How do I re-negotiate?

evilbunny77

I'm struggling a bit with the forum and couldn't find this thread for a while (...!), but thank you everyone for your advice. We followed it as best we could, but the estate agent is not really interested in sorting things out. We've now reduced our offer, we are prepared to meet in the middle but we are equally prepared to walk away, as we're starting to feel like we're being had. All valuable experience etc.!

Wi88le

If your struggling to find your old posts/threads by looking on the forums it's easier to find them from your profile, either at the side of a post or near the top of the page then go to find all posts.

FBaby

evilbunny77 wrote: »

We've now reduced our offer, we are prepared to meet in the middle but we are equally prepared to walk away, as we're starting to feel like we're being had. All valuable experience etc.!

So what was the valuation then?

Experience this once as a seller. I had already taken into account the fact that the house needed some work doing into the asking price (10% lower than asking price for similar properties in the area). The buyer got a survey done and came back to say it had pointed out some work needing doing and wanted to reduce the price by 10%. Explained that the price had already been reduced so wouldn't accept another reduction and asked for copy of said survey. This was not coming forward until I said I would put house back on the market. Said survey finally shared and sure enough, house was valued at exactly what the asking price was. Told the seller to take a hike.

Saying that, if you are not happy with the price and you are prepared to walk away anyway, no harm in negotiating down. I don't think you've been 'had' though, that's the whole part of selling/buying a house.

evilbunny77

Thank you for sharing your experience.

We don't know what the bank valuation was, only that they valued it sufficiently high to grant the mortgage. The surveyor did not value the property.

We bid above asking, because we wanted to buy in the area and were told we could move quickly. We were also told the house had a new roof, which is true, but the work wasn't done properly. The quick move is off the table as well, down to the seller's choices.

So I think it's not a case of them pricing things in if you know what I mean. The lower offer is still above asking. (Which may be a stupid thing to do, but the house was worth it to us, given the circumstances, and we wanted to avoid a back and forth.)