Seller refuses to renegotiate after bad survey, help!

katejo

Back in 1993, as a first time buyer, the survey on a flat revealed problems which I had not seen (owner had painted over rotten window frames). I tried to get the price reduced but they refused so I pulled out. Later when buying my eventual purchase, I heard that the owner of the first property had been in negative equity and so 'could not afford' to reduce the price any further. The flat which I eventually got was much better.

ess0two

As stuc put,what was the value?

If its valued at the asking price,they are unlikely to budge.

competitivedad

As a neutral I'd say this: something is only worth what someone is willing to pay for it.

The seller is assuming/hoping that you are willing to pay the first price even for a damaged house. Are you? That's the decision if you have to make. Then your next course of action will become obvious.

bris

The surveyors value is what counts, and the vendor is right to hold out for it. If the property values up at 164k in it's present condition then then you might struggle to get them to budge, if they only value it at 156k then the vendor would be mad to hold out, I suspect the first.

yllim

competitivedad wrote: »

As a neutral I'd say this: something is only worth what someone is willing to pay for it.

The seller is assuming/hoping that you are willing to pay the first price even for a damaged house. Are you? That's the decision if you have to make. Then your next course of action will become obvious.

Thanks for your reply. That's what we need to decide as I have spoken to the EA again this morning and the vendor is not prepared to budge, he has even taken the 'Sold' sign down himself!

I have asked if he would be prepared to have some of the work done and provide us with the relevant receipts / guarantees. If so then we would be prepared to go ahead at the agreed £164,000. I am awaiting a reply!

yllim

ess0two wrote: »

As stuc put,what was the value?

If its valued at the asking price,they are unlikely to budge.

The surveyor has agreed the price, £164,000. However we would have never offered that much for the property had we had the survey done first and knew that we would have to spend so much on the property.

I am wandering as it was on the market for quite a while before we came along whether anyone else had a survey done and then pulled out.

The Solicitor has pointed out to me that the vendor purchased the property for £160,000 4 years ago so I guess they don't want to make a loss which I understand.

somethingcorporate

Have prices risen in your area in the last 4 years? they certainly haven't either here or where I purchased 4 years ago.

The price they paid is irrelevant. The house we are in now the purchasers bought it 18 months earlier for £270k. We paid £247.5k even after they had marketed it for £285k. They made a £22k loss in just over 18 months. Did I care? No. What something was worth years ago in a market like the housing one should have some impact on the price but not be the only factor to consider.

kingstreet

So it's worth £164k in its present condition?

What's the value after these "essential" repairs are done?

ess0two

yllim wrote: »

The surveyor has agreed the price, £164,000. However we would have never offered that much for the property had we had the survey done first and knew that we would have to spend so much on the property.

I am wandering as it was on the market for quite a while before we came along whether anyone else had a survey done and then pulled out.

The Solicitor has pointed out to me that the vendor purchased the property for £160,000 4 years ago so I guess they don't want to make a loss which I understand.

Put yourself in the sellers shoes,its valued at what you offered in its current state,why should they reduce.

re: the roof has it been condemned or does it need a bit of tlc.

yllim

kingstreet wrote: »

So it's worth £164k in its present condition?

What's the value after these "essential" repairs are done?

I am awaiting a call from the surveyor to discuss this and find out. I will update soon.

Thanks for your reply!