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

MobileSaver

lookstraightahead said:

blinko said:

lookstraightahead said:

LegallyLandlord said:

BigBoss said:

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"

There are other things that can help to highlight real life problems that might cost money to fix afterwards that might not be in the survey  (I know from experience!)

I'd download the full Energy Performance Certificate (google EPC checker gov and you'll find it - can't post link as newbie). That will tell you the work that needs doing to the property to improve the energy efficiency, which the survey might not highlight.

Check the age of the boiler - will it need replacing? Is there a full service history? If it hasn't been serviced for a long time, you may well need to replace it.

Is the fuse board new? Is there an EICR (electrical installation condition report) which highlights work that needs doing?

Look for damp patches, cracks, signs of recent decorating covering up problems. Have a chat to the neighbours - they might know!

Hope that helps.

Suzanne

To be honest I am all for buyers getting a good deal, usually prior to offering. I think vendors have been living in cloud cuckoo land for too long.

But, if a buyer came to me with these things, especially with a house that is at least second hand, i would honestly never sell to them. 

You may not want to , with interest ratings setting to hit 3% on Wednesday you won't get a better price by going back to market . This is definitely a pride one

however, the reasons quoted prompting my response are normal house buying issues, and as a vendor I would just think it was going to fall through anyway with a buyer trying to negotiate on those points.

^ This.

@lookstraightahead and I don't agree on much but on this she's absolutely right. Many sellers would assume anyone asking for a new boiler and/or new electrics was just a timewaster or chancer and the buyer would be treated accordingly.

You may call it pride, others may call it pragmatism - in most cases it probably wouldn't work because no-one likes to think they've been walked all over but if the buyer has little to lose then they may get lucky if their seller is that desperate.

movilogo said:

I had a buyer do this once and house went straight back on the market, no discussion.

In current state of market, such action may end up property not selling at all or at a price far lower than buyer's revised offer. 

Or it may sell for the same price (as happened to a neighbour of mine recently) or an even higher price if a motivated buyer comes along.

[Deleted User]

movilogo said:

I had a buyer do this once and house went straight back on the market, no discussion.

In current state of market, such action may end up property not selling at all or at a price far lower than buyer's revised offer. 

No doubt the market is changing but it is still speculation to be talking about properties not selling at all. 

Supply and demand suggests to me that there will still be demand and reductions modest.

Exodi

BigBoss said:

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

Definitely not electric or gas surveys.

I really wish I could find the words to properly articulate how utterly ludicrous and damaging this suggestion is.

In some cases, it can highlight you as a potential troublesome buyer, who would be a risk to get further down the line with, because if you're pushing for a discount on the house purchase for something as trivial as an electric/gas service, whose to say you won't push for further discounts on other things along the way.

My last gas service cost £79.20, on my house this represents around 0.02% of the cost. You can imagine how bizarre it looks that someone would offer hundreds of thousands of pounds for something, but then throw the whole transaction into jeopardy over less than a hundred pounds.

It would be like going into a car dealership where you've offered to buy a used car for £5,000 but then threaten to cancel the whole transaction if they don't give you £1 off for a microfibre cloth. That sounds ridiculous (as it should), but it is exactly the same percentage.

It does not make you look like a serious buyer. I don't mean this to aim this at you in particular, you probably used this that as an example - but I think I'm frustrated and exhausted from the army of first time buyers that barrage these forums asking whether they should ask their seller for money off their house purchase because of any tiny thing raised as a possible concern on the survey (in which surveyors are literally tasked with highlighting everything possible that may be a risk).

If you think you need a gas or electrical survey, pay for one. Caveat Emptor.

BigBoss

Why are so many posters on this forum so arsey? Please read the OP - it's a simple fact-finding mission for someone who's never bought a house before.

comeandgo

It’s just the frustration towards the ignorance/naivety of first time buyers. 

blinko

BigBoss said:

Why are so many posters on this forum so arsey? Please read the OP - it's a simple fact-finding mission for someone who's never bought a house before.

unfortunately a lot of people are idiots and don't really understand the situation properly, so you just get wild and nonsensical replies with a sprinkle of sense

ReadingTim

BigBoss said:

Why are so many posters on this forum so arsey? Please read the OP - it's a simple fact-finding mission for someone who's never bought a house before.

Possibly because many posters don't use the search function to see how many times some else has been on exactly the same simple fact-finding mission before. 

If someone can't be bothered to make an effort to educate themselves, why should they expect anyone else to do it for them?  

BigBoss

ReadingTim said:

BigBoss said:

Why are so many posters on this forum so arsey? Please read the OP - it's a simple fact-finding mission for someone who's never bought a house before.

Possibly because many posters don't use the search function to see how many times some else has been on exactly the same simple fact-finding mission before. 

If someone can't be bothered to make an effort to educate themselves, why should they expect anyone else to do it for them?  

It's called expediency. Say nothing if you've nothing productive to say. 

ReadingTim

BigBoss said:

It's called expediency. Say nothing if you've nothing productive to say. 

Many do stay silent.  But for those who do bother to reply, it's also a bit "arsey" to then moan about the quality of replies.  

[Deleted User]

Looking for simple one word answers here e.g.  "damaged roof"

Maybe it is the quite brilliant question which is reason for arsey responses.

In fairness the first two responses tell you what you need to know. Reflect on these.