Revised Offer - What do I have to declare?

Mrs.CJP

Personally I don't think it's an issue to ask for a reduction if your survey has identified major issues that you couldn't visually see when viewing the property.

I also believe your revised offer should reflect the cost of works. So if it's £1k then realistically that is the amount you should reduce by.

To ask for a reduction regarding decoration is a bit closing the door after the horse has bolted. Your first offer should have reflected this.

Also I think you should provide the survey that covers the majority works to support your reasons for placing a revised offer. This shows you that you're being open, honest and it's a sincere renegotiation .

The survey is there to guide buyers so all sellers should expect revised prices if the survey identifies serious issues

AdrianC

Mrs.CJP wrote: »

Personally I don't think it's an issue to ask for a reduction if your survey has identified major issues that you couldn't visually see when viewing the property.
...
Also I think you should provide the survey that covers the majority works to support your reasons for placing a revised offer. This shows you that you're being open, honest and it's a sincere renegotiation .

The survey is there to guide buyers so all sellers should expect revised prices if the survey identifies serious issues

The surveyor will have given his opinion of the value of the property. If he'd downvalued it from the agreed price, then the OP would have said so. If he hasn't, then he's agreeing that the property is worth the agreed price, even taking the results of the survey into account.

martinthebandit

emmatthews wrote: »

There is a big difference between making an offer under asking price and gazundering - reducing your already accepted offer.

Unless there is a survey with a lower valuation than the price you are paying then I doubt your tactics will go down well.

I have no agenda, just an opinion.

This seems like the right answer to me and as Linton says, you are destroying the trust needed which generally makes the house buying process go smoothly.

Mrs.CJP

AdrianC wrote: »

The surveyor will have given his opinion of the value of the property. If he'd downvalued it from the agreed price, then the OP would have said so. If he hasn't, then he's agreeing that the property is worth the agreed price, even taking the results of the survey into account.

I totally agree with your point, however my experience when I've spoken to two surveyors (Valuation and Homebuyers) both said to me that the valuation is simply to satisfy the bank. Both surveyors asked me what the offer was on property and then placed that figure on the document.

I had a homebuyers survey to see if there was any hidden nasties and had there been real issues I would have pulled out. So if this is acceptable why isn't okay to use the survey for a reduction. However I still feel that the reduction should be reasonable and a reflection of work not just because you want more off

AdrianC

Mrs.CJP wrote: »

I totally agree with your point, however my experience when I've spoken to two surveyors (Valuation and Homebuyers) both said to me that the valuation is simply to satisfy the bank. Both surveyors asked me what the offer was on property and then placed that figure on the document.

Indeed. They agreed it was worth that price. If they thought that was OTT, because of the issues or otherwise, they'd have downvalued it.

Clutterfree

OP, what was the answer from the vendor regarding your revised offer?

mrginge

What you have listed is something that I would call 'maintenance'.

Personally I would refuse your renegotiation on that basis and politely ask you if you were serious about the purchase.

JimmyTheWig

Until you exchange contracts with the vendor you can revise your offer as much as you want, and tell the estate agents and vendor as little as you want.
Equally they can walk away from the sale if they want to. For any (or no) reason. You will have lost out on the cost of the valuation, solicitors time, searches, etc.

You offered a price for something that you had seen.
If you now know about something that you didn't then (e.g. survey says the roof needs work that you didn't know about) then that is reasonable to reduce your offer.
But to reduce your offer for something that you did know about at the time (state of decoration) isn't reasonable.

You are still allowed to do it. You are allowed to be unreasonable.
But you may find the vendor isn't interested in selling to someone who is unreasonable.

societys_child

Mrs.CJP wrote: »

The survey is there to guide buyers so all sellers should expect revised prices if the survey identifies serious issues

Unless, of course, the asking price already takes into account any "serious" work required.

hazyjo

Mrs.CJP wrote: »

I totally agree with your point, however my experience when I've spoken to two surveyors (Valuation and Homebuyers) both said to me that the valuation is simply to satisfy the bank. Both surveyors asked me what the offer was on property and then placed that figure on the document.

I had a homebuyers survey to see if there was any hidden nasties and had there been real issues I would have pulled out. So if this is acceptable why isn't okay to use the survey for a reduction. However I still feel that the reduction should be reasonable and a reflection of work not just because you want more off

Yep, it is to satisfy the bank. But we see many posts on here saying the valuation has come in less than their offer. If there was a major problem with the roof (or other points the OP makes), they would have valued it less than the agreed price or placed a mortgage retention on it. It's fair to say they base it on the offer agreed - it's not a 'blind' valuation where they don't know that price and value it from scratch but, believe me, they would definitely down-value if there were problems that needed sorting immediately or were a risk to the property.


Jx