Renegotiating Price of property

MoneySpendingExpert888

Hi there, we have just had a homebuyers report carried out on a home which we have had an offer accepted at £150,000. we obviously put that initial offer in assuming that all was well.

The Homebuyers report flagged up 4 items which needed immediate attention, and many which will be in need of repair in the near future but not immediate (general wear and tear) those of which we are not too bothered about

The homebuyers valuation also came in at exactly £150,000 in its current state.

Now i am currently trying to renegotiate with the seller to have those issues sorted out inclusive of the original price, or to either drop the price and we will use those funds to carry out the repairs.

The estate agent is now requesting the full information of the homebuyers report along with the valuation price of the property.

Now i dont know how this usually works but i forked out a few hundred pounds for this report and i dont feel like i should just send it to them willy nilly and give them leverage to not renegotiate the price, surely if they knew what the property was worth and stood buy it they would have taken out a homebuyers report themselves?

Its just like if i was going to buy a used car and i did a valuation check on it and found out that the car itself is worth £1500 but they are selling it at £1250, i couldnt imagine anybody saying to the seller of the car "do you know your car is worth £250 more than what you are actaully selling it to me for"

Now i have only sent them the information from the report which details the defects but i dont want to send them the whole report because if the sale doesnt go through then i would have spend a few hundred quid to find out the problems with the house and then the buyers have a free report which they didnt have to pay anything for, and which they will probably use for the next buyer.

Am i right to refuse to disclose the valuation price and to withhold sending them the report in full? Thanks

hcb42

the house is valued at £150K. no house is perfect, all surveys will have 3-4 jobs on them with a cost attached.

If I was the vendor and you tried this on, I would put the house back on the market.

Equally when I sold my last house my buyers offered me the survey and valuation which was a little under their offer, and I matched the revised price in ten minutes.

Your survey is of no use to the vendor's next buyer. They will have to get their own anyway.

Of course the real issue here is if you show them the survey then they quite rightly have no need to drop the price!

If you still want the house, honour your original offer, if you don't, walk away.

Dan-Dan

Plus , would you really want the vendors sorting issues on your behalf , how would you know they hadnt done it on the cheap etc ?

You need to be careful , you dont want to get their backs up (or the estate agents , burning bridges an all that)

missile

You made an offer stick with it.

moneyistooshorttomention

Depends on the issues - for minor stuff...let it pass...nowt is perfect.

For major stuff it would be different. But "major" does mean "major" and not what a buyer would like to say is "major".

One house I viewed recently had had to have a rethink by the vendor on price because a survey had come back saying that the roof needed major work on it. Now that IS "major". The vendor had done it and put the house back on the market by the time I came to look at it..

...and one thought I had from that was my thorough amusement at the estate agent concerned telling me that and about another major problem with the house (unsolved) and a major problem with the area and wondering if I was someone who would be concerned about "someone having died in the property" and all that was before I even went to see it..:rotfl:

I got told by the EA that the reason they were being so honest with viewers was because Government legislation had just come out in the previous few weeks saying that estate agents are now legally obliged to tell viewers of any major faults a property has if they are aware of them....and yep...that does include if "someone has died in it" (because some people are bothered about that...).

MoneySpendingExpert888

Hi Hcb42,

thanks for your swift reply, i do agree with what you are saying as i would probably do the same if i was the seller but i guess this is probably an issue of our own.

its more a case of when you put an offer down you expect the house to have one or two things that need doing, but in this case it seems to be 4 fairly costly things that need sorting out, so in theory the house to us will actually cost abit more (considering we have already maxed out our budget).

But i guess the real estate game is totally different to my analogy of the car trade, i have always picked up my cars for alot less than their actual market value hence why i probably have this attitude towards this house purchase.

But then again, who expects to get asking price these days and who would actually expect to pay full price for anything? this i guess will all depend on the sellers situation (in need to sell quickly etc)

I just dont think its entirely out of line to ask for a discount of what the house is valued at, "you dont ask, you dont get"

MoneySpendingExpert888

missile wrote: »

You made an offer stick with it.

i made the offer without know about all the repairs that were needed, surely you cant expect to pay your original offer for something that you now know will actually cost you more?

monty-doggy

I have just had the same debate. Lots of things on survey need urgently looking at and the surveyor valued the property 3.5k less than we offered. He did state that our offer was acceptable for the property in its current state as long as we knew about the work to be done. I let the EA know the valuation and the vendor dropped the 3.5k to the surveyors valuation.
I think the valuation is reflective of the works to be done.
However as you said if you don't ask, you don't get! Worth a try!

kingstreet

If the property is worth what you agreed to pay for it in its current condition, any repairs will increase the value. If I were the vendor, I would not be doing work for you, or reducing the price, if you were going to get the higher value afterwards.

Pay the agreed price and get the work done yourself, or expect the vendor to do it and increase the price accordingly.

MoneySpendingExpert888

kingstreet wrote: »

any repairs will increase the value. If I were the vendor, I would not be doing work for you, or reducing the price, if you were going to get the higher value afterwards.

thats a good point i didnt really take that into account to be honest.

Dan-Dan

why are you so reluctant to share what these `works` are with the forum?