Buyer wants price dropping due to survey - need advice!

david29dpo

i would not budge. your buyers have spent money, most likely more that £750 so far. if they pull out, they have lost the lot. what have you lost? nothing.

oldandhappy

I would not drop the price on this particular issue......before you know it they then might ask for a price drop over another posssible hic-up along the way.. which often happens just near the time of exchanging.....

janey_uk

It is quite reasonable to get a couple of additional quotes yourself for the work from different companies. As a rule of thumb I always get three quotes for anything, so you could check their estimates.

My old neighbours sold their house and were asked to drop the price by several grand for 'urgent repairs'. They checked out their own quotes and found it could be done cheaper. They called the buyer's bluff by saying that they could do it for the buyer beforehand, but that the price of the house would go up accordingly! They agreed to stick to the status quo in the end, and I know the buyers never did the work anyway.

Another option is to tell them that you will reduce the price but that the deal is not exclusive and your estate agent will continue to advertise the property. You're quite entitled to do that, and serious buyers hate it.

irnbru_2

flutterby wrote:

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.

I'm all for buyers negotiating the price downwards (from current highs) but unless the wiring is actually faulty ..........

flutterby wrote:

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

It's now March .... how long did it take you to get this purchaser?

Kaminari_2

You don't sound like you have to sell in a rush - I wouldn't budge. Just say "No problem, we'll pop it back on the market tomorrow. If you are still interested in the agreed price before we accept any other then let us know and we'll continue".

mobilejo

I agree witht he majority - I work as a conveyancer at a solicitors and I see this all the time. Buyers rarely drop out over £750, they get too emotionally attached, especially FTB's. They're just trying it on.

Plus as said, you may get more now that you did back then. And you have no rush - you're in a strong position compared to them. You have not lost any money - you only pay the agents when the house sells.

mioliere

If you're already accepting less than the asking price - stick to your guns - it's money that should be in YOUR pocket!

thesaint

CB1979 wrote: »

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

Are you a negotiator?

llh189

TBH I would drop the £750, it isn't that much, I suspect that you are right to say that you house would probably get more now but:

* this time of year can see a flood of properties come on to the market, eveything always looks better in the sun.

* this cost of living has risen since Oct therefore you could be waiting to find another FTB at the same or higher price.

*The issues that exists with your current buyer, will still exist in the future and therefore picked up again, so you could find yourself in exactly the same position in a few months time.

* You always expect to negoiate on the advertised price, I would always offer and the offer is always subject to survey. The fact that you have already dropped is therefore a little irrevelant.

Whilst I realise you need every penny but so does your FTB, if the shoe was on the other foot i.e you were in the same position with your purchase, would you think the reduction was fair and just.

It is a good suggestion to get the work done yourself but again you are at risk of losing your buyer and potentialy your new property.

I don't think as a rule the decision should be based on the fact the the FTB is already out of pocket and therefore we should screw him over - that hardly seems fair - what goes around comes around!

cupid_s

A new cooker and fridge/freezer would cost them almost £750 and you could casually point this out. They may realise they're then not that much better off to pursue the £750 drop