Negotiation on price after survey been done

atppkr

Hi All,

Although im not in this position yet, Id like to get some perspective on what others have done after the results of the survey have come back. Even if nothing major comes back, have you still been cheeky and tried to knocked some money of the agreed price?

A property I have seen hasn't had a tap done to it for 20 years, so needs modernisation. Without doubt new electrics will be required, not sure on other stuff.

But to the point, what have your experiences been after results of the survey? HAve you asked for money to be knocked off and what was the sellers reaction to this?

ruggedtoast

You can always ask and they can always say no. It pays to give as much supporting evidence as possible as to why you think the price should go down.

What you are basically saying is that you won't proceed with the sale unless they discount the price. You can certainly be "cheeky" just be prepared that it can backfire on you.

atppkr

ruggedtoast wrote: »

You can always ask and they can always say no. It pays to give as much supporting evidence as possible as to why you think the price should go down.

What you are basically saying is that you won't proceed with the sale unless they discount the price. You can certainly be "cheeky" just be prepared that it can backfire on you.

Thats exactly what Im thinking. Its obviously dependant on what the survey says to how cheeky you can be but I think at this stage, Im already 1k+ deep where they can turn around and bail out of the deal without any outlay.

ess0two

Gonna be hard if the survey values it at the agreed price,as for money off for decor? doubtful.

mildred1978

Last house I sold had some minor damp issues. I didn't hide them and priced the house accordingly. Survey picked them up but buyer didn't negotiate the price as it had already been allowed for. I would t have agreed a penny more off.

It sold for asking price less than a week on the market and she was in within 5 weeks.

Don't assume there's a deal to be done post-survey.

atppkr

i suppose its weighing up the circumstances too... The sellers are getting divorced and by the sounds of it she is desperate to get away. Although she may need the full asking to move on too.

Tricky spot. I certainly not assuming there will be monies knocked off but certainly worth a punt if approached in the right way.

FBaby

I'll share my experience: My house needed some work doing, nothing major as far as I knew, but some double glazing required, upgrade of electrical wiring and few other bits and bobs. This was reflected in both the advertised price and subsequently the agreed price. The survey took place, and I was then informed that although nothing dreadful had arisen from it, the buyer wanted to bring in an expert to double check things were ok, but it was nothing to worry about as they were still very interested in the property so I agreed.

A few days later, I had a call from the agency stating that the 'expert' visit had highlighted some work needing doing to the amount of £20K and therefore they wanted to knock the price by £10k, making it seem as if they were being generous. I seriously questioned this 'expert' and after pressuring the agency, they finally admitted that it was no expert but a number of traders who had come to provide quotes for the windows and electricity at a costs that even Harrods wouldn't have charged (as it happened, the buyer was a tradesman so sent his mate).

At this stage, I refused and said I would only consider any reduction upon a copy of the initial survey showing significant concerns. I had to threaten to put the house back on the market to finally get a copy of the survey, which unsurprisingly came up with nothing else but what we already knew about, stating that it was in a good state for its age. Funilly enough, they had removed the page that provided an estimate selling cost, but left the renting one which came as a surprise to me. I knew they intended to buy to rent. At this stage, I refuse to lower the price and after a day, they agreed to go ahead at the originally agreed price. We went ahead with solicitors until almost at the last minute, they tried it on again, saying their lender had said they couldn't lend the asking price. At this stage, I had enough and whether true or not, I didn't care any longer, out of principle, I decided to take the house off market. In the end, I contracted the work myself, all done at 1/4th of the quote he had provided and....decided to rent the house at the quoted amount on their survey...

In the end, it's worked amazingly well, I have fantastic tenants and that was by far the best way to go about it, so am very thankful they messed me about. The irony is that we found out my partner knew the guy very well. We ran into him a couple of times afterwards and seeing his embarassing face was priceless.

atppkr

FBaby wrote: »

I'll share my experience: My house needed some work doing, nothing major as far as I knew, but some double glazing required, upgrade of electrical wiring and few other bits and bobs. This was reflected in both the advertised price and subsequently the agreed price. The survey took place, and I was then informed that although nothing dreadful had arisen from it, the buyer wanted to bring in an expert to double check things were ok, but it was nothing to worry about as they were still very interested in the property so I agreed.

A few days later, I had a call from the agency stating that the 'expert' visit had highlighted some work needing doing to the amount of £20K and therefore they wanted to knock the price by £10k, making it seem as if they were being generous. I seriously questioned this 'expert' and after pressuring the agency, they finally admitted that it was no expert but a number of traders who had come to provide quotes for the windows and electricity at a costs that even Harrods wouldn't have charged (as it happened, the buyer was a tradesman so sent his mate).

At this stage, I refused and said I would only consider any reduction upon a copy of the initial survey showing significant concerns. I had to threaten to put the house back on the market to finally get a copy of the survey, which unsurprisingly came up with nothing else but what we already knew about, stating that it was in a good state for its age. Funilly enough, they had removed the page that provided an estimate selling cost, but left the renting one which came as a surprise to me. I knew they intended to buy to rent. At this stage, I refuse to lower the price and after a day, they agreed to go ahead at the originally agreed price. We went ahead with solicitors until almost at the last minute, they tried it on again, saying their lender had said they couldn't lend the asking price. At this stage, I had enough and whether true or not, I didn't care any longer, out of principle, I decided to take the house off market. In the end, I contracted the work myself, all done at 1/4th of the quote he had provided and....decided to rent the house at the quoted amount on their survey...

In the end, it's worked amazingly well, I have fantastic tenants and that was by far the best way to go about it, so am very thankful they messed me about. The irony is that we found out my partner knew the guy very well. We ran into him a couple of times afterwards and seeing his embarassing face was priceless.

Great Story! Now there is being cheeky and blind stupidity, you can guess what the above comes under.