Requested reduction in price based on building survey findings likelihood of it being accepted ?

ReadySteadyPop

Worpy1 said:

I have had an offer accepted on a bungalow that had been on the market since January this year. I had a level 3 building survey completed last week as the property was built c1940. There were several minor findings but also some (red) findings regarding the roof and membrane.

I have got one roofing quote for this which is c£10k the roofer and surveyor have also added a caveat to say that they may find further issues during the course of completing the work.

Armed with this information I have gone back the estate agent to say that I either want a reduction in the price to take into account the remedial work required or for the seller to get the work completed prior to completion.

We only just have the searches back so this isn't a last minute request were the seller may feel they have no option but to accept. Just wondering what people think my chances are of the seller accepting one of the options ?

I love this property it was the first one of many that I viewed but I am not in a position to purchase a property that needs essential work from day one 

How many other offers did they have?

UnsureAboutthis

What everyone has failed to note is the price you have offered.
Therefore, if it's a million quid, 10k in the scheme of things is possibly small fry to both sides.

Therefore, work out  the percentages - if you was the seller, would you accept 10k plus off it

Having said that, try via the EA a new offer based on what you said and see what the response is and take it from there

As you said you really like the place, only you can decide and in my view, on a lower-priced property, i can't see anyone 
taking off 10k for something that may not need addressing for a while.

Btw, we had a roof done - for like for like the 3 quotes varied by as much as 65%. So if you do buy and then change the roof, shop around for 3 quotes at least.

So go ahead and see what the seller says. (if you are chain free and cash, ie cash or mortgage ready to go, the seller is more likely to accept a lower offer but it depends on the selling price and the percentge reduction you are seeking)

RelievedSheff

I personally wouldn't hold out much hope of getting the full £10k knocked off the sale price.

ReadySteadyPop

RelievedSheff said:

I personally wouldn't hold out much hope of getting the full £10k knocked off the sale price.

They have been trying to sell for 6 months, it wouldn`t be very sensible to go back to the market and possible even lower offers over 10k.

Section62

UnsureAboutthis said:

What everyone has failed to note is the price you have offered.

Not 'failed'. Just some of us probably have different ideas about the most important factors. The one I'd attach more to in the OP's situation is credibility - it doesn't matter what %age the £10k represents if the only thing 'wrong' is the absence of felt and a couple of ridge tiles that need repointing.

By seeking to renegotiate an agreed price the buyer is already on the backfoot when it comes to credibility - it will help enormously in most cases if the reason for wanting to renegotiate has credibility... for example an expense any buyer would have to pay to put the property back in good order.

UnsureAboutthis said:

Therefore, if it's a million quid, 10k in the scheme of things is possibly small fry to both sides.

How does that help though?  To a buyer it could be the 'small fry' is something the vendor should agree to instantly.  To the vendor the buyer might come over as a timewaster for requesting a 'small fry' amount off.  If you are buying a £1m home you really like and want then asking for £10k off the agreed price risks the sale falling through.  Especially if the vendor is like me and would go straight back to market without hesitation.

UnsureAboutthis said:

Therefore, work out  the percentages - if you was the seller, would you accept 10k plus off it

Again, not much help.  What the OP might do if they were the vendor doesn't affect what the actual vendor might do.  The likely answer will probably come down to who is keener to get the deal done - based on personal circumstances and individual characters.  This is where credibility plays an important part.

UnsureAboutthis said:

Having said that, try via the EA a new offer based on what you said and see what the response is and take it from there

The OP has already done this and is waiting for the response.  Let's hope it is a positive one.

UnsureAboutthis

Section62 said:

UnsureAboutthis said:

What everyone has failed to note is the price you have offered.

Not 'failed'. Just some of us probably have different ideas about the most important factors. The one I'd attach more to in the OP's situation is credibility - it doesn't matter what %age the £10k represents if the only thing 'wrong' is the absence of felt and a couple of ridge tiles that need repointing.

By seeking to renegotiate an agreed price the buyer is already on the backfoot when it comes to credibility - it will help enormously in most cases if the reason for wanting to renegotiate has credibility... for example an expense any buyer would have to pay to put the property back in good order.

UnsureAboutthis said:

Therefore, if it's a million quid, 10k in the scheme of things is possibly small fry to both sides.

