FTB-advise please!!! :)

sterl1ng

Last time I saw this place was early March during an open day, after many months vendors finally found somewhere and I’m going back there today with OH (who couldn’t go with me first time) for second viewing. Since waiting so long and having surveys done turns out there’s about 3-4k worth of work needing doing and so I’m planning to renegotiate price with their agent in next week or so as I’m awaiting on builder report.

Knowing this how should I play this evening? I was tempted to cancel this viewing but vendors are difficult to pin down for second viewing, it’s been about 3wks I’ve been trying to arrange this for OH to see and for me to start mentally planning decor J.

This place is in London btw and I already paid £5k over asking price (I guess I’m lucky compared to some who pay £10’ks!) but how do I negotiate this you think? I was thinking of fwding the builders quotes of works which are from back of homebuyers report. Do you think that would be ok? I don’t want them having the homebuyer report just builders findings plus damp work.

I was thinking of offering £3k less and hoping they do at least agree of price, especially as I’ve been so patient for all these months whilst they were looking. The place they are buying is chain free and I’m an FTB so not sure who is in stronger position!

Any guidance would be appreciated. Thanks:T

egoode

Think about how much the price of the place has risen in the last 3 months and if the market is still really buoyant in that area. You may find the vendor is unwilling to negotiate as they could remarket for 10k more than you offered.

AndyT678

Would you walk away if they said no? Could they sell it again quickly if you did?

I'm guessing that the answers are no and yes and that you're talking about 1% or less of the price since it's in London. Combine that with the fact that you've been spending £££s and I think they have the stronger position.

I'd say it's unlikey to succeed in a rapidly rising market. No harm in asking as long as you don't burn any bridges when you do.

sterl1ng

If they don't reduce then not end of world but I'd be irritated with myself if I didn't try!
here's hoping :j

dominoman

Negotiate.

When I exchanged in May I didn't negotiate at all despite a host of problems, including bad woodworm, knackered plumbing and no building regs.

But today things are different.

The market in London is nothing like what it was 2 months ago and the vendors will know this.