what would you offer?

GDB2222

Did they turn down the £164k from someone in the same position as you? Maybe the other people had a house to sell first?

Anyway, who says they turned down £164k?

Another point to bear in mind is that people typically over-pay for houses in poor condition, IMHO.

Example: my aunt sold her house for £250k, in shocking condition (nothing done to it for 50 years). Estimate for putting it right was over £50k, and it would take months. Identical house next door sold for £272k in perfect condition at the same time. Now, you work out for yourself which was better value. Yet, my aunt had a contract race on, with two buyers competing to get in first.

kiwichick

Hi Jazzking,

You say the survey has been done on the place you have put the offer in on. If the suyveyor thought that there was anything urgent that needed doing they normally make of list toward the end of the report. If there is anything really wrong with the propety they will ofetn advise the mortgage lender to withold some of the money.

If the surveyor who did the propety you want to buy thinks it is a resonable purchase at the amount you have offered they normally state it on one of the first few pages. If they think you ought to reconsider for any reason they generally tell you.

We had a survey done on the property we offered on a few weeks ago. They found quite a few probs, some serious, some not but stated that they thought the house was a resonable purchase for what we had offered.

Hope this helps
Al.

Poppy9

Crispeater - who told you the lady turned down £164 - was it the EA. If so be wary they might just be trying to get a better price or even buying it themselves!!! For a house in poor condition I would have thought that 5k below asking price was a good offer.

Whatever offer (even lower than £164) that you put to the agent has to be put forward to the vendor.

meanmachine_2

Look at what she paid for it on nethouseprices, although I doubt records go back to the 1920s...

I wouldn't pay above 2003 prices, but I doubt this helps in your case.

Sounds to me like the old dear is quite canny. Never judge a book buy her winciette nightie. Have you not seen the Ladykillers?

Jazzking

ahmilligan wrote:

Hi Jazzking,

You say the survey has been done on the place you have put the offer in on. If the suyveyor thought that there was anything urgent that needed doing they normally make of list toward the end of the report. If there is anything really wrong with the propety they will ofetn advise the mortgage lender to withold some of the money.

There were two things down as URGENT on the report, and a number down for further investigation (such as the damp and the timber defects, although I suspect they put these down on any prop over 50 years old!) They have not advised the mortgage lender to withhold any of the money.

If the surveyor who did the propety you want to buy thinks it is a resonable purchase at the amount you have offered they normally state it on one of the first few pages. If they think you ought to reconsider for any reason they generally tell you.

They said "considered it to be a reasonable purchase provided I am prepared to accept the cost and inconvenience of dealing with the various repair/improvment works reported. They think the agreed price is too high and we should renegotiate it on the basis of the cost of the necessary repairs"
We intend to get the price down to equal the valuation of the property in its current state (£2,500 less than our agreed selling price) but obviously if we do the repairs then the market value of the property will increase once the repairs have been done so hopefully it should all be good even if we pay the market value

Doozergirl

Jazzking - I don't think you'd have too much trouble renegotiating the price to match the valuation. Your house sure sounds like fun!

kiwichick

Hi Jazzking,

I think youre on to a winner. My report was pretty much the same wording, same ppointing out of damp, timbers etc and ours was built in the 50's so think you are right about that. A lot of things are down to the fact that building regs have changed, we were told we needed more airbricks at ground level becuae when the house was built the advice was 6 per metre(or something like that!) and now its 8. Nothing major but the surveyor is legally obliged to point it out to you.

Pass a copy of the survey report to the EA, if is plainly says you should pay market rate.ie.a reduction on the accepted off. then they will have to take that into account when talking with the vendor.

Also, one of the previuo posters was righ about the fact that the elderly lady has probably seen so much appreciation on the property that a few grand might not be the end of the world for her.

Let us know how you get on,
Al.

crispeater

well the offer of 165K was turned down but she came back saying if we added another 500 she would accept.. so we did and she accepted our offer of 165,500 which im quite pleased with.

does anyone know where i can get a cheap kitchen supply and fit? lol

Doozergirl

Congratulations! (Howdens are quite good and might be able to recommend a carpenter!)