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Seller refuses to renegotiate after bad building survey
Comments
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Its not the sellers position to reduce the price to the point that the buyer could then make a profit from doing the work.
It its priced according to the work that is needed; the OP states there is some distance between that price and what others go for in the area.
As a FTB and maybe not the skills or background (or stated by them), they paying for that work doing would put it beyond the local ceiling price..
But that is the OP's issue to deal with not the Vendors.. A builder \ developer type with better budget and contacts would be able to do that within that margin; but the vendor doesn't need to subsidise a FTB to muddle there way through it..0 -
The survey doesn't really open up a can of worms - it merely adds some detail into the sorts of things you'd expect from a Victorian property which hasn't had any work done for the last half a century. Furthermore, it seems priced to sell insofar as the sale price plus cost of modernisation roughly equal the sale price of a comparable modernised property, so it's not really surprising you offer has been rejected.
To be honest, this is the sort of project where you'd need to gut the place and repair/refurb etc as one massive project. You can't live there while this is happening, and a piecemeal approach isn't really sensible and will cost more. As you don't seem to have the skills or financial resources to do this, I suggest you give up on this one.0 -
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JencParker wrote: »Well, as the surveyor has valued the property at the price the buyer has offered, then presumably the house IS correctly priced and NOT overvalued.
I don;t think thats the way it works.
A valuer won't over-value something, as it is irrelevant for mortgage purposes (and opens a whole can of worms for the vendor/buyer relationship).
In my experience if the valuer is satisfied, they will always value it at the agreed price.0 -
I don;t think thats the way it works.
A valuer won't over-value something, as it is irrelevant for mortgage purposes (and opens a whole can of worms for the vendor/buyer relationship).
In my experience if the valuer is satisfied, they will always value it at the agreed price.
DRP think you've got the wrong end of JencParker's stick.
Jenc is saying that the valuuation in line with offer indicates that the house is worth atleast what was offered in current condition.0 -
Not a good idea if your a first time buyer, walk on by.
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Marleyboy - You are, indeed, a legend.0 -
martinsurrey wrote: »DRP think you've got the wrong end of JencParker's stick.
Jenc is saying that the valuuation in line with offer indicates that the house is worth atleast what was offered in current condition.
Yes you're right of course
Trying to do too many things at once. Apologies JencP!0 -
So in the UK a house goes up for sale that needs work and the asking price reflects that. The survey confirms that the price is correct based on the condition. But then you can ask for more money off to complete the work? Good deal because in the US they would tell the buyer to take a hike.You are exactly in the same position as me. And believe me, I have had a lot of crap in the last few weeks regarding Solicitors and Estate Agents. You had a bad survey, you want the house? Get estimates for work needing done and get your Estate Agents to renegotiate for value of said works. If the seller doesn't....more fool them....because some prospective buyer down the line certainly will.0 -
Sounds like they have told the buyer to take a hike! They are just unhappy that they have done so.0
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