What's the best way to negociate reducing the price?

whirlwind

Hello

What's the best way to negociate a reduced price for the house we are buying?

We've got quotes for the work that needs doing (from the full survey), it also has had movement which we did not know about what we made the offer at asking price.

If you get on well with the seller, solicitor, but not the EA that well. A letter from the solicitor to EA or seller? Or face to face negociation or both?

What worked for you?

Thank you!

chuckles1066

whirlwind wrote: »

Hello

What's the best way to negociate a reduced price for the house we are buying?

We've got quotes for the work that needs doing (from the full survey), it also has had movement which we did not know about what we made the offer at asking price.

If you get on well with the seller, solicitor, but not the EA that well. A letter from the solicitor to EA or seller? Or face to face negociation or both?

What worked for you?

Thank you!

You'll find it prohibitively expensively to get insurance on a place with a history of subsidence.

whirlwind

Hi

It's not actually had a subsidence claim. Home ins is about £500 including £40k contents.

Any advice on how to negociate a reduced price?

Thanks:D

Biggie

i've been though this recently.

- Offerd x amount vendor accepted.
- Done a building survey which highlight a list of stuff (though not that unusal for an old house). house had longstanding movement which was no longer a problem.
We made a list from the survey and told EA this is a list and we think it will cost x amount to fix and asked for a reduction. vendor said no so we asked for a little less still a no.
- We carried on, only to find the house had been later underpinned. wrote a letter to the vendor highlighting the cons of underpinned houses and asked for a reasonabile reduction. Guess what vendor said no.
- We then asked for some money towards increased premiums and eventually got a very small amount deducted.

We did threaten to pull out, as we are all in the chain we at the beginning of the chain but stll vendor stuck to his guns.

We really wanted the house as we have been looking for two years and houses in the area which has good schools, transports links etc rarely come up for sale especially within our budget. (This is in London btw)

So how much reduction you get depends on how badly you want the house vs how much they want to sell.

I would be more worried about the movement at the moment:
how bad is the movement ? is it longstanding ?

whirlwind

Surveyor says house won't fall down and just need to redecorate as needed, if cracks appear. We've spoken to two strucutal engineers and very good surveyor about the subsiecnce risk and movement.
House is half a century, clay soil etc. Cracks are common in this area.

Maybe we will go via EA then, instead of vendor.
The EA has already offered for vendor to do some repairs before we move in! But we'd rather do them ourselves. It's also complicated what order things are done in!
House is reduced already for state of repair etc.

Thanks!

Biggie

If it's a long list of stuff and it goes via EA route you may want to get the information in a form of alist to give to the EA. You can specify in the list who does the work and may be the amount of reduction required if you do the work.

Or may be i'm justy being too academic.

Good luck.

whirlwind

Ah, I like lists too!
Thanks

geoffky

best way now is to wait a year!!!!!

Biggie

geoffky wrote: »

best way now is to wait a year!!!!!

how do you know the OP isn't downsizing.

Vaux-Hall

Well the EA doesn't get paid if it falls through, so they have more of a vested interest than most for a solution to be reached. They will also most likely address it more quickly than the two parties' solicitors.