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On what grounds could I reasonably request a reduction in price?

BigBoss
Posts: 170 Forumite

I've just had a survey done and in anticipation of its receipt, I just wanted to know what things would enable a buyer to, reasonably, ask for a reduction in price? I'm thinking things like servicing of electric/gas if there is no evidence of recent checks etc...
Looking for simple one word answers here e.g. "damaged roof"
Looking for simple one word answers here e.g. "damaged roof"
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Comments
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Electric/gas checks are not necessary for either the seller or you, and not grounds for reducing price (and the costs of the checks are trivial anyway). If they actually uncover significant and surprising problems than those might be grounds for negotiation.
In general, any such reductions are only going to be reasonable if they're actual defects (rather than mere suggestions for improvements, or suspicion by surveyors) and couldn't reasonably have been spotted when you viewed the property.6 -
Serious problems that carry a significant cost to remedy that could not have been foreseen at time of offer.
For example, my survey when buying my house identified that the flat roof on the extension was nearing the end of its life and some windows needed replacing. I didn't consider either of those valid reasons for reducing my offer, because those or something similar will be true of almost every house of the type I was buying (early 20th century).8 -
If I was the seller, I'd concentrate most on the buyer's mortgage valuation.
My argument would be: if the property is in poor condition (e.g. aging roof, rotting windows) and a mortgage valuer values it at £300k, they feel it's worth £300k in that condition. So I would push back hard on an offer below that valuation.
And I would take less notice of a valuation provided by a surveyor who was instructed by the buyer. They tend to value low (and quote 'top-end' repair costs) as a tactic to help buyers negotiate a lower price.
(But if a surveyor found problems that wouldn't have been obvious to a mortgage valuer - perhaps I'd take a softer view.)
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eddddy said:
If I was the seller, I'd concentrate most on the buyer's mortgage valuation.
My argument would be: if the property is in poor condition (e.g. aging roof, rotting windows) and a mortgage valuer values it at £300k, they feel it's worth £300k in that condition. So I would push back hard on an offer below that valuation.
And I would take less notice of a valuation provided by a surveyor who was instructed by the buyer. They tend to value low (and quote 'top-end' repair costs) as a tactic to help buyers negotiate a lower price.
(But if a surveyor found problems that wouldn't have been obvious to a mortgage valuer - perhaps I'd take a softer view.)
That’s not my experience. We instructed surveyor to survey & value 2 potential purchases in 2020. Neither required a mortgage. Family member similarly instructed surveyor a few weeks ago, again no mortgage required.In all 3 cases the surveyor said he ‘considered the property to be a reasonable purchase at the agreed price’ (words to that effect). Prices agreed were £12k below on house over £500k, £500 above £410k asking (a gesture!) and £20k below OIRO £280k.
In none of those instances did we expect to reduce our offer (s) unless something unexpected & expensive came to light.What evidence do you have that surveyors instructed privately ‘tend to value low as a tactic to help buyers negotiate a lower price?0 -
badger09 said:eddddy said:
If I was the seller, I'd concentrate most on the buyer's mortgage valuation.
My argument would be: if the property is in poor condition (e.g. aging roof, rotting windows) and a mortgage valuer values it at £300k, they feel it's worth £300k in that condition. So I would push back hard on an offer below that valuation.
And I would take less notice of a valuation provided by a surveyor who was instructed by the buyer. They tend to value low (and quote 'top-end' repair costs) as a tactic to help buyers negotiate a lower price.
(But if a surveyor found problems that wouldn't have been obvious to a mortgage valuer - perhaps I'd take a softer view.)
That’s not my experience. We instructed surveyor to survey & value 2 potential purchases in 2020. Neither required a mortgage. Family member similarly instructed surveyor a few weeks ago, again no mortgage required.In all 3 cases the surveyor said he ‘considered the property to be a reasonable purchase at the agreed price’ (words to that effect). Prices agreed were £12k below on house over £500k, £500 above £410k asking (a gesture!) and £20k below OIRO £280k.
In none of those instances did we expect to reduce our offer (s) unless something unexpected & expensive came to light.What evidence do you have that surveyors instructed privately ‘tend to value low as a tactic to help buyers negotiate a lower price?0 -
What evidence do you have that surveyors instructed privately ‘tend to value low as a tactic to help buyers negotiate a lower price?
Discussions with surveyors I've instructed. I always expect surveyors, solicitors and other professionals I instruct to work in my best interests.
It's great that you don't use surveys as a tool for negotiating, but maybe you should bear in mind that others might use them as a tool against you.
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eddddy said:What evidence do you have that surveyors instructed privately ‘tend to value low as a tactic to help buyers negotiate a lower price?
Discussions with surveyors I've instructed. I always expect surveyors, solicitors and other professionals I instruct to work in my best interests.
It's great that you don't use surveys as a tool for negotiating, but maybe you should bear in mind that others might use them as a tool against you.0 -
Knotweed .1
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Actual valuation (sorry two words). In this climate the house might be valued at well under what you offered. You might have to make up the shortfall,1
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Why offer a price then try knocking the seller with any little excuse....
I had a buyer do this once and house went straight back on the market, no discussion.
They ended up writing directly to me with an apology asking me to re-accept their original offer.
Why offer a price you are not willing to pay ????4
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