Accepting low offer but no more once survey done

monkeyboy72

Hi, am asking out of interest in case this happens but basically if I was to finally accept a few thousand less on my property than I originally wanted, could I then stipulate that they need to be aware that regardless of what their survey says I will not be reducing by anymore.

Does this seem like a fair thing to say or does it sound like im hiding something (which Im not) but I would rather let me them know in advance so they dont think they are going to get me to lower by anymore.

G_M

You can stipulate what you like, but remember the contract is not binding till Exchange.

So the buyer can still walk away after the survey. Or reduce his offer. And you will then have to decide whether you want to stick to your stated position (no negotiation) and lose the buyer, or back down.

Most buyers are putting forward their offer (however low) on the basis of how they perceive the condition of the property to be. If they suddenly find it needs £10K spending on it for a new roof.......

The only exception really is a professional property developer who is knowingly offering on a 'redevelopment project'. Since he knows from the outset he going to be spending £Ks, the survey is really just confirmation of precisely WHAT needs doing.

andy.m_2

you can do as you wish, it is your property and you can set the terms.

But, the seller can also dictate their terms and you have to decide what is more important to you, cash or moral high ground.




what if the survey came back that the place has heavy subsidence and is riddled with asbestos, do you think your couple of grand is going to cut it with the buyer?


You need to think, how many viewings have you had, how many offers have you had, are the offers all about the same level or is the only offer at between 100 and 95% of asking.

pinkteapot

I wouldn't say that up front - sounds like you're aware that the survey will show problems with the house (assume this isn't the case?).

I would respond with something like "That really is my absolute bottom line but if you're serious and can proceed with the purchase quickly then I'll take it". That way you've already said that you're taking less than you'd wanted and hopefully they'll realise that they can't be cheeky after the survey results.

DVardysShadow

pinkteapot wrote: »

I wouldn't say that up front - sounds like you're aware that the survey will show problems with the house (assume this isn't the case?).

I think in the circumstances, I would say it. I would say 'You have taken me so low that I cannot go any lower. If your survey shows issues which you cannot accommodate within the agreed price, you will have to walk away - and I would appreciate early notice so I could get back on the market.'

Lolzicles

The seller of the property I was buying said this. We offered 25k below asking and they left it a day to "think it over" and came back with the reply that they would accept but would not go any lower regardless of survey. I have to admit, we didnt think much of it at the time.. just thought we'd got it at a good price. Of course it turns out the property was of non-standard construction and was un-mortgagable in its present state..(none of which were mentioned to us at the time by the estate agent, obviously!) Needless to say, we just pulled out of the sale!

smileytiger

Our buyers survey was done yesterday - not expecting anything horrific to appear - house is 20 yrs old and has been looked after - there are a couple of niggles - but we negotiated price to allow for these.
I don't want to go lower than accepted offer - but will have to see what happens.
It would be foolish however to lose the sale for the sake of maybe another £1K.
So who knows how it will pan out in the next couple of weeks - i know buyer (cash) is very keen to get us out (no chain)and get moved in..lol

bluestarlight

Our seller did this. There wasnt much wrong with the house, few bits to fix but we didnt ask them to drop the price. If there were major issues we still would have done though.