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Home Report Query
mandy6979
Posts: 105 Forumite
I stay in Scotland, and my partner and myself are very keen to put an offer on a house that has a fixed price of £255,000. The house was originally for sale in 2014 at offers over £260,000 and the sellers had a home report done at that time with a valuation of £260,000. There was a good bit of interest in 2014, with 3 very interested buyers, and it even went under offer, but the sale fell through and the buyers decided to give up for a while, as the sale falling through upset them and they wanted a break.
Fast forward to June 2016 when they put the property back on the market at a fixed price of £255,000. They've had very little interest this time around, however we're very keen to put in an offer.
The problem is that the home report is still the original one from July 2014, so the valuation is still £260,000. Our concern is that the property price may have changed in that time and could be valued at less than that amount. However, the sellers don't seem keen to refresh the home report until they receive an offer. Should the home report have been done again after a lapse of 2 years?
They don't seem keen to accept anything below the fixed price, but everyone ive spoke to regarding it, say tht we should offer them no more than £250,000. We don't want to lose the house, but we also don't want to pay more than its valued at. However, they're not very eager to spend the £100 to have the report refreshed.
It's a catch 22 situation.
Any suggestions as to what we should do? My partner is going to phone the Estate Agent to say that we want to put in an offer on the condition that the home report is refreshed, but I feel that the buyers may say that they won't refresh until they have an offer.
It's very frustrating.
Fast forward to June 2016 when they put the property back on the market at a fixed price of £255,000. They've had very little interest this time around, however we're very keen to put in an offer.
The problem is that the home report is still the original one from July 2014, so the valuation is still £260,000. Our concern is that the property price may have changed in that time and could be valued at less than that amount. However, the sellers don't seem keen to refresh the home report until they receive an offer. Should the home report have been done again after a lapse of 2 years?
They don't seem keen to accept anything below the fixed price, but everyone ive spoke to regarding it, say tht we should offer them no more than £250,000. We don't want to lose the house, but we also don't want to pay more than its valued at. However, they're not very eager to spend the £100 to have the report refreshed.
It's a catch 22 situation.
Any suggestions as to what we should do? My partner is going to phone the Estate Agent to say that we want to put in an offer on the condition that the home report is refreshed, but I feel that the buyers may say that they won't refresh until they have an offer.
It's very frustrating.
0
Comments
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I'm not familiar with Scottish law - how long is a Home Report valid for? Presumably at some point it legally has to be updated?
As for price - you simply need to decide how much you want the property and at what price. If the seller wants more than you are willing to pay there is nothing you can do.0 -
the sale fell through and the buyers decided to give up for a while, as the sale falling through upset them and they wanted a break.
Should the home report have been done again after a lapse of 2 years?
If it was off the market for more than 28 days then they need to market it with an updated Home Report.
If there hasn't been a break that long, then there is no legal requirement to update it - but in practice purchasers will make their offer conditional on an acceptable refreshed Home Report being provided.0
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