2006-10-01 05:25:24 · 20 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
Give the estate agents and vendor a heads up and get the costs of repairing these faults. THEN start negotiations.
We had the same thing happen to us last year, so we got a builder in to get an approximate cost and it came to around £20k.
In part, a degree of repairs would have been expected with the state of the building. But when we went to the vendor they shifted £2k rather than £10k (Which is what we thought was a fair split). So we bailed.
It is currently a buyers market and you shouldn't let your heart rule you head on this one. Estabish what needs to be repaired; what the vendor is obliged to repair before you can move in and negotiate the cost of the remaining repairs with the vendor.
2006-10-01 05:26:54 · answer #1 · answered by Felidae 5 · 3⤊ 0⤋
Talk to their agent and your solicitors and ask their advice...a survey done on a house we sold said the gas fire must be checked ...it was an electric fire only 3 months old!!It could mean pulling out but maybe the faults can be sorted ..it depends on what you call major,if they are structural then ask the seller to put it right /or cost for it yourself and reduce your offer.The seller will be aware that if you pull out any survey in the future will find the same problems and they might come to an agreement with you.Its worth a try!!
The whole reason we have surveys done is for this reason, if the major faults are something that cant be sorted and you do pull out then you will save your selves thousands of pounds in the long term.
Its hard to know what to do when you have your heart set on a house but you will find another if this doesn't work out so good luck!
2006-10-01 05:41:40 · answer #2 · answered by Anonymous · 0⤊ 0⤋
Well even new houses have that many faults. Really, Now you have negotiation power. I am guessing you are refering to a home inspection. The appraisal will probably not address these problems. Appraisers are not home inspectors. Unless it is an obvious problems the value that the appraisal comes in will not reflect the repairs needed. Have a contractor come in a quote you on all repairs then have the seller reduce the price to reflect the needed repairs.
2006-10-01 05:34:21 · answer #3 · answered by bdat40oz 2 · 0⤊ 1⤋
Do not buy it. Unless the sellers rectify all of the faults, or reduce the asking price to acurately refelct the cost of doing the work yourself. Another point is that your mortgage company may not be willing to advance money on a faulty house, check quickly.
2006-10-01 05:30:27 · answer #4 · answered by Anonymous · 1⤊ 0⤋
If the asking price is well below its true worth go for it, how does the price compair with houses around it of a similar style ?? but before you sign over to it get quotes for the repairs as the mortage people will want the work done as part of the mortgage package. "buyer beware" is needed for this one.
2006-10-01 05:39:29 · answer #5 · answered by John E 3 · 0⤊ 0⤋
Get the costs of repairs and subtract double that amount from the price of the house.
Don't forget to factor in the amount the house is going to fall in value with the popping real estate bubble. The longer you can wait, the less it will cost.
2006-10-01 05:28:11 · answer #6 · answered by auntiegrav 6 · 0⤊ 0⤋
Walk away or you'll waste money on an appraisal as no lender worth borrowing from will touch a home that requires repair. Home appraisals need to be "As Is" or they are relatively worthless.
This is a buyers market... take your time and look around. You didn't marry the first person you dated did you. Be choosy
2006-10-01 05:29:11 · answer #7 · answered by joeiacovino 2 · 0⤊ 0⤋
find out how much the repairs will be from the surveyor and tell the owner about this and ask them to deduct the cost from the total. i had this problem when i was selling a property of mine, the buyer had a surveyor tell them repairs would cost 3000 pound. because i wanted a quick sale, instead of me doing the repairs and then selling it they bought my property for 3000 pounds less.
2006-10-01 05:30:25 · answer #8 · answered by Anonymous · 0⤊ 0⤋
Contact the realtor, and expalin the situation to him. YOu should be able to get the owner to repair it or shave off the cost of the repairs form the selling price and do it yourself.
2006-10-01 05:29:16 · answer #9 · answered by Anonymous · 0⤊ 0⤋
Find another property, you dont need the headache of one that needs major work done on it, it'll take too long before you can move in!
2006-10-01 05:30:44 · answer #10 · answered by mistickle17 5 · 1⤊ 0⤋