Am I about to lose the house?

Riggyman

You're !!!!ed, try to buy a different house x

cloo

You can but ask, if you really want it. But bear in mind that for a fixer-upper you really need at least 5 figures in the bank to do modernisation, or to initiallly come in with a low offer reflecting the work it needs so you have that money in the bank.

agarnett

Hi JamesBro,

Sounds like you've got really hooked on this house - generally not said to be a good idea until you have got yourself in the driving seat! But I understand that this delayed requirement has caught you unawares when you thought you were on track.

I have property in London, and whilst London prices have been quite buoyant in parts, I would say that the market has cooled to the extent that as a buyer, you may be in an ok position to negotiate post survey, especially if you are only talking five grand or so on a £320K price tag.

You haven't lost the game if you try a number and the vendor says No. FTBuyers are like teenagers seeking "the one"! There are plenty more houses out there, but you'll still get another go at this one - they won't remarket it just because you are being honest!

Is there going to be a chain up the line? Because if there is, the chances of it going wrong anyway and the vendor pulling out because they've lost the house they wanted (just like you are worried about!) are still quite high. You need to be ready for setbacks like that if you get involved in unpredictable chains all hoping for simultaneous completions.

On the other hand, for the same reason (committed to a chain above) the vendor might be just as worried about losing the sale as you are, as Hoploz has suggested. The estate agent is not your friend of course. They just say stuff - sometimes it is based on fact. Usually it isn't! I wonder what they have told the vendor - they are supposed to be working for the vendor, so one imagines the agent has told the vendor of your predicament - but they may not have done.

Who introduced you to the mortgage broker? The estate agent? If so, you may be able to press back and put pressure on the estate agent to make bloody sure there is no retention!

Like others responding, I can't quite get my head around why the damp and electrical special requirement of the report following original survey took so long to be notified to you.

It has long been known that separating punters ever increasing large amounts of money is best done when they are already committed to the largest purchase of their lives - a house. You are constantly being tempted by the estate agent to go "All-In".

Do you play poker? Even if only for points online, the experience is sometimes useful

Seriously, other than emotional capital and time, you haven't spent too much on this one just yet, I take it?

If you really feel the need to make this one work, try to work out the real motivations and pressures of all involved and do not be afraid to set out the problem and stand firm with your decision. Don't start off offering to find a way to pay half. That doesn't help you if you are completely spent out.

It is big money you are talking about, not making friends with estate agents, mortgage brokers or even the vendor. They all know that too, so chances are any smiles coming back the other way are equally false (unless in the vendor case, you are happy that you've met the vendor and built rapport, and that they are gentle people who want you to have the house).

All that said, it really is a test of your skills ... how to get what you want in business and life generally! The very best of luck to you on this one or the next!