Seller Unhappy with Offer - Survey Requested

Sarahspangles

emploee_77 said:

Sarahspangles said:

A damp extension that also needs a new roof sounds like you’re not going to get much use out of it on moving in. Your offer could reflect that you will need to spend significant amounts in the initial years of ownership in addition to the upheaval of having the builders in.

Stick with the original bid?

The Estate Agent has had no interest in me for the past week, however, now I advised him I have the report and want to think it through, he's calling and leaving messages.

If this is the sort of work that you anticipated needed doing then I don’t see why you would increase your offer.

emploee_77

Sarahspangles said:

emploee_77 said:

Sarahspangles said:

A damp extension that also needs a new roof sounds like you’re not going to get much use out of it on moving in. Your offer could reflect that you will need to spend significant amounts in the initial years of ownership in addition to the upheaval of having the builders in.

Stick with the original bid?

The Estate Agent has had no interest in me for the past week, however, now I advised him I have the report and want to think it through, he's calling and leaving messages.

If this is the sort of work that you anticipated needed doing then I don’t see why you would increase your offer.

I don't think the vendor will be happy, given that initially they weren't. I'm tempted to reduce my offer by £5k but that could scupper everything.

Sarahspangles

emploee_77 said:

Sarahspangles said:

emploee_77 said:

Sarahspangles said:

A damp extension that also needs a new roof sounds like you’re not going to get much use out of it on moving in. Your offer could reflect that you will need to spend significant amounts in the initial years of ownership in addition to the upheaval of having the builders in.

Stick with the original bid?

The Estate Agent has had no interest in me for the past week, however, now I advised him I have the report and want to think it through, he's calling and leaving messages.

If this is the sort of work that you anticipated needed doing then I don’t see why you would increase your offer.

I don't think the vendor will be happy, given that initially they weren't. I'm tempted to reduce my offer by £5k but that could scupper everything.

The vendor will be saying ‘But this stuff doesn’t need doing!’ - based on the fact they haven’t decided to fix the issues themselves.

The EA won’t want to lose a second buyer so at this point they are your friend. I wouldn’t simply focus on the cost of the work that is needed, also include the upheaval. For example you can’t do the cosmetic stuff like decorating when there is going to be building work. Maybe point out that you’re trying to reach an acceptable value now, and not do what other buyers do and come back for a reduction when both parties have spent money on legal fees

emploee_77

Sarahspangles said:

emploee_77 said:

Sarahspangles said:

emploee_77 said:

Sarahspangles said:

A damp extension that also needs a new roof sounds like you’re not going to get much use out of it on moving in. Your offer could reflect that you will need to spend significant amounts in the initial years of ownership in addition to the upheaval of having the builders in.

Stick with the original bid?

The Estate Agent has had no interest in me for the past week, however, now I advised him I have the report and want to think it through, he's calling and leaving messages.

If this is the sort of work that you anticipated needed doing then I don’t see why you would increase your offer.

I don't think the vendor will be happy, given that initially they weren't. I'm tempted to reduce my offer by £5k but that could scupper everything.

The vendor will be saying ‘But this stuff doesn’t need doing!’ - based on the fact they haven’t decided to fix the issues themselves.

The EA won’t want to lose a second buyer so at this point they are your friend. I wouldn’t simply focus on the cost of the work that is needed, also include the upheaval. For example you can’t do the cosmetic stuff like decorating when there is going to be building work. Maybe point out that you’re trying to reach an acceptable value now, and not do what other buyers do and come back for a reduction when both parties have spent money on legal fees

According to the surveyor, I will have to live in my existing house or rent whilst repairs are being carried out, probably circa 4-6 weeks.

TheJP

emploee_77 said:

Survey report back:

Significant damp issues with the extension, approximately £4k repair.

The heating system needs replaced, not immediately but it's coming. £2k approximately.

Roofing repairs are needed with the slates and gutters, also both need cleaned. £1500.

The chimney is weak and needs a brace. £200

The flat roof part of the house (extension) will soon need replacing. £4k approximately.

Next step is my verdict to the agent, I have not yet given them the report. We're still interested but the house isn't at the ready to move into stage, certainly the damp issues need addressed.

Any advice as always is welcome.

Your offer is £30k under, these issues well even if they are issues dont put you in a drivers seat to haggle.

- Damp, probably factored into the price reduction.
-Heating system, needs replaced but not now. Which is it? now or its fine. Sounds like its fine but all systems will need to be replaced like all other homes.

My opinion is you could ask for a £2k reduction but is it worth the hassle of a new mortgage offer etc.

Hoenir

Having now seen the survey are you now prepared to up your offer? Seems the ball is in your court. 

emploee_77

I dropped my offer by £10k, the EA wasn't happy. 

caprikid1

Difficult to understand the context without the price. I suspect the seller feels that the property was priced to take all of the items identified into account. Given the survey did not identify £30K of work I am not sure why you thought that a further reduction would be considered.

RelievedSheff

emploee_77 said:

I dropped my offer by £10k, the EA wasn't happy. 

I suspect that is the last you will hear from them.

No way will the vendor entertain any more offers from you now!

Niv

emploee_77 said:

I dropped my offer by £10k, the EA wasn't happy. 

So, you offered £30k less than asking, survey identified ~£12k of work so you double downed and offered £40k less than asking?? I am not surprised the EA wasn't happy. Unless you have some other justifiable reason for your initial £30k reduction then I would have considered upping my offer by ~£10k to show some willing and acceptance of the work required.