Property readvertised, even though SSTC.

M00nface

MovingForwards said:

@M00nface it's been valued at the condition it was in on the day the surveyor did the survey. It's not been valued based on having the repairs done.

Yes that's as I understood to be the case. Was just confused by this part "The remedial work has been priced into the lower valuation." 

messes

The property was 227, its now 200 that difference is to account for the cost of work. You reduce the offer based on the work needed and the reduction is generally somewhat around what the cost of the work is.

 They agreed to the reduction so from their view, there should be no further delay as from that you have the money to pay for the work in the difference.

Otherwise you should probably have got the builders quotes and then negotiated the price reduction. 

M00nface

messes said:

The property was 227, its now 200 that difference is to account for the cost of work. You reduce the offer based on the work needed and the reduction is generally somewhat around what the cost of the work is.

 They agreed to the reduction so from their view, there should be no further delay as from that you have the money to pay for the work in the difference.

Otherwise you should probably have got the builders quotes and then negotiated the price reduction. 

I spoke to the surveyor asking what work would be needed and how much it would cost, and they said the only way to know properly is to get builders to the house and get quotes, so I don't see how it's possible for them to know how much the work will cost and reduce the valuation by over 20k if they're telling me they don't know how much the costs of repairs will be. 

Also as I mentioned previously we had intentions to get builders to the property but this was right before lockdown. So this is not a possibility as of this moment. 

Lummoxley

M00nface said:

Also as I mentioned previously we had intentions to get builders to the property but this was right before lockdown. So this is not a possibility as of this moment. 

From the Which website
"As a first step, find out whether your trader or engineer can offer some services from a distance, either by speaking to you over the phone or using technology. Some of the Which? Trusted Traders we’ve been speaking to reported that they were using tools such as FaceTime, Google Hangouts and Skype to provide quotes or site visits."

Have you asked your builders whether they can give a quote virtually?

bucksbloke

Reality check. Your seller wants to sell and you are not currently proceeding. You've simply said once this is over, we'll get a builder in to cost up. If the property sale was not progressing I would do the same as well. They could want to buy something else or have pressures put upon them to proceed. If you want to keep the house, have a think about what you can do to progress the sale. 

oldbikebloke

robtam said:

Quite cheeky! I'd be annoyed and question why they made this decision? Especially with house prices due to fall. What's it listed as? Same price you paid?

not cheeky at all. They do not have a proceedable buyer, they have FTB who could very easily pull out or attempt a second re-negotiation when they get the shock of the repair quote and realise they cannot afford it.

the vendor needs a sale to complete - first to do so gets it 

lees80

The seller isn't doing anything wrong - I'd do exactly the same in their position. 

OP asked for a reduction based on the survey results, and got it. Now they want to figure out if they can actually afford to have the work done before going ahead - they are not a proceedable buyer at the moment. Even with the Covid19 situation aside it's entirely possible they wouldn't proceed anyway, due to not having funds to complete the work needed. 

M00nface

oldbikebloke said:

robtam said:

Quite cheeky! I'd be annoyed and question why they made this decision? Especially with house prices due to fall. What's it listed as? Same price you paid?

not cheeky at all. They do not have a proceedable buyer, they have FTB who could very easily pull out or attempt a second re-negotiation when they get the shock of the repair quote and realise they cannot afford it.

the vendor needs a sale to complete - first to do so gets it 

As mentioned before, we wouldn't renegotiate the price. We are happy with the now agreed price. 

Also our EA isn't doing viewings and surveyors aren't coming to properties, the vendor still lives there. I'm not too sure how likely it would be for another to come along and proceed in this situation. 

lees80

You are still not a proceedable buyer as the whole purchase depends on you being able to afford to have the work done.

The seller is doing the right thing by readvertising the house. 

joanars

Homebuyers reports very often down value properties just to be on the safe side - our house was significantly down valued in the homebuyers report and we still proceeded with the purchase. We just spoke to the surveyor who said the property is in overall good condition and the price we are paying is very reasonable so long as we are prepared to tackle the areas that need improvement. For us, the most important question was if the BANK will agree to lend us the money, i.e. agreeing that the house is worth the original offer price - and they did. So the homebuyers report price is irrelevant.
I'm amazed that the seller actually accepted your reduced offer, that's a big price difference. We bought our house in 2019, and identical house to ours sold for £30K more only a couple of months ago this year.