Valuation came back significantly lower than agreed price. Need help with negotiating techniques.

spoovy

BikingBud said:

spoovy said:

You could try on dropping the offer by £25k but I think my reply if I was the seller would be to point out that the state of the roof, windows etc is already priced in.  It doesn't appear that any of these things require urgent remediation and I take it you visited the place and were able to judge the age of these things?
You can always try it on though if you feel lucky.  Depends how much you want the house ultimately, and on your personal appetite(s) for risk. Only you know that.

Then I would say show me your condition survey and show me the quotes for the work!  Because at the moment my professional survey is currently trumping your unfounded unavailable estimation.

To which I might reply that I don't particularly like your tone and I'm not keen on selling my beloved house to you now anyway.  

    Oh dear OP, you lost the house for the sake of £25k.  How do you feel about that? Annoyed? Relieved?

The OP's situation isn't a university logic debate they can "win" by using superior reasoning. 

ReadySteadyPop

spoovy said:

You could try on dropping the offer by £25k but I think my reply if I was the seller would be to point out that the state of the roof, windows etc is already priced in.  It doesn't appear that any of these things require urgent remediation and I take it you visited the place and were able to judge the age of these things?
You can always try it on though if you feel lucky.  Depends how much you want the house ultimately, and on your personal appetite(s) for risk. Only you know that.

You would need to look at price history and take account of higher interest rates to work that out, the seller`s idea of "priced in" isn`t necessarily going to be in line with reality, earlier comments indicate that the whole street/area could be overpriced.

Hoenir

ReadySteadyPop said:

spoovy said:

You could try on dropping the offer by £25k but I think my reply if I was the seller would be to point out that the state of the roof, windows etc is already priced in.  It doesn't appear that any of these things require urgent remediation and I take it you visited the place and were able to judge the age of these things?
You can always try it on though if you feel lucky.  Depends how much you want the house ultimately, and on your personal appetite(s) for risk. Only you know that.

 earlier comments indicate that the whole street/area could be overpriced.

Location, location, location.  Property in an area is finite.  Some people are prepared to pay what's neccesary. 

BikingBud

spoovy said:

BikingBud said:

spoovy said:

You could try on dropping the offer by £25k but I think my reply if I was the seller would be to point out that the state of the roof, windows etc is already priced in.  It doesn't appear that any of these things require urgent remediation and I take it you visited the place and were able to judge the age of these things?
You can always try it on though if you feel lucky.  Depends how much you want the house ultimately, and on your personal appetite(s) for risk. Only you know that.

Then I would say show me your condition survey and show me the quotes for the work!  Because at the moment my professional survey is currently trumping your unfounded unavailable estimation.

To which I might reply that I don't particularly like your tone and I'm not keen on selling my beloved house to you now anyway.  

    Oh dear OP, you lost the house for the sake of £25k.  How do you feel about that? Annoyed? Relieved?

The OP's situation isn't a university logic debate they can "win" by using superior reasoning. 

A seller getting upset because they don't like the cut of someone's jib because the potential buyer has been honest with them is quite frankly pathetic. So I move on because someone with such a closed and petty mind can keep their beloved house or find some other sucker to pay £50k over the value that the professional that I have employed to give me advice advised.

How much is £50k once you add PAYE, extra stamp duty and interest over the life of the mortgage, maybe 80K before tax, at best 2-3 years extra work? Likely quite a few more when all other outgoings are taken in account.

No doubt the vendor is complaining somewhere that their house has been on the market for ages and they cannot understand why it hasn't sold. Seems like houses locally are not selling:

However, we're already overpaying for the property, there are two houses on the same road that are on market, one for 750 that needs full refurb and one for 825 that's got a conservatory plus an eaves room on market for 825. Neither have sold for months now.

The problem is not the house it is the vendors. Emperor's new clothes?

Which is exactly why I commented upon the system being broken. 

Credible independent advice might work but nobody seems to want to progress that as a principle, why?

