Debate House Prices


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Is this gazundering?

I'm a first timer buyer and have offered £270k against the asking price of 285k on property which was originally put up at £300k. The offer was accepted straight away about 3 weeks ago.

After the full building survey, I was told by my surveyor that the roof needs to be replaced entirely (new tiles, new batens etc) as it's too old (original roof of a 1930s house). I got a few quotes from some roofers and checked the price on the internet which say that the estimated cost is around £7-9k. I told the EA and the vendor that my offer will be dropped to £262k. They said the quotes I got were extraordinarily high, and they later found another roofer who said a rough estimate would be £5k. However I phoned this roofer and found out that he is not a member of the National Federation of Roofing Contractors, whereas the ones I went to are. So I told the EA that I wouldn't like to go for this roofer and maintained my offer at £262k. The vendor said they would only drop to 265k and would put the house back on the market if I can't make it.

I want to keep my offer at £262k and am willing to pay for a qualified roofer. I've got my mortgage ready, am not in a chain, and would like to move in as soon as possible.

I read some articles about gazundering and different perceptions from sellers and buyers. But I don't think I'm gazundering in any sense.

Now the EA has put it back on the market. What should I do?
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Comments

  • mr.broderick
    mr.broderick Posts: 3,778 Forumite
    1,000 Posts Combo Breaker
    anna201 wrote: »
    I'm a first timer buyer and have offered £270k against the asking price of 285k on property which was originally put up at £300k. The offer was accepted straight away about 3 weeks ago.

    After the full building survey, I was told by my surveyor that the roof needs to be replaced entirely (new tiles, new batens etc) as it's too old (original roof of a 1930s house). I got a few quotes from some roofers and checked the price on the internet which say that the estimated cost is around £7-9k. I told the EA and the vendor that my offer will be dropped to £262k. They said the quotes I got were extraordinarily high, and they later found another roofer who said a rough estimate would be £5k. However I phoned this roofer and found out that he is not a member of the National Federation of Roofing Contractors, whereas the ones I went to are. So I told the EA that I wouldn't like to go for this roofer and maintained my offer at £262k. The vendor said they would only drop to 265k and would put the house back on the market if I can't make it.

    I want to keep my offer at £262k and am willing to pay for a qualified roofer. I've got my mortgage ready, am not in a chain, and would like to move in as soon as possible.

    I read some articles about gazundering and different perceptions from sellers and buyers. But I don't think I'm gazundering in any sense.

    Now the EA has put it back on the market. What should I do?

    This is not what i class as gazundering, this is renegotiating after survey, totally within your rights and i advise you to stick to your guns, good luck.
  • sdooley
    sdooley Posts: 918 Forumite
    What you have done is perfectly reasonable, don't worry too much about what the seller may or may not think of you, they won't be your friend afterwards anyway and there's no point in eating baked beans for a year if you can't find the £3,000 extra for builders works.

    The temptation in these situations is to do something however most schools of negotiation hold that generally the best approach is to stay silent once you have made your offer and wait for the other side to come back to you. You may be worried about 'wasting' your survey costs by possibly walking away. The only way they would be wasted is if you buy the house against the recommendations of your surveyor.
  • snoopy78
    snoopy78 Posts: 128 Forumite
    It's not guzundering, it is negotiations, guzundering would be to leave it until the last few days before contracts being signed and then say you're only paying £262.
  • jimc_2
    jimc_2 Posts: 290 Forumite
    posh*spice wrote: »
    go and have a look at some other houses - today preferably.
    Better still, go into the seller's Estate Agent, casually tell them the sale's sticking and ask if they've got anything similar on their books!

    The story should get back to the seller if the Agent is at all clued-up (and you can keep a straight face.)
  • Gorgeous_George
    Gorgeous_George Posts: 7,964 Forumite
    Part of the Furniture Combo Breaker
    If the problem with the roof was obvious to the untrained eye it could be argued that the valuation included the dodgy roof.

    I doubt it in this case and would walk away. No more negotiating unless it was to, say £250K, due to the current market conditions and the Stamp Duty threshhold.

    GG
    There are 10 types of people in this world. Those who understand binary and those that don't.
  • JimmyTheWig
    JimmyTheWig Posts: 12,199 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    Agree it's not gazunering and is perfectly legit.
    Assuming the roof costs what you think it will cost, it just comes down to (a) can you afford it at 265 and (b) do you want it at that price?
    If the answer to either of these is no then stick to your guns whilst looking elsewhere.
    If the answer to both is yes then you can either risk it and stick to your guns and hope they don't call your bluff, or you can accept 265. It's a negotiation, a game of wits, knowing that either party would settle with either figure (i.e. 3k isn't worth losing a house over and it isn't worth losing a buyer over).
  • BettiePage
    BettiePage Posts: 4,627 Forumite
    Stick to your guns. Your offer is not unreasonable.
    If they don't get back to you, go into their ea's this weekend and make appts to see other properties ;)
    Illegitimi non carborundum.
  • jimc wrote: »
    Better still, go into the seller's Estate Agent, casually tell them the sale's sticking and ask if they've got anything similar on their books!

    The story should get back to the seller if the Agent is at all clued-up (and you can keep a straight face.)

    I like your style, will bank this in my memory for future reference :beer:
    I used to have a signature but it disappeared and I just couldn't be bothered writing another, so please feel free to ignore this.
  • Zammo
    Zammo Posts: 724 Forumite
    anna201 wrote: »

    Now the EA has put it back on the market. What should I do?

    Watch the house stagnate on the market with no interest for 6 months then offer 200k. When your offer is accepted wait until the day before you're due to exchange then change your offer to 180K.

    :money:
  • daveyliver
    daveyliver Posts: 61 Forumite
    anna201 wrote: »
    Now the EA has put it back on the market. What should I do?


    sounds like the EA has got together with the seller and done this to scare you into paying what they want, do what the previous poster recommended go in to the EA and say "so what else have you got"

    The whole "I can get the roof done for £5000" is a sticky point, Im sure I can get my boiler replaced by a so called handyman for £100, but Im also sure my house will blow up:D
    "Instead of saying someone was avaricious I'd say they were bloody greedy"
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