Vendor refuses to renegotiate

Thrugelmir

OliviaWw said:

I think you’re getting a tad confused - the banks do use surveyors to survey the property in order to gain an accurate value properties. They don’t look (generally) at the condition of the house though - that’s your responsibility as the buyer.

You are confused about bank’s valuation versus survey. If your deposit is high enough, banks won’t fuss about if the house value is ££550k or £520k, because the difference to their money is not much. 

Many of us have had the experience of "serious" buyers. That then expect to renegotiate later in the process. I'd expect an idependent surveyor contracted by the bank to down value if the discrepancy was £30k. As that's 5%. Material enough to be reported. 

PadreM

As others say, you have no expectation whatsoever of a discount - not because it's necessarily unreasonable to expect it but because this isn't about reasonableness.  You've asked - as we all would - and he's refused.  You now either quit as effectively more than you wish to pay (he may then reduce, calling your bluff) or accept as is.  I'd probably not call his bluff if you're prepared to accept, thinking you can say no then yes, as he might have a fallback offer he accepts.  No strategy here, then, just the usual 'how much do you want it?'

OliviaWw

PadreM said:

As others say, you have no expectation whatsoever of a discount - not because it's necessarily unreasonable to expect it but because this isn't about reasonableness.  You've asked - as we all would - and he's refused.  You now either quit as effectively more than you wish to pay (he may then reduce, calling your bluff) or accept as is.  I'd probably not call his bluff if you're prepared to accept, thinking you can say no then yes, as he might have a fallback offer he accepts.  No strategy here, then, just the usual 'how much do you want it?'

Thanks. We know that they can say No, but we thought our request is reasonable so was hoping they can understand. But of course you are right. Our choice is to walk away or to accept. I find it still hard to make up my mind now. 

We did not have trained eyes to notice the windows defects unfortunately during our viewings, contrary to many’s belief, they did not appear obvious to us. The only thing we can rely on is the surveyor’s report. I don’t understand why so many people left hostile comments with regard to that we should know the conditions of the windows by viewing. 

PadreM

Having read all posts here, there's much irrelevance.  Vendor doesn't remotely have to attend to the would-be buyer's argument over 'reasonable' or 'correct' price: he's free to be 'unreasonable' and ask what he likes, just as the buyer's equally free to be unreasonable in offering what he likes - period.  It was rational to use the survey to leverage a discount - which he's free to ignore (at least until he knows you're serious and pull out, when he *might* reconsider).

On a relatively expensive house, as this is, £20-25k may not be worth losing it for (whereas on the c£200k houses I'm looking at, that additional cost is 'walk-away-able' (unless the house was marketed to account for)).

peterhjohnson

OliviaWw said:

We’re very close to exchange of contracts - no chains involved. But the building survey came back reveals that most window frames have come to the end of serviceable life and double glazing has failed mostly. There are other issues like fuse box, rewiring needs etc. 

we got a window fitter to quote on the windows and patio door, they came back with £17k after some discount. We probably can negotiate it a bit further down, but I don’t think it would be far off. 

We asked the sellers to reduce £6k against the agreed sale price. We thought it’s very reasonable. 

So, at the last minute, you spring it on the seller that you've identified £17k of work that needs doing and try to get £6k off?  If I was selling to you, I'd be pretty annoyed by you trying to get any more discount for the clearly tired windows. The "It'll cost us £17k but we'll let you off with £6k" sounds as dodgy as hell. It would make a used car salesman blush. I (as seller) would doubt your seriousness and play hard ball just like your seller has. 

If you want this property, stop messing about asking for a piffling 1% discount and buy it!

Crashy_Time

JosephK said:

If he doesn't want to reduce, he doesn't want to reduce. If he's right the property will still sell, if he's wrong it'll still be up for sale in a few months.

You could start looking again but leave your revised offer on the table.

He has already reduced by 70k.

london21

If it is not working out find another property.

climbthatwallseegar

You can walk away. However it will mean losing the house over £6k which in the grand scheme of things is a trifling amount. 

You’ve probably already spent more than that on legal fees, the surveyor etc and there is no guarantee the next house you find won’t require even more costly repair work. 

babyblade41

I'm sad to say I have met this type of buyer especially with my last one.

My reaction when this happens is to re-market immediately so my time isn't wasted anymore 

Buying a house is an emotional purchase if you have found the right one it's an instant feeling as you envisage where your stuff can go ..

For the discount already given and you are still trying to reduce perhaps you haven't found the right one 

aoleks

Out of curiosity: why did you offer that much for a terraced house on a street where a semi detached one in better condition sold for less?