Re-negotiating asking price after survey

Stacey_

Hi,

As the thread title says really.

I am trying to write an email to our sellers estate agents asking them to drop their asking price following our survey (both mortgage valuation and full buildings).

Does anyone know of a place I can find email templates for this, or just give me a rough idea of how to word it?

Basic info:

Mortgage valuation survey has led to a £2000 retention being put on the mortgage.
Buildings survey has given a rough estimate of £5000 for the "urgent repairs and further investigations" it recommends.

We have had a builder friend have a look and they have agreed with these costings (i.e. it shouldn't cost anymore than this (and some of the issues mentioned dont require immediate action)).

The stuff mentioned in the retention is also included in the buildings survey so am going to use the £5000 as a basis for asking for a reduced price.

This is the point where I am stuck. I have scanned in relevant sections of the surveys to email to the agent as "proof" but am not providing them with the whole document.

Any help at all would be appreciated!!

Thanks

Guest101

They won't drop their asking price, but what you are doing is lowering your offer.

You don't need to supply proof, that's your document, not theirs.

What you need to do is say, in light of previosuly unknown issues with the property, having received rough estimates, I would like lower my initial offer to the new price of £XXXXX.XX. Please can you pass on my amended offer to the vendor.

john_white

What did he value the property? Was it the same as your offer?

Stacey_

john_white wrote: »

What did he value the property? Was it the same as your offer?

The building survey estimated the market value to be what we have offered.
It the goes on to say "our valuation assumes that there will not be a need for expensive repairs costing in excess of £5000 for the urgent repairs identified".

john_white

I see now why you don't want them to see the report.

Personally as a seller if you told me your survey said the offer was in line with the market value I would not start taking the price down.

First thing the EA will do is ask to see the valuation, as they work for the seller this is reasonable, and as you want to do this by email it will just drag it out.

Call the EA, tell them that you have the survey results and it has highlighted some issues. I wouldn't even mention numbers yet. just the fact there is a retention on the mortgage and what that is for.

eddddy

Stacey_ wrote: »

The building survey estimated the market value to be what we have offered.
It the goes on to say "our valuation assumes that there will not be a need for expensive repairs costing in excess of £5000 for the urgent repairs identified".

Hi Stacey

I think the first question the EA will ask is "what was the valuation?". When you answer "the same as I offered", I think you may find it difficult to negotiate your offer downwards. The EA might think you are just doing some cynical gazundering,

But if you do want to try, remember that the EA has to "sell" the reduced offer to the vendor - so give the EA plenty of plausible reasons to pass on to the vendor. If you just send a brief email, you're not making it easy for the EA.

martinsurrey

Stacey_ wrote: »

The building survey estimated the market value to be what we have offered.
It the goes on to say "our valuation assumes that there will not be a need for expensive repairs costing in excess of £5000 for the urgent repairs identified".

The house has been valued at what you offered after taking into account the works that have been identified, which you have had independently confirmed as costing what the surveyor mentioned.

If a buyer scanned in only sections of a report I would KNOW that they are trying to hide something and are trying it on.

If you want a new build (problem free) buy one, but you’ll pay a lot more for it.

chickaroonee

I wouldn't lower my asking price either, your surveyor has confirmed it's worth what you're paying. Any works you do will potentially add value, why should the seller pay for that?

as martin says most houses will have some issues, I think you'll be lucky to get the seller to agree to this. I certainly wouldn't (and haven't when in the same position).