We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
The Forum now has a brand new text editor, adding a bunch of handy features to use when creating posts. Read more in our how-to guide
Reducing offer after survey
chickaroonee
Posts: 14,678 Forumite
Just looking for some advice on how to word this.
We're cash buyers and have agreed a purchase price of 176k for a house - 175k was really what our maximum was but 176k was agreed as the vendors need this to clear their mortgage and fees (they paid 230k for this house in 2004 but have not maintained it and it needs quite a bit of work doing).
We've had a survey done and the surveyor thinks 176k is a reasonable price BUT values it at 175k. Obviously I don't want to pay more than its worth so going to go back to agent and say we want to reduce. I do wonder if the vendors will agree though, as they know we've already spent £800 on a survey and searches so seems silly to lose that over £1k.
To add as background, they apparently are close to repossession and have agreed a quick sale to try to avoid this. The property needs a fair bit of work, but has a lot of good features that come up rarely in its location and so had quite a bit of interest. The other offers though needed a mortgage though and were just slightly lower; I have already told the agent that given the work that needs doing on the house that they will struggle if they're at their full lending amount on their mortgage and he did agree.
Any tips for phrasing this please?
We're cash buyers and have agreed a purchase price of 176k for a house - 175k was really what our maximum was but 176k was agreed as the vendors need this to clear their mortgage and fees (they paid 230k for this house in 2004 but have not maintained it and it needs quite a bit of work doing).
We've had a survey done and the surveyor thinks 176k is a reasonable price BUT values it at 175k. Obviously I don't want to pay more than its worth so going to go back to agent and say we want to reduce. I do wonder if the vendors will agree though, as they know we've already spent £800 on a survey and searches so seems silly to lose that over £1k.
To add as background, they apparently are close to repossession and have agreed a quick sale to try to avoid this. The property needs a fair bit of work, but has a lot of good features that come up rarely in its location and so had quite a bit of interest. The other offers though needed a mortgage though and were just slightly lower; I have already told the agent that given the work that needs doing on the house that they will struggle if they're at their full lending amount on their mortgage and he did agree.
Any tips for phrasing this please?
too many comps..not enough time!
0
Comments
-
Any words of wisdom?
too many comps..not enough time!0 -
It's worth running an advanced search, this comes up several times a week. Three hours is a tad impatient!Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️0
-
I'm sorry if you think I'm impatient; I wanted to return to the agent tomorrow to discuss so was hoping some advice before then.
I have read several threads on lower values on surveys but not directly comparable circumstances i.e. £1k difference/buyers at risk of repossession.
too many comps..not enough time!0 -
at the end of the day, either you pay the £1K if you really want the house, and dont want to risk losing it, or tell the agent that you won't pay more than £175K and see what if they accept or walk away from your offer. No one can possibly know other than the sellers and their EA.0
-
at the end of the day, either you pay the £1K if you really want the house, and dont want to risk losing it, or tell the agent that you won't pay more than £175K and see what if they accept or walk away from your offer. No one can possibly know other than the sellers and their EA.
You're right of course. My head says we should not pay more than it's worth, however I'm undecided because we would lose more than this if the sale falls through.
too many comps..not enough time!0 -
If it is your forever home, and it is £1K, and you love it, I would just pay it personally. Others would say no way.0
-
Tell them you are reducing to £175k because of survey and if they don't accept pay up if you want the house. I don't see any other way of doing it, you either pay the agreed figure or you threaten not to. It entirely depends on how desperate they are to sell but more importantly, can they afford to lose the £1000 ?0
-
If it is your forever home, and it is £1K, and you love it, I would just pay it personally. Others would say no way.
I'm thinking both of those things if that is possible!
I'm fairly sure they're desperate to sell, they've nothing to gain by telling us they're at risk of repossession so I'm inclined to believe it. This is complicated by the fact that they're selling due to splitting up, the man has moved out and the woman is left. I get the impression he has a well paid job and can afford the difference, but people are not always rational are they?! Especially when splitting up.
Perhaps they'll meet us half way.
too many comps..not enough time!0 -
£1k is nothing for a house you want. I wouldn't bother.0
-
I wouldn't risk upsetting the applecart for £1k.Don't listen to me, I'm no expert!0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 354K Banking & Borrowing
- 254.3K Reduce Debt & Boost Income
- 455.3K Spending & Discounts
- 247.1K Work, Benefits & Business
- 603.7K Mortgages, Homes & Bills
- 178.3K Life & Family
- 261.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.7K Read-Only Boards