Counter offer after survey?

archiesdad

We are in the process of purchasing a property, we have had a full survey carried out which pointed out that the property has several problems, inc damp in chimneys, wall ties, problems with electrics and various other issues. We have had quotes for some of the work which is around 11k. Our original offer was 8k below asking price although the property had previously been reduced twice as had been on the market for 5 months. We appreciated that there was work to be done but not that it would cost in excess of 11k.

We have asked for a reduction by 6k but this has been refused and with no counter offer. The vendor is buying a new build which won't be ready till dec 21st, we have said we will not move after the 14th until the new year. We are happy to wait till the new year. She has now said she will go into rented and this is why she cannot reduce the price, however we were originally told she would be prepared to move in with her son.

Really unsure if we should at this stage cut our losses and say we are no longer happy to proceed, have been looking at rightmove today and for around the same money once the work has been taken into account we could have a property all done up with one less bedroom which we don't really need.

What would be your next move, am hoping to view another property tomorrow.

thelem

How much do you want this property?
Can you afford to pay the higher price AND do the work?
If you tell her you're walking away, will she change her mind and accept your offer?
Does it matter to you if any move is delayed by two or three weeks while she considers your offer?
How would you feel if you needed to start from scratch again?

ess0two

What was the valuation price?

archiesdad

The annoying thing was the mortgage company valued the property at what we offered providing we are happy to deal with the work so we couldn't down value on that basis.

Not worried particularly about timescale as am happy to be in my nice house for Christmas rather than one that's falling down. I know she wants to move but not sure if she would reduce if we said we would walk away. We have had dealings with her agent before when we got gazumped on a property about 10 years ago, so perhaps the agent has advised her against a reduction as they think we won't pull out, as we were gutted when we lost the other house.

We can afford to do the work but am beginning to feel that I am not getting value and obviously on top of this will have inconvenience of living in a building site!

Fire_Fox

Why do you think you need to do or threaten anything? Tell them your revised offer remains in the table and sit back.

millysg1

Similar thing happend when i bought my house 2 years ago. The asking price had already been dropped to £189k from £200k and had been on the market over 6 months. It obviuosly needed some work doing to it as it had been rented out for over 5 years and no upkeep had been done at all. We agreed £172.5 with the agreement we would move quickly (we were first time buyers). After our survey we had a quote of £10k worth of damp and other stuff needed which we didnt expect. We were able to haggle her down another £5k by simply saying we could not buy for the same amount and do all the necessary work needed. We held our guns and she came down. they probably think your so far into the process you wont back down but be clear you were not aware of the extend of work that would be needed and dont find the price a good value anymore. The valuation of our house was also the first offered price but that didnt stop us. I doubt the valuer knew the full extend of damp and chimney work needed.