Seller refuses to renegotiate after bad survey, help!

pinkshoes

Sorry if this is a daft question, but what is the price in comparison to similar properties in good condition?

i.e. is the house priced to sell because they know it needs quiet a lot of work doing (hence they refuse to negotiate), or is it priced similar to houses that don't need the work doing?

AlexMac

Hang tough. its a buyer's market so the seller's daft risk losing a sale after a year because he refuses to be flexible, especially as they are in the place we were when we sold several years back (our buyer's survey discovered minor damp and rot- we dropped the price- in much easier times than the current market). But similarly you don't want to lose your sale. The worst that happens is that you sell, move out of your place and rent while you either negotiate harder or find another place- not as disruptive as it sounds (again from personal experience). Good luck

yllim

pinkshoes wrote: »

Sorry if this is a daft question, but what is the price in comparison to similar properties in good condition?

i.e. is the house priced to sell because they know it needs quiet a lot of work doing (hence they refuse to negotiate), or is it priced similar to houses that don't need the work doing?

I would say that looking at the market in my area and other houses we have viewed that it is similarly priced to other houses of the same style and size.

It is harder for me to say about the condition as some things are not obvious without an expert's opinion. Internally the house is in very good condition, this is where they have spent the money but they have neglected the exterior which is where the money now needs to be spent. Rather like putting on a new dress without having a shower as my Mum said!!

Thanks for your reply!

Sparx

yllim wrote: »

Rather like putting on a new dress without having a shower as my Mum said!!

Would it not be the other way around?

Thrugelmir

yllim wrote: »

we are only two weeks away from exchange.

Your further away than that. If you haven't even got a mortgage offer yet.

motherofstudents

It depends entirely on how much you like the house. Would you be prepared to go ahead at the price you offered and maybe try to get the work done a bit more gradually or get cheaper quotes ? If the vendor won't budge on price it may be a choice of that or walking away.
I'd be tempted to get more quotes but ultimately it comes down to which one of you will give way.

phill99

yllim wrote: »

The builder is actually my Uncle so I trust him and his company 100% and know that if it didn't really need doing he would tell me and he has definately provided competitive quotations.

There lies a problem. Because he is your Uncle, he knows the full story and will be laying it in to help a family member out. He knows if he puts in a high quote, this will be used to negotiate on the price of your new home. But in reality, the work will end up costing a lot less than this.

If I was the homeowner and someone said they wanted £8k off on a price that had already been reduced by just on £5k I'd be a bit miffed too. And it's evident that they aren't that desperate to sell or that wold have renegotiated with you.

You need to get another opinion on the cost of building works from a builder who is at arms length ie who has no family links and isn't wanting to influence the negotiations of a house price that his niece or nephew may want to buy.

I'm certain that an independent builder will comeup with a much lower figure which you could use as a negotiation factor.

Also in terms of your negotiation, you asked for £8k off as your opening bid. You should have asked for £12k off at first and the com own. But now you have nothing to give.

Vincent.waldorf

yllim wrote: »

I think the EA is cross with us, he was rather off on the phone today!! Guess it might work though. Thanks for your reply!

Estate agents will always pressurise you and are aggressive on the phone. In a negotiation. You have to be willi g too walk away ... If they know you want it the they will not budge.

flossy_splodge

To be honest, I suspect the EA can tell you're not a very confident buyer and they're playing on this.
You hold the trump cards so use them!
There are plenty more houses out there and you'll soon get over this one.
As you certainly don't want to lose your buyer suggest you get on with looking elsewhere.
If that doesn't give the EA a kick where it hurts then you've not lost any time finding an alternative.
Good luck.

StuC75

If you offered 164k, what did the surveyor value the property at in its current condition?? What about other properties in area - has it been priced to reflect the condition.

You need quotes from more sources than just a family member - you may trust his work; but other people would think collusion..