Vendor not being reasonable and won’t reduce price

badger09

quocvo said:

UnderOffer said:

quocvo said:

A few days ago I don't think I would have been able to.  I think I would have resented him every time I drove past his house.  He doesn't live on the same road but on another road which runs parallel.  However, talking it through in this thread has helped and I don't hold anything against him.  

We're landlords as well, and I'd like to think we are on top of our maintenance and understand the issues of our properties.  I truly believe he was clueless as the the issues with the property.  The tenants currently living there (moved in not long after his mother died so have been there many years now) told my surveyor they tend to sort any issues out themselves without reporting it.  This included unblocking the manholes themselves with drain rods.  
quocvo said:

Oh, the property is tenanted, you could be in for the long haul with this one. 

You’re right!  Hoping so long as it is before end of this financial year to take advantage of the stamp duty holiday.  

We are told they have found and agreed on a place to rent.   It’s a new build which is waiting sign-off from building control and other red tape.  Not holding my breath though.  

If it was the vendor who told you that, I would be very wary and do everything in my power to check. 

quocvo

Splatfoot said:

What did the vendor accept in the end? Did you manage to agree a price?

I agreed to his £505k.  

quocvo

Update:
Just a courtesy to update people who have provided an input because I know it can be a little annoying not knowing the final outcome.
The purchase failed.
New quotes came in to fix the structural issues at an estimated cost of £37k minimum - drains, roof, timber treatment, walls (cavity wall tie failures causing large cracks) - could be subsidence issues on top but not yet confirmed by structural engineer.  We put a pause to that last structural engineer instruction because clearly we are so far apart on price with the vendor and didn't want to sink more money into this purchase.  
We could't agree on a reasonable reduction in price - vendor was only willing to take off £4k from the originally agreed price.  
We have nothing to sell and a mortgage offer in place so if we could have met somewhere in the middle, a quick transaction could have been achieved.
Nevermind.

Note - tenants in the property still there and no idea when they are moving out.