Vendor refuses to renegotiate

nicknameless

Crashy_Time said:

So the seller finally settled on a 72k price drop?

That's correct.  I suspect it was mainly in the hope that you might see it as proof positive of your overriding life concern, and finally !!!!!! to the benefit of all readers of this forum.

We concede to you crashy - back to houspricecrash you can go now.  Adios.

TheJP

Crashy_Time said:

So the seller finally settled on a 72k price drop?

Have a day off. Maybe take a break from this forum and enjoy the splendors of live...

Enforce1

We bought a house and paid for a detailed survey plus a drain survey for what was £60.

We discovered about £500 worth of faults and the vendor agreed to reduce the price accordingly.  But those were for unseen issues.  As others have said you see what you see on the day and make an offer taking into account what you think its worth.

If the vendor won't budge and you do not want to pay the £17k for windows and electrics I would leave it.  He or she may come back once he's thought about it.

At another house it was in shocking decorative order but we saw past that and offered what we thought was reasonable.  Then we had an electrical survey done and the electrics were totally unsafe and the boiler dead.  It was a big job but the vendor would not budge so we took the hit of the extra work and had all new electrics and heating and boiler.

Win some lose some...

Crashy_Time

nicknameless said:

Crashy_Time said:

So the seller finally settled on a 72k price drop?

That's correct.  I suspect it was mainly in the hope that you might see it as proof positive of your overriding life concern, and finally !!!!!! to the benefit of all readers of this forum.

We concede to you crashy - back to houspricecrash you can go now.  Adios.

I suspect it was because nobody wanted to pay him/her 600k for it.

Crashy_Time

Enforce1 said:

We bought a house and paid for a detailed survey plus a drain survey for what was £60.

We discovered about £500 worth of faults and the vendor agreed to reduce the price accordingly.  But those were for unseen issues.  As others have said you see what you see on the day and make an offer taking into account what you think its worth.

If the vendor won't budge and you do not want to pay the £17k for windows and electrics I would leave it.  He or she may come back once he's thought about it.

At another house it was in shocking decorative order but we saw past that and offered what we thought was reasonable.  Then we had an electrical survey done and the electrics were totally unsafe and the boiler dead.  It was a big job but the vendor would not budge so we took the hit of the extra work and had all new electrics and heating and boiler.

Win some lose some...

Maybe the OP should be getting more than a 2k reduction then (ignoring the 70k drop from an obviously stupid original asking price) ?

michael1234

Will be selling soon and have spent quite a while thinking about how to prevent this scenario and I don't think its easy. I have thought about ensuring that when the buyer puts in an offer it is understood the amount will not change. i.e. The buyer can pull out but he can't ask for a few k off the purchase price regardless of what is found in any survey (which incidentally IMO is a waste of money if done by a general purpose RICS bod).

Of course the risk here is you put the buyer off on day 1 but is it a risk worth taking?

Sunsaru

michael1234 said:

Will be selling soon and have spent quite a while thinking about how to prevent this scenario and I don't think its easy. I have thought about ensuring that when the buyer puts in an offer it is understood the amount will not change. i.e. The buyer can pull out but he can't ask for a few k off the purchase price regardless of what is found in any survey (which incidentally IMO is a waste of money if done by a general purpose RICS bod).

Of course the risk here is you put the buyer off on day 1 but is it a risk worth taking?

There will always be a risk whichever way you do things so just do it your way and see where it gets you.

youth_leader

@michael1234 I had my own survey done before I went on the market, as I had hoped to stay in the house, but the findings and costings were daunting. 

When I marketed the property the price reflected the work that needed doing - but I still had people wanting to negotiate down even further.  I should have got quotes for the work following the survey, buyers were just picking numbers out of a hat. 

aoleks

No rewiring and window replacement costs £17k…

half is more realistic and that takes into account location (london) and a quick quote from a national chain.

Gavin83

michael1234 said:

Will be selling soon and have spent quite a while thinking about how to prevent this scenario and I don't think its easy. I have thought about ensuring that when the buyer puts in an offer it is understood the amount will not change. i.e. The buyer can pull out but he can't ask for a few k off the purchase price regardless of what is found in any survey (which incidentally IMO is a waste of money if done by a general purpose RICS bod).

Of course the risk here is you put the buyer off on day 1 but is it a risk worth taking?

I can’t see any benefit to you taking this route. It’s likely to put some buyers off and personally if I was looking to buy your house I’d assume you were hiding something. It also makes no difference from your perspective, should a buyer reduce their offer you can refuse at the time. They’re more likely to continue with the purchase once they’re committed.