Homebuyer report found serious issues with roof, vendor not want to re-negotiate pric

anear

The house's asking price 250k, offer accepted 230k. The Homebuyer report found serious issue with flat roof of the garage and porch, as well as two trees close to the house.

I have obtained quotes from roofer and tree surgeon. The total cost is around 4k. I ask the vendor to reduce 4k to cover the repair cost. He is not willing to reduce price at all, not even split the repair cost.

They said they cannot afford to reduce the price. They reduced originally more than they could afford and they stretched themselves to get the next property and now don't have the available funds to reduce any further.

So far I have spent some money on survey, searches, solicitor, and mortgage booking fee. If I pull out, I will waste about £800. Mortgage offer is still effective within 3 months.

Is it buyer's market or sellor's market now? Shall I pull out or accept it as it is and pay the 4k repair cost?

The house is in West Yorkshire.

My solicitor told me that 90% of vendors would be willing to split the cost and pay part of the repair cost if survey reveals significant problems.

I would like to hear your view. Thanks.

princeofpounds

It's all totally up for negotiation.

Most commonly if something is highlighted in a survey which would not be an obvious problem to a layman at the time they made the offer, then there is some room for negotiation.

This is because the seller, who presumably would know more about the problem, is aware that the offered price is made pre-survey and so is subject to revision as new information comes to light.

But that is in no way a rule - it might not even be described as typical.

So now it's simply a matter who who wants it more.

freeisgood

It is completely up to the vendor, he can budge...or not. If he needs the money and can wait for it, he can just wait for someone who is willing to buy his house, warts and all.

PasturesNew

Every house is different. Maybe it was already priced with that work in mind. Maybe it's your surveyor's opinion and not the owner's. Maybe his agent's telling him there's a queue to buy it. Maybe he's an 4rse.

Any, all, some, none of the above might apply. You have to do what you think is best, without feeling ripped off and without cutting your nose off to spite your face.

G_M

Presumably the seller has lived with those trees happily (for years?) so sees no need for ny work.

Similarly a garage is not critical - car gets wet? Big deal! And flat roofs inevitably have more limited lives.

n top of that, you already knocked £20K off the price. Seller probably thinks that's enough!

and maybe if "they cannot afford to reduce the price." that means they'd lose th place they are buying so the whole deal would fall through anyway. Or they'd go into negative equity.

anear

Yes, I pointed this out saying I couldn't see the top of roof when I viewed the house and my offer is based on the assumption that we can move in directly without any repairmen work.

But the vendor is just not budge. They told the EA that if I pull out, they just re-market the house.

I like the house, but it is not the dream house. Having viewed many houses, I realise that there is no dream house. We are currently renting a flat. The vendor is buying an empty house. So the chain is very short. They have sorted everything on their side and ready to move once exchanged.

I think that they are as keen as we want to proceed. However, it I pull out, I will waste £800 and time/effort on this property, they won't lost money only time/effort to find another buyer.

I have pointed out that any future buyer would face the exact same problem. The EA/vendor seems to think that if they re-market the house now, they might receive offer higher than 230k.

btw, the offer was accepted in mid December. I don't think there is much change on the house market, isn't it?

freeisgood

I think it is a "take it or leave it"...someone might offer him 245K next week.

mrginge

You havent lost £800.
You spent it.
Its gone.
Forget about it.

Any decision you make which has any consideration for this £800 is a bad one.


Its like driving 100 miles to look at a car, finding out its a wreck, but then still buying it because you spent a tenner on petrol and went to kfc for lunch.

westernpromise

The vendor might think the price was based on the house's actual condition but your £230k was based on how it appeared and was subject to survey.

Personally, I'd walk. Flat rooves are always a pain.

As you say, the market's gone nowhere and nor will it.

martinthebandit

Its simple really, is the house 'worth' 234k, if it is then buy it, if it isn't or you think you can get a better (to you) house for the money then don't buy it.

If the seller had not accepted your offer of 230k would you have increased it?

penguine

Do you feel confident you could get another house that's roughly equivalent in terms of desirability to you (ie space, location, layout etc) for £230k? If not, you may want to go ahead and buy this one.

We were in a similar position a few years ago. Our survey found significant problems with the roof of the house. We got 3 estimates which averaged about £9k for the repairs. The vendor initially refused to budge, seemed affronted we'd even asked for a reduction, and threatened to put the house back on the market. The EA cajoled them into offering us a £2k reduction. We went with this, even though our solicitor expressed surprise that it was so much less than we would need to repair the roof, because we were aware of what else was on the market in our area and knew we were already getting the house for a good price.