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    • SavvySaver24
    • By SavvySaver24 12th Aug 18, 10:10 AM
    • 58Posts
    • 11Thanks
    SavvySaver24
    Reducing Offer After Survey...
    • #1
    • 12th Aug 18, 10:10 AM
    Reducing Offer After Survey... 12th Aug 18 at 10:10 AM
    How many people have successfully renegotiated the price after their survey comes back?

    We LOVE this property, everything is moving forward, but we had our survey back this week and there are a number of "3 - do now issues" which we have estimated to be at a cost of 8k. Both the lender and the surveyor have valued the property below our offer price (one 22k under our offer, and one 12k under our offer).

    We have emailed the EA outlining the issues and essentially asked him what the vendor would consider a fair reduction in light of this. We do NOT want to !!!! the vendor off, this is NOT last minute cheeky offer.

    Just looking for experiences from people who have successfully renegotiated. Has anyone have the vendor be !!!!ed off and just oull out altogether? So scared of that happening!
Page 1
    • Throwaway1
    • By Throwaway1 12th Aug 18, 10:35 AM
    • 311 Posts
    • 508 Thanks
    Throwaway1
    • #2
    • 12th Aug 18, 10:35 AM
    • #2
    • 12th Aug 18, 10:35 AM
    We're pretty certain this is going to happen to us (in regards to it being valued lower, hopefully not survey problems too) and our plan is to ask the vendor to go 50/50 on the difference. That should show them that we are being fair I hope and is still affordable to us. Of course, if it affects your ability to get a mortgage then it doesn't really matter if you annoy them or not.
    • ProDave
    • By ProDave 12th Aug 18, 11:10 AM
    • 984 Posts
    • 1,113 Thanks
    ProDave
    • #3
    • 12th Aug 18, 11:10 AM
    • #3
    • 12th Aug 18, 11:10 AM
    What are the code 3 issues?

    And without knowing the value of the property I have no idea if a value 22K under asking price is a huge reduction or a small one.
    • SavvySaver24
    • By SavvySaver24 12th Aug 18, 11:35 AM
    • 58 Posts
    • 11 Thanks
    SavvySaver24
    • #4
    • 12th Aug 18, 11:35 AM
    • #4
    • 12th Aug 18, 11:35 AM
    We can have the mortgage regardless. Offer was 415k
    Last edited by SavvySaver24; 12-08-2018 at 12:03 PM.
    • Beenie
    • By Beenie 12th Aug 18, 12:50 PM
    • 1,276 Posts
    • 1,287 Thanks
    Beenie
    • #5
    • 12th Aug 18, 12:50 PM
    • #5
    • 12th Aug 18, 12:50 PM
    The value of a house is more than the bricks/mortar and general condition of repair. A huge part for most buyers is the location, the quality of the neighbourhood, the amenities within easy distance.

    If the current owners haven't worried overmuch about the issues thrown up by the survey, why should they lower the price? It's you, the buyer, who is concerned about these things. If the house ticked all my boxes in other respects, I don't think I would jeopardise things for the sake of 8K.
    • Hoploz
    • By Hoploz 12th Aug 18, 1:40 PM
    • 3,795 Posts
    • 3,335 Thanks
    Hoploz
    • #6
    • 12th Aug 18, 1:40 PM
    • #6
    • 12th Aug 18, 1:40 PM
    I think it's got to be worth a punt to save yourself potentially thousands of pounds. They can always say no.

    I would present the two survey/mortgage valuations as they are concrete evidence, then mention the other items as money you're likely to need to spend (are thy really jobs you will actually need to do, or not really?)

    I'm pretty confident with all that evidence they'd allow a few k off, though it might be a case of you saying one figure and them coming back with a counter offer.

    But no more messing about, get the deal done ASAP afterwards!

    P.S I always think its better to state that it is you affording the house/unexpected work that's the problem ... People get uppity and defensive if you start nitpicking over their home which they've cherished for years!
    • Crashy Time
    • By Crashy Time 12th Aug 18, 8:47 PM
    • 6,350 Posts
    • 2,406 Thanks
    Crashy Time
    • #7
    • 12th Aug 18, 8:47 PM
    • #7
    • 12th Aug 18, 8:47 PM
    The value of a house is more than the bricks/mortar and general condition of repair. A huge part for most buyers is the location, the quality of the neighbourhood, the amenities within easy distance.

    If the current owners haven't worried overmuch about the issues thrown up by the survey, why should they lower the price? It's you, the buyer, who is concerned about these things. If the house ticked all my boxes in other respects, I don't think I would jeopardise things for the sake of 8K.
    Originally posted by Beenie

    Depends how desperate the seller is, many will be quite desperate by now IMO. Another huge part for many buyers is the sentiment of other potential buyers, are they bidding over asking etc. If that sentiment goes flat people become much more cautious.
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