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Survey Renegotiation with a Repo
dinofabio
Posts: 245 Forumite
Made an offer on a repossessed property and had a survey done which undervalues the property by 5K (property is £120K).
In normal circumstances, I would go back to the vendor and try and renegotiate and hopefully reach an agreement. However, being a repo, I'm dealing with a company (bank) rather than a vendor, so not as straightforward.
I don't want to lose the property because it has some potential to add value.
Has anyone had any success of trying to renegotiate a price on a repo after a survey?
In normal circumstances, I would go back to the vendor and try and renegotiate and hopefully reach an agreement. However, being a repo, I'm dealing with a company (bank) rather than a vendor, so not as straightforward.
I don't want to lose the property because it has some potential to add value.
Has anyone had any success of trying to renegotiate a price on a repo after a survey?
0
Comments
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The prinipal is exactly the same whoever is selling.
The seller will either renegotiate price, or won't. They want to sell, but at best price. If they have other interested buyers, or think they an find them, they won't. In which case you have to dcide if you want the property enough to pay the original price agreed, or now think it's more than you are prepared to pay.0
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