have to wake up and start negotiating!

If I were him, I wouldn't fancy having to start all over again - especially if there is a chain above him, as he will more than likely risk losing the property above him too!

stillill_2

I love this thread!
Keep the sellers on their toes and make sure you're happy with your big investment. Also, if it needs 1100 of work to get the mortgage, surely the property is overvalued by 1100? Very optimistic!

stratford_2

Quite right too! Let us know how you get on with the unreasonable and unrealistic vendor. They should have bitten your hand off when you offered to split the cost 50/50 and I'm glad for you they didn't!