2006-08-13 01:53:53 · 12 answers · asked by Anonymous in Business & Finance ➔ Renting & Real Estate
the report has shown things like needing a new roof. this would cost a few grand to do and also the property value is about 13 grand below my offer.
can we negotiate a lower price or do we have to just pull out and start househunting again?
2006-08-13 01:57:30 · update #1
ok.
At the present time within the UK it is acceptable to renegotiate after a survey has been done.
BUT it is worth remembering that your surveyor will have estimated costs so ask for a roofer etc to go round and get proper quotations.
Also the surveyor could have priced the house incorrectly - ask the estate agents where they got the sale price from? did they use sold comparables or did they just guess?
When reading the report there will be things mentioned on a homebuyers that will simply be "nearing the end of its useful life/should be inspected" these are just warnings for you to look more closely into them.
All older properties will have "little" problems with them - the only way to eliminate this sort of issue is to buy a new build property.
Get quotes from reputable people.
re-read the surveyors report.
call the surveyor if necessary to explain
then talk to the agents and renegotiate.
2006-08-14 04:37:22 · answer #1 · answered by Anonymous · 0⤊ 0⤋
The variable you have to keep in mind also is where you live and the demand for housing. In California, during home sales boom times, the appraised value is different than the market value. The house may be a fixer-upper, yet 8 prospective buyers are competing with each other to buy the home and so the home sells for far more than a reasonable person would expect it to sell for, even when it doesn't look like it should go for that much. The hotness of the market and the number of buyers competing for the same property has influence on the price it will sell for. If none of the above applies to you and you're essentially the only one interested in the home, then as the others mentioned above, you have more bargaining power to negotatiate a better cost.
2006-08-13 03:50:29 · answer #2 · answered by nothing 6 · 0⤊ 0⤋
Providing contracts haven't been exchanged, then yes - you are in a good position to renegotiate the offer. In renegotiating your offer, you need to explain what the survey has highlighted - and the repair costs. If the vendor says no to a revised offer, then its up to you whether you pull out or accept the situation. If you are applying for a mortgage, then the lender will base the mortgage upon the valuation the surveyor made - and may even make conditions that repairs are done.
2006-08-14 06:25:55 · answer #3 · answered by nemesis 5 · 0⤊ 0⤋
go back to the seller and discuss the faults which have been found and see if you can re negotiate on the price.They might lower the asking price just to keep you as buyers. Sometimes if the seller wants the full asking price in order to buy their new house then their sellers might drop their price too . so in other words everyone shares the cost. It depends how desperate they are to keep the chain in tact. But yes contact the seller and negotiate.
2006-08-13 02:11:01 · answer #4 · answered by little weed 6 · 0⤊ 0⤋
Don't buy it - if its been valued at a market price then that's what it is worth, would you pay an extra £80 for a pair of shoes that were marked at £30.00. Its the seller's problem, do not offer a penny more otherwise you are in negative equity and if you are borrowing from a lender they will value it at the same money. They won't lend you anymore than its worth.
2006-08-13 03:11:31 · answer #5 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
You are being ripped-off big time. Get a quote for the roof add this to the valuation & offer that minus a bit more (to give yo room for compromise). Or negotiate directly with the seller explaining what has happened & then wait for them to compromise. If the compromise at once they will compromise again so keep at it. Your position is storn if they have to sell. If they don't want to compromise be prepared to walk away you will pay dearly otherwise.
2006-08-13 02:45:44 · answer #6 · answered by Frank M 3 · 0⤊ 0⤋
Yes. Contact your solicitor and discuss it with them. My g/f bought her house last year, and after having an offer accepted there was a storm that showed more work was required on the roof than previously thought. She ended up offering £5000 less unless they replaced the roof themselves. They accepted the lesser offer, and the roof cost £3500-ish!
I suppose it's down to whether you've signed the final contract. If you have it may be too late.
2006-08-13 02:06:40 · answer #7 · answered by Al 2 · 0⤊ 0⤋
You are in UK?
The answer is YES YES YESSS
If they dont want to I would give up - dont be fooled. The bank will consider this as well and may not give you all the money you need from them.
Agent is not on your side remember - so be strong and go 14K under at least - well it is a negotiation
2006-08-13 02:04:20 · answer #8 · answered by justme 4 · 0⤊ 0⤋
Definetly - I used to work for a mortgage company and people used to do this all the time on the back of homebuyers reports.
2006-08-13 02:04:18 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Unless you've signed something you can always negotiate.
Looks like a close shave there.
Withdraw your offer and re-submit a substantially lower one.
I'd get quotes for the work too, roofes are'nt cheap.
Good luck
2006-08-13 02:05:44 · answer #10 · answered by ii337 3 · 0⤊ 0⤋