What now, after the survey...?

firsttimebuyers_2

We've recently had an offer accepted on a house, for £157,500 (to include fridge/freezer, washing machine, cooker, dish washer). The original asking price was £165,000.

The survey has been completed, which recommends we check the electrics, and recommends some other less urgent repairs such as guttering, re-pointing, checking central heating maintanance, checking rusty radiators etc.

The summary of the report says that they advise a more realistic purchase price of £150,000, and adding the value of fixtures and fittings to this.

We really love the house and do still want to buy it, but we're not sure what to do now? How would be the best way to re-negotiate the purchase price? We don't want to lose the house!!

For info, we're first time buyers, have a healthy deposit and have had our mortgage application accepted. But after all this we won't have loads of spare cash for repairs etc.

Any help that you can give us would be greatly appreciated. Unfortunately my internet access is limited so I may not be able to reply / thank you immediately....

Thanks.

SquatNow

Don't Buy Prices Are Falling it will be cheaper in 6 months time!!!!

The best way to save people money is to stop them throwing it away by buying in a falling market.

potter78_2

If you definitely want to go ahead I would just tell the estate agent what the survey said, say you are now having 2nd thoughts based on this, and see if the seller would be prepared to drop the price to £150k accordingly. Worst case they say no, but they may offer to at least to meet you halfway.

If you're prepared to risk the sale you could play a bit but more hardball, and say you're now only willing to pay £150k due to the survey, but it depends how keen you are on going ahead which only really you know.

janegal

Totally agree with Potter78 - would go back and say that based on the survey you will be prepared to pay that price. With the way that the market is I would say you have 90% of chance that the seller will agree to sell for 150. Good luck!!

brummybloke

you want the house, i presume you intend living there for some time rather than buying it and selling it 6 months later?

i would offer them 155k and show them the reports but i wouldnt get too hung up, the house has come down a decent amount already.

i will though say that the reports are normally just recomendations, when i got my house it said i should have rewiring, pointing and other things, 8 years later i had it rewired and other improvements.

some people seem to think that you would be happy losing out on something you want, seeing it as an investment rather than your home and somewhere to set up a family? seems odd to me??