Negotiating price after survey

tooldle

Hard to comment as we don’t know the set up. Shared driveway could mean many different scenarios 

Linton

I cannot see why you would be asking for a reduction.  If the shared access issue is a blocker for you, then pull out.  A slightly lower price wont change that.  If it is not a blocker and you still love the house why take the risk of losing it and having to find somewhere else just to get a a small amount of money?

Boerkrone

Thanks for your feedback everyone. Seller agreed to a reduction and we've decided to proceed

MeteredOut

Linton said:

I cannot see why you would be asking for a reduction.  If the shared access issue is a blocker for you, then pull out.  A slightly lower price wont change that.  If it is not a blocker and you still love the house why take the risk of losing it and having to find somewhere else just to get a a small amount of money?

I disagree. A shared drive will make the house less valuable for a future buyer, so should be reflected in the offer price.

Linton

MeteredOut said:

Linton said:

I cannot see why you would be asking for a reduction.  If the shared access issue is a blocker for you, then pull out.  A slightly lower price wont change that.  If it is not a blocker and you still love the house why take the risk of losing it and having to find somewhere else just to get a a small amount of money?

I disagree. A shared drive will make the house less valuable for a future buyer, so should be reflected in the offer price.

So what?  We are told that the OP really likes the house but the vendor has said that they are only prepared to reduce by 1%.  Is 1% sufficient to make the OP happy?  If so the issue is pretty irrelevent.  It is likely that the vendor has no qualms about putting the house back on the market. Is the OP prepared to lose the house for say 1-2%?

TheJP

MeteredOut said:

Linton said:

I cannot see why you would be asking for a reduction.  If the shared access issue is a blocker for you, then pull out.  A slightly lower price wont change that.  If it is not a blocker and you still love the house why take the risk of losing it and having to find somewhere else just to get a a small amount of money?

I disagree. A shared drive will make the house less valuable for a future buyer, so should be reflected in the offer price.

Not necessarily, i have a shared drive with my neighbour, we each have parking for 3 cars each. The shared drive allows my children to play on bikes etc and makes our mini cul-de-sac more appealing. 

MeteredOut

Linton said:

MeteredOut said:

Linton said:

I cannot see why you would be asking for a reduction.  If the shared access issue is a blocker for you, then pull out.  A slightly lower price wont change that.  If it is not a blocker and you still love the house why take the risk of losing it and having to find somewhere else just to get a a small amount of money?

I disagree. A shared drive will make the house less valuable for a future buyer, so should be reflected in the offer price.

So what?  We are told that the OP really likes the house but the vendor has said that they are only prepared to reduce by 1%.  Is 1% sufficient to make the OP happy?  If so the issue is pretty irrelevent.  It is likely that the vendor has no qualms about putting the house back on the market. Is the OP prepared to lose the house for say 1-2%?

I'd have thought it fairly obvious; if you buy something for more than you believe someone will want to pay for it in future, because something you thought was included in the purchase price (exclusive use of the drive) is not included in the purchase price, then a price deduction is a perfectly viable route. 

And the fact that an reduction has been agreed by the buyer and seller sort of backs that up.

MeteredOut

TheJP said:

MeteredOut said:

Linton said:

I cannot see why you would be asking for a reduction.  If the shared access issue is a blocker for you, then pull out.  A slightly lower price wont change that.  If it is not a blocker and you still love the house why take the risk of losing it and having to find somewhere else just to get a a small amount of money?

I disagree. A shared drive will make the house less valuable for a future buyer, so should be reflected in the offer price.

Not necessarily, i have a shared drive with my neighbour, we each have parking for 3 cars each. The shared drive allows my children to play on bikes etc and makes our mini cul-de-sac more appealing. 

And did you pay more for the house than you otherwise would have because you were told it was not a shared drive? If not, I'm not sure what this anecdote is adding.