Cool head needed

Schwarzwald

Emily_Joy said:

Looking for an advise. The house went on the market some time in 2021 and was sold around January 2022; sale fall through - perhaps more than once. On a market again, I believe with the current agent, since November 2022.  We made a first offer - rejected. We made a second offer - stating that since the house was built in early 1800s, we would need a house condition survey done to have better understanding of the cost involved in running it and the work required to remedy some evident issues, like penetrating damp  The vendor told us he is not going to accept the offer if we think it might change after the survey (sigh). I certainly understand his viewpoint. We like the house and we budgeted roughly 35K for the work, but didn't disclose this to EA, we are not going to change our offer unless something major comes up, like a new roof needed/chimney is about to collapse, etc.

While I am trying to find somebody to do the survey, the estate agent keeps telling me that the house is still on a market, but if someone will come up with an "unconditional offer" the vendor will accept it... However, as far as I am aware this "unconditional offer" would not be binding! (We are in England.)  So, my question is: is it likely that the estate agent is bluffing? Should we write and say that our offer is not conditional? Should we just sit and wait for the survey?...

Agree to not further reduce the offer aftwr survey.
if the survey doesnt bring any other issues to light, all good.

if it brings issues to light that go beyond your budgeted numbers, you can still drop the purchase

youth_leader

The EA told me she had priced the house to reflect the renovation needed, but as a unique house it was difficult as there was nothing to compare it with.  I'd already had my own survey done before going on the market to see if I could afford to stay - my surveyor had said about £175K of work needed to be done.  It was listed and I was newly widowed and retired, I just didn't have the money, and it is a criminal offence to allow a listed to fall into disrepair. 

Problems were obvious at viewing. I knew the original roof needed replacing, as well as the single glazed windows, and we had damp in one end of the house because modern plaster had been used in our conversion.  

Buyer quoted ridiculous quotes his surveyor had given him to justify his price chipping of £50K, ie £10K for the damp works which were obvious at viewing, £25K for roof repairs, £15K for ground floor floorboards which was news to me - my surveyor hadn't highlighted this.  The buyer suggested to the EA I could replace the roof and ground floor floorboards and his mortgage company would inspect my work - and if satisfactory, they 'might' lend him the money. The buyer had also approached my stone mason to ask for a price to renovate the whole of the 264 sq m house which set off alarm bells - my stone mason refused.

I was never given any extracts from his survey.  His negotiation was asking for further monies off for works that were obvious at viewing, and I believed the house had been priced to reflect these necessary works.  I felt uneasy at his negotiations and felt he would gazunder further at exchange. I withdrew from the sale and the EA.   

Emily_Joy

youth_leader said:

Problems were obvious at viewing. I knew the original roof needed replacing, as well as the single glazed windows, and we had damp in one end of the house because modern plaster had been used in our conversion.  
Buyer quoted ridiculous quotes his surveyor had given him to justify his price chipping of £50K, ie £10K for the damp works which were obvious at viewing, £25K for roof repairs, £15K for ground floor floorboards which was news to me - my surveyor hadn't highlighted this. The buyer suggested to the EA I could replace the roof and ground floor floorboards and his mortgage company would inspect my work - and if satisfactory, they 'might' lend him the money. The buyer had also approached my stone mason to ask for a price to renovate the whole of the 264 sq m house which set off alarm bells - my stone mason refused.

It sounds like the buyer simply didn't know what he is buying and was somewhat surprised (or pretended to be surprised). I am not sure I would be able to see myself if the roof needs replacing.

MobileSaver

Emily_Joy said:

mi-key said:

My point with that is that houses are valued by the estate agent in the condition they are currently in ( barring any unseen things only a survey would show up ). 

If house A has been mainly unmodernised since the 70s it will be for sale cheaper than house B next door that has had extensive modernisation. This is taken into account in the listing price. 

As you walk from thread to thread saying ... any price reduction requires justification

While a pedant may argue that a price reduction doesn't require justification, surely you understand that 99.99% of sellers will just laugh in your face if you don't give one?

Are you sure you're not a FTB as some of your notions on how the housing market works are strange to say the least and are what you'd expect from someone who hasn't been through the process before...

Emily_Joy

MobileSaver said:

Are you sure you're not a FTB as some of your notions on how the housing market works are strange to say the least and are what you'd expect from someone who hasn't been through the process before...

Pretty sure, yep, bought my first house when I got my first permanent job in 2008. The house was a repossession.

mi-key

Emily_Joy said:

MobileSaver said:

Are you sure you're not a FTB as some of your notions on how the housing market works are strange to say the least and are what you'd expect from someone who hasn't been through the process before...

Pretty sure, yep, bought my first house when I got my first permanent job in 2008. The house was a repossession.

You certainly have a unique approach

youth_leader

Good luck with your survey. 

I had a L3 on this bungalow, but still got caught out as surveyors cannot lift carpets/move furniture.  Seller had told me on the telephone she'd overwatered a plant and this was obviously a 'hint' I missed.  I should have had a damp/timber survey as well.  My dog had a fungus in his nose from the mould when he died in October, I feel terrible he suffered through my ignorance of the fact.

MobileSaver

Emily_Joy said:

MobileSaver said:

Are you sure you're not a FTB as some of your notions on how the housing market works are strange to say the least and are what you'd expect from someone who hasn't been through the process before...

Pretty sure, yep, bought my first house when I got my first permanent job in 2008.

So when you sold that house you obviously agreed a price with the buyer... what would your reaction have been if the day before exchange your buyer sent a message requesting a £35k reduction with no justification?

Emily_Joy

MobileSaver said:

Emily_Joy said:

MobileSaver said:

Are you sure you're not a FTB as some of your notions on how the housing market works are strange to say the least and are what you'd expect from someone who hasn't been through the process before...

Pretty sure, yep, bought my first house when I got my first permanent job in 2008.

So when you sold that house you obviously agreed a price with the buyer... what would your reaction have been if the day before exchange your buyer sent a message requesting a £35k reduction with no justification?

Actually the buyer did send a message asking for 10K reduction with no justification a few days before the exchange. I replied offering 5K reduction, which the buyer accepted.
(We needed/wanted to sell because of HS2).

MobileSaver

Emily_Joy said:

MobileSaver said:

Emily_Joy said:

MobileSaver said:

Are you sure you're not a FTB as some of your notions on how the housing market works are strange to say the least and are what you'd expect from someone who hasn't been through the process before...

Pretty sure, yep, bought my first house when I got my first permanent job in 2008.

So when you sold that house you obviously agreed a price with the buyer... what would your reaction have been if the day before exchange your buyer sent a message requesting a £35k reduction with no justification?

Actually the buyer did send a message asking for 10K reduction with no justification a few days before the exchange. I replied offering 5K reduction, which the buyer accepted.

Your buyer reduced their offer with absolutely no explanation why and you went along with it and gave up £5,000?!?! That's quite an incredible story.

I've never told anyone this before but I'm really a Nigerian Prince and have this amazing proposal for you. I have a client who has died leaving several million in a foreign account that I have access to. The client has no family and so my corrupt government will claim the money if no-one else does. I need a British citizen to help me transfer the funds out of the country and in return I'll give you a fair share of the funds. I am an honest and trustworthy person and my research shows that you are the same, will you help me please?