We are where we are as a country as we have sold our souls to HPI, we are forced to work longer, to earn more and consequently to pay more tax because everyone thought HPI was good. And the pain will remain for some time yet.

ReadySteadyPop

Hoenir said:

ReadySteadyPop said:

spoovy said:

You could try on dropping the offer by £25k but I think my reply if I was the seller would be to point out that the state of the roof, windows etc is already priced in.  It doesn't appear that any of these things require urgent remediation and I take it you visited the place and were able to judge the age of these things?
You can always try it on though if you feel lucky.  Depends how much you want the house ultimately, and on your personal appetite(s) for risk. Only you know that.

 earlier comments indicate that the whole street/area could be overpriced.

Location, location, location.  Property in an area is finite.  Some people are prepared to pay what's neccesary. 

Many lenders are not though, and cash buyers have their pick of property so probably not going to overpay.

MysteryMe

What is the actual issue that the builder (not a roofer?) has based their opinion that it needs replacing imminently?  They survey seems to suggest an issue with ventilation which is a relatively simple fix

newsgroupmonkey_

ReadySteadyPop said:

Hoenir said:

ReadySteadyPop said:

spoovy said:

You could try on dropping the offer by £25k but I think my reply if I was the seller would be to point out that the state of the roof, windows etc is already priced in.  It doesn't appear that any of these things require urgent remediation and I take it you visited the place and were able to judge the age of these things?
You can always try it on though if you feel lucky.  Depends how much you want the house ultimately, and on your personal appetite(s) for risk. Only you know that.

 earlier comments indicate that the whole street/area could be overpriced.

Location, location, location.  Property in an area is finite.  Some people are prepared to pay what's neccesary. 

Many lenders are not though, and cash buyers have their pick of property so probably not going to overpay.

Well in this case, the lender is happy to lend on the value of the property.
And the OP isn't a cash buyer. They just don't have a chain.

ReadySteadyPop

BikingBud said:

spoovy said:

BikingBud said:

spoovy said:

You could try on dropping the offer by £25k but I think my reply if I was the seller would be to point out that the state of the roof, windows etc is already priced in.  It doesn't appear that any of these things require urgent remediation and I take it you visited the place and were able to judge the age of these things?
You can always try it on though if you feel lucky.  Depends how much you want the house ultimately, and on your personal appetite(s) for risk. Only you know that.

Then I would say show me your condition survey and show me the quotes for the work!  Because at the moment my professional survey is currently trumping your unfounded unavailable estimation.

To which I might reply that I don't particularly like your tone and I'm not keen on selling my beloved house to you now anyway.  

    Oh dear OP, you lost the house for the sake of £25k.  How do you feel about that? Annoyed? Relieved?

The OP's situation isn't a university logic debate they can "win" by using superior reasoning. 

A seller getting upset because they don't like the cut of someone's jib because the potential buyer has been honest with them is quite frankly pathetic. So I move on because someone with such a closed and petty mind can keep their beloved house or find some other sucker to pay £50k over the value that the professional that I have employed to give me advice advised.

How much is £50k once you add PAYE, extra stamp duty and interest over the life of the mortgage, maybe 80K before tax, at best 2-3 years extra work? Likely quite a few more when all other outgoings are taken in account.

No doubt the vendor is complaining somewhere that their house has been on the market for ages and they cannot understand why it hasn't sold. Seems like houses locally are not selling:

However, we're already overpaying for the property, there are two houses on the same road that are on market, one for 750 that needs full refurb and one for 825 that's got a conservatory plus an eaves room on market for 825. Neither have sold for months now.

The problem is not the house it is the vendors. Emperor's new clothes?

Which is exactly why I commented upon the system being broken. 

Credible independent advice might work but nobody seems to want to progress that as a principle, why?

We are where we are as a country as we have sold our souls to HPI, we are forced to work longer, to earn more and consequently to pay more tax because everyone thought HPI was good. And the pain will remain for some time yet.

Good point, there will definitely be serious pain if we go into a recession.