Opinion on house buying

claudio_1987

Hello everyone

Well I am currently process of buying a house all paperwork done survey , mortgage aproved etc , just waiting for the landlord to evict the tennant that want to be evicted by court to gets council house so far so good no issues.
The problem is I agreed on price of 204000 for the house and considering that I won't be able to move till mid November the house literally next door went on sale yesterday for 160000 , 44000 less than my agreed price , well the cheaper house may need some more elbow grease to put at my standards but I was going to put a new toilet and refurbished the rooms anyway so no issues there , they cheaper house also doesn't have garage but as solar panels .

My idea is to discuss with seller to see if willing to renegotiate the price wonder your guys opinion on the matter. Thanks

MEM62

You have nothing to loose by having the conversation.

Doozergirl

MEM62 wrote: »

You have nothing to loose by having the conversation.

Ditto.

Although I'd view next door anyway.

hazyjo

Careful with the solar panels. There used to be probs getting a mortgage if they're leased. Times may have changed, haven't heard much about them lately, but it certainly used to be an issue.

Vestra

Depends on your area and how long ago you agreed the price. In my area (south London), prices are dropping like a stone and with talk of a recession around the corner it’s only going to go one way. I would view the one next door and see if that can work for you.

Davesnave

I'd be more inclined to view next door, and if I liked it, get an offer accepted before trying to renegotiate.

claudio_1987

Thank you all for the responses I wil have a look on the house and see if it works for me before I have the talk, but I will try renegotiate as it means that road house prices will certainly drop any what thank you

Retired_Mortgage_Adviser

As others have said, it depends on the specifics and the area but if a similar house came on the market at 160k (compared to 204k), and you are already prepared to spend some money on refurbishment/enhancements, I would -

- most definitely view the property. If I like it, talk to my broker if I can get a mortgage on it.
- ask current vendor for a discount.

shortcrust

Worth a try but if I were the vendor I wouldn’t even think about renegotiating based on a listing price alone. For all we know it might sell for far more than that. I’d be on to the neighbour to tell them about the 204 offer on mine and hinting their valuation might have a been a bit on the low side. I wonder how keen they’d be on offers of 160 with that knowledge.

When people post on here about situations like this they never seem inclined to buy the cheaper house. Always makes me think there are very good reasons for the price difference. That said, being so far along in the process I can see why the thought of starting again might be off putting.

RelievedSheff

What have other similar houses in the area actually sold for?

It could be that the house next door is put in at a lower price to attract a lot of interest.

cattie

I know it depends on where you live, but in a lot of London suburbs a garage can often add £20k more to the price of a house, so bear that in mind.

Most new build flats don't come with garage or allocated parking space these days & if you want to have one it can cost in the region of £20k-£25k extra. A friend was quoted £23k for a space in the underground garage of the new build she bought last year.