Buying - Should and can we amend our offer?

[Deleted User]

TomHM said:

Thrugelmir said:

TomHM said:

After a month's silence from the sellers, we now have surveys being carried out, and will likely tweak our offer depending on the costs there.

Late in the day to start having surveys performed. Should be undertaken early in the process. Vendors may question how serious you are. Changing your offer may impact their ongoing purchase. 

To be clear, we commissioned a homebuyer's survey four days after the offer was accepted. The surveys now are to get quotes to repair issues identified.

And thank you all for your thoughts - do keep them coming, they're all very informative!

We're not wedded to this property - mainly just want a garden, some stability, and to be on the ladder!

Did you purchase the property at the agreed price?

Woolsery

DE_612183 said:

Price falls and rises are subjective - depending on the area / type of property they can vary.
I remember the last "slump" so properties in the area I lived in were more or less unaffected - they may have stopped rising as fast - but bid not drop...

You must've been in a very different area from the vast majority of us.

At that time we were selling a 4 bed semi with 1/4 acre close to a renowned World Heritage site, so not exactly a shabby area and we took a hit of 16% to ensure we got sold.

The area did recover quickly around 2011/12, but it wasn't just a stall. Of course, many people took their property off the market and there was a dearth of available houses. Several agents, notably Connells and some inefficient locals, disappeared, the latter permanently.

Sarah1Mitty2

aoleks said:

TomHM said:

Hi folks - hoping for some advice!

We're midway through buying a flat. We were told by the seller's estate agent not to delay things with a homebuyer's survey, among them yelling at us for doing the standard checks... we got a survey anyway, and so found damp, blown render, that the parking isn't legal, a few other things.

After a month's silence from the sellers, we now have surveys being carried out, and will likely tweak our offer depending on the costs there.

However, we're also looking at the overall market, seeing talk about potential drops in the market of 10-20%, and the huge jump in rates (though we have a 2 year fixed rate)

Are we making a mistake by buying now? Can we legitimately suggest a % price reduction plus the cost of repairs, especially given the delays from their end, or are we over-reacting? 

Thanks in advance!

here we go again...

can you tell me exactly when this drop will occur and what type of properties will be affected?

How could anyone know any of that for sure, that is a ridiculous challenge, probably only a handful of people can predict things like that accurately, all that the majority of ordinary people know is that their mortgage and other costs are going up quite steeply at the moment.

FreeBear

TomHM said:

Thrugelmir said:

TomHM said:

After a month's silence from the sellers, we now have surveys being carried out, and will likely tweak our offer depending on the costs there.

Late in the day to start having surveys performed. Should be undertaken early in the process. Vendors may question how serious you are. Changing your offer may impact their ongoing purchase. 

To be clear, we commissioned a homebuyer's survey four days after the offer was accepted. The surveys now are to get quotes to repair issues identified.

Some repairs, such as blown render, will be down to the freeholder to undertake. You need to identify which repairs you are liable for..

Any repairs the freeholder carries out will eventually have to be paid for by yourself, but the cost will be shared out with the other leaseholders.