FTB is it too late to renegotiate house price after valuation?

MissTigger

Hi all, im a FTB with absolutely no experience or knowledge in the matter.
I made an offer of £86000 on a house (originally £89950) it was my second offer as had £84000 declined. This was 15th Sep.
My bank has since sent out a valuation report - (NOT* a comprehensive homebuyers as I didn't pay for a thorough one) which says there is evidence of damp (not penetrating) which MAY affect timbers etc... I saw no signs of damp at all when I viewed the house but then again im no professional.
The bank has then proceeded to offer me the mortgage. Is the damp comment on the valuation something I should worry about? The only other thing mentioned were the raised natural radon gas levels in the area. I dont mind doing a bit of work eventually when im moved in but is this something I need to raise with the estate agent?

G_M

If you tried to reduce the price to me based on a vague possibility I'd
a) be annoyed
b) say no
c) consider putting the price UP just to teach you maners, or
d) pull out, remarket, and look for a serious buyer

If you are worried about damp - pay for a proper independant damp survey (NOT a free sales survey from a damp proofing company)

p00hsticks

YasmineA90 wrote: »

My bank has since sent out a valuation report

What did they value it at ?

MissTigger

G_M wrote: »

If you tried to reduce the price to me based on a vague possibility I'd
a) be annoyed
b) say no
c) consider putting the price UP just to teach you maners, or
d) pull out, remarket, and look for a serious buyer

If you are worried about damp - pay for a proper independant damp survey (NOT a free sales survey from a damp proofing company)

Thanks for your answer, like I said I have no clue on these matters. I am not intending on annoying the agents and owner. I am only asking on here because the valuation suggested that I go seek repairwork to sort the damp problem out which Im not even convinced exists. I just wanted to know the normal course of action when reports come back like this

MissTigger

The valuation suggests the price of the house is worth my offer but then addresses the damp problem. I wasnt wanting to sound cheeky at ALL and I am not wanting to rip off the owner. I wanted to clarify that the valuation is the value WITH the flaws?

G_M

the valuation is .... whatever the valuer has valued it at. As it stands, damp (if any) and all).

Course of action is as previously suggested.

Now, if you produced a report, from a reliable professional, saying there IS damp, identifying the source of the damp, and suggesting, say, £1000 to fix it, then yes, re-negotiating the price may be appropriate (though the seller may still refuse).

MissTigger

G_M wrote: »

the valuation is .... whatever the valuer has valued it at. As it stands, damp (if any) and all).

Course of action is as previously suggested.

Now, if you produced a report, from a reliable professional, saying there IS damp, identifying the source of the damp, and suggesting, say, £1000 to fix it, then yes, re-negotiating the price may be appropriate (though the seller may still refuse).

Okay G M, I only came on here for advice, not to rub you up the wrong way... I am a serious buyer so please stop suggesting otherwise.
So do you think the next step should be to pay for a proper in depth valuation or just continue and sort out any issues with damp independently? Im just checking whats the normal thing to do in this situation as Ive never done this before so I dont appreciate the sarcastic humour.

What I put as the title of the thread (about renegotiation) was more to catch attention to my post than all seriousness.. didnt really think how to word it...

elsien

What sarcastic humour? I think I must be reading a different post to you.

Compare the cost of a proper damp survey to the cost of repairs if there does turn out to be a problem. There is nothing wrong with trying to renegotiate, but you need the evidence to do it with, although the seller may still decide the house is priced correctly. If that is the case, could you afford any repairs that crop up later?
There isn't a right or wrong, it depends how much you want to cover yourself.

G_M

YasmineA90 wrote: »

Okay G M, I only came on here for advice, which I've given you

not to rub you up the wrong way...
I'm not rubbed at all - right or wrong way!

I am a serious buyer so please stop suggesting otherwise.
I didn't.
I suggested that IF you tried to re-negotiate price on the basis of the vague wording in that valuation, and I were the buyer, then I might at that point consider you a not serious buyer.
Thus giving you the advice you requested: don't try to re-negotiate the price without proper evidence.
So do you think the next step should be to pay for a proper in depth valuation or just continue and sort out any issues with damp independently?
Depends how worried you are about the possible damp.
1) there may be no damp
2) the damp may be insignificant
3) the damp may be extensive, but from a simple-to-cure source
4) the damp may be extensive, but from an expensive-to-cure source

Im just checking whats the normal thing to do in this situation as Ive never done this before
different people will do different things. Me? I'd arrange another viewing and go and inspect this damp myself, as well as look for possible sources.
You may feel you'd prefer to pay a professional.
Or you may may decide to ignore it, and deal wih the consequences, if any, once you own the property.

so I dont appreciate the sarcastic humour.
sorry - that's me. if you don't like my style, skip my posts and read artful's or pasturesnew's!

What I put as the title of the thread (about renegotiation) was more to catch attention to my post than all seriousness.. didnt really think how to word it...

Well it worked! You caught my attention. Now I'm all yours!

Thrugelmir

Get someone to take a look. Then at least you'll know the potential outlay. No it's not uncommon to renegotiate on the basis of the survey.

The valuation is for the purpose of the bank. The valuer obviously thought it to be a resolvable problem. A thousand up or down is neither here nor there.

MissTigger

Thanks for your answers!
and Ok, G M Thanks for the detailed breakdown of my last comment it was absolutely extremely necessary haha...!
I now have come to the conclusion that im just overthinking everything and being paranoid over nothing! there may or may not be a damp problem and even if there is its nothing a few £k cant sort out.