Buyer wants price dropping due to survey - need advice!

flutterby_3

We accepted an offer of £115,000 for our 2 bed mid terrace about 8 weeks ago from a FTB. The asking price was £117,500 which was a touch less than comparable properties as the house needs a little bit of cosmetic work.

The surveyor recommended that quotes should be obtainined to update the electrics and look at the roof which were done. The buyer is now asking for a £750 reduction as the work is 'immediate/essential'. I was at the house when the workmen visited, and both stated that the work needed was merely to bring the house up to modern standards - certainly not essential.

We are very reluctant to drop even this small amount due to 1) already accepting less than asking price 2) we are looking to move to a house iro £180,000 and need every penny 3) we dispute the urgency of the work. We have already stated on the fixtures and fittings form that all carpets, curtains, blinds, fridge/freezer and cooker could be left if we completed at the agreed asking price.

Do you think we are being petty for £750? DH is adamant that we will not drop at all. TBH, the house went on the market in Oct and in the current climate, we could probably get more for it now if we put it back on the market! We are moving to my parents so do not need to sell quickly.

Any opinions gratefully recieved!

Mozette

If you're not desperate to sell, then just tell the buyer that you're not prepared to drop the price any further, and if that is not acceptable, you'll put it back on the market. I mean, in the grand scheme of things £750 isn't a lot, but there again, it's not a lot to your buyers either. If they're willing to pull out over that, let them! I mean if the house you're selling is of an age, then there are going to be things that need doing. Depends which will rile you most - MAYBE losing the sale, or feeling that your buyer has been cheeky and got away with it. End of the day it's your choice, but in your position I would call their bluff - then put it up for more if they pull out!

CB1979_2

well you've got nothing to lose so tell them to shove it.

they've spent money on survey, mortgage fees, etc. so tell em to suck your husband's balls

hjb123

I wouldnt accept, I would tell them that the lower price was accepted knowing that there was work, non essential work at that. If they pull out then let them! You will have someone else that may want to pay more

PoorDave

Go halves?

Fizog

If you want to move I'd offer to go halves you're meeting them half way showing willing as it were.

ashcarrot

I was thinking go halves too, or some small discount and say you can't drop it more etc. that way you dont seem nasty etc.

BettiePage

You'd risk losing the sale for the sake of just £750?

annie123

contractors often say to the home owner, dont worry no problems etc... but the report that goes to the buyers are often very different.
Bring it up to current standards .... I would guess it needs bonding, which is for safety.
An asking price is just that, you have not lost money on it, for £750 do you really want to go back to square one? If you were told something was essential by your surveyor on your purchase you would ask your seller to pay for it.
Offer to split it if they say no then reduce by £750 it could cost you more to start over again.
It will be less stressful in the long run.

dealornodeal_3

I have done some figures, and if they are quibbling about £750. You could call their bluff! Since Oct 2006 property has increased by at a rough estimate 4-5%. So if you put it back on the market you could make a killing of an extra £4680.00p. Even have the work done and make more!

The downside if there is a property crash. But at present properties are in short supply, so it may go quick!

surfcat

the other downside is that from june, if you delay selling, YOU will be the one that has to pay for the surveys in the form of HIPs