How does that help though?  To a buyer it could be the 'small fry' is something the vendor should agree to instantly.  To the vendor the buyer might come over as a timewaster for requesting a 'small fry' amount off.  If you are buying a £1m home you really like and want then asking for £10k off the agreed price risks the sale falling through.  Especially if the vendor is like me and would go straight back to market without hesitation.

UnsureAboutthis said:

Therefore, work out  the percentages - if you was the seller, would you accept 10k plus off it

Again, not much help.  What the OP might do if they were the vendor doesn't affect what the actual vendor might do.  The likely answer will probably come down to who is keener to get the deal done - based on personal circumstances and individual characters.  This is where credibility plays an important part.

UnsureAboutthis said:

Having said that, try via the EA a new offer based on what you said and see what the response is and take it from there

The OP has already done this and is waiting for the response.  Let's hope it is a positive one.

You have clearly failed to note re "credibility" just shows you have little understanding of buying and selling. Every buyer and seller has different standards of what is "credibility" to them and what is not. Every sitiauton is different.

Every house we have bought, we have always sought, negotiated a lower price via EA. It NEVER hurts to ask, especially if something shows up in a survey.

For me and everyone I know, "credibility" would be reduced if the buyer just wanted a last-minute discount but never based on someone asking because of a survey report, as I can always say no or negotiate a comprimise just as this OP is considering,

Negotiations are almost part and parcel of buying and selling.

House buying and selling is never an exact science.


Like anything and everything, different people have different standards and what may be a lack of "credibility" to one in the process of house buying and selling, may impact the other differently, depending on how desperate they are to sell/etc. This should NEVER completely stop anyone from at the very least investigating the option with the EA and see what they say


I would find it a bit odd if any seller thought "credibility" was a problem if backed up by a survey. 

ReadySteadyPop

UnsureAboutthis said:

Section62 said:

UnsureAboutthis said:

What everyone has failed to note is the price you have offered.

Not 'failed'. Just some of us probably have different ideas about the most important factors. The one I'd attach more to in the OP's situation is credibility - it doesn't matter what %age the £10k represents if the only thing 'wrong' is the absence of felt and a couple of ridge tiles that need repointing.

By seeking to renegotiate an agreed price the buyer is already on the backfoot when it comes to credibility - it will help enormously in most cases if the reason for wanting to renegotiate has credibility... for example an expense any buyer would have to pay to put the property back in good order.

UnsureAboutthis said:

Therefore, if it's a million quid, 10k in the scheme of things is possibly small fry to both sides.

How does that help though?  To a buyer it could be the 'small fry' is something the vendor should agree to instantly.  To the vendor the buyer might come over as a timewaster for requesting a 'small fry' amount off.  If you are buying a £1m home you really like and want then asking for £10k off the agreed price risks the sale falling through.  Especially if the vendor is like me and would go straight back to market without hesitation.

UnsureAboutthis said:

Therefore, work out  the percentages - if you was the seller, would you accept 10k plus off it

Again, not much help.  What the OP might do if they were the vendor doesn't affect what the actual vendor might do.  The likely answer will probably come down to who is keener to get the deal done - based on personal circumstances and individual characters.  This is where credibility plays an important part.

UnsureAboutthis said:

Having said that, try via the EA a new offer based on what you said and see what the response is and take it from there

The OP has already done this and is waiting for the response.  Let's hope it is a positive one.

You have clearly failed to note re "credibility" just shows you have little understanding of buying and selling. Every buyer and seller has different standards of what is "credibility" to them and what is not. Every sitiauton is different.

Every house we have bought, we have always sought, negotiated a lower price via EA. It NEVER hurts to ask, especially if something shows up in a survey.

For me and everyone I know, "credibility" would be reduced if the buyer just wanted a last-minute discount but never based on someone asking because of a survey report, as I can always say no or negotiate a comprimise just as this OP is considering,

Negotiations are almost part and parcel of buying and selling.

House buying and selling is never an exact science.


Like anything and everything, different people have different standards and what may be a lack of "credibility" to one in the process of house buying and selling, may impact the other differently, depending on how desperate they are to sell/etc. This should NEVER completely stop anyone from at the very least investigating the option with the EA and see what they say


I would find it a bit odd if any seller thought "credibility" was a problem if backed up by a survey. 

So would I, some people seem to think that buyers are concerned about what the seller thinks about them for some reason, buyers have plenty of options they don`t need to jump through hoops for sellers.