We've had an offer for the asking price accepted. Our survey has determined that the roof needs replacing (not the timbers thankfully) as it's at the end of it's life. (Victorian mid terrace) A quote has come back for about £3,500 for the job to include a replacement flat roof that also need replacing on an old extension at the back. Guttering also needed replacing, and this is also included.
So... should the seller reduce the value of the house by the amount of the estimate, or am I as the buyer obliged to put money towards this? My gut feeling is that I should organise to get the work done, and be responsible for the quality of the builder's work, but that I shouldn't have to pay anything more for the house than what the survey says that's it's worth.
The actual survey said the house was was worth £5,000 less than its asking price, whereas the building estimate was £3,500.. although the original survey suggested that the timber work in the roof might need replacing.
Any ideas?
2007-02-15 04:09:52 · 7 answers · asked by Packatrix 2 in Home & Garden ➔ Decorating & Remodeling
Well, that's up for negotiation, isn't it? At this point, I'd say you have the upper hand, in that you're offering asking price. In light of the report, you could offer a revised contract, where you pay asking price if the owner repairs the roof in thus-and-so manner (SPELL IT OUT how you want it done, or with which roofing contracter, including timbers as needed). Or you could reduce your offer (since it sounds high anyway, and your lender probably won't loan you the $$ if it doesn't appraise for the agreed-upon price) adn take the house as-is.
Personally, I'd want the roof fixed to my satisfaction before I took ownership. Best uncover any problems while it's still THEIR house, than YOURS.
And just b/c it'll cost 3500 (dont' know how to make pound sign) to repair the roof, doens't mean you ahve to come down 3500. You coudl come down 4000-5000 just for the heck of it, esp now that you know what the house is worth.
Realize, tho, you've already got some $$ invested in this house now (inspector, etc) so walking away will leave you out that amt. of $$. But if the house is in a terrible state, it's a cheap escape.
It's time for negotiations.
2007-02-15 04:32:22 · answer #1 · answered by Sugar Pie 7 · 1⤊ 0⤋
The buyer of course is responsible for their own repairs.
Anything is negotiable but the seller is not obligated in any way.
The price of a home is what anybody will pay for it, no matter the condition. The seller can sell to whomever they please and many buyers love "fixer-uppers". Disclosure isn't an issue because these were not apparaent probs. A survey is really just info FYI and some general price guidelines but doesn't take into account demand.
Homes are bought over appraisal every day and condition isn't the only factor in setting a price. Is it in a high demand area?
If the seller is anxious to sell, he may lower price. If he's getting other offers, he'll probably tell you to take off. If you really want the house because of location or historic value, you'll just have to cough up the bucks.
Bottom line, if you don't buy it - someone else will.
2007-02-20 22:10:19 · answer #2 · answered by Holdon 2 · 0⤊ 0⤋
It depends on how bad you want the house. You have to remember YOU have the upper hand by being the buyer. You should tell the seller that you have had estimates on how much this work is going to cost to repair and that they need to reduce the price accordingly, or partially (depending how bad you want the house)....You have to remember there are many other houses for sale that are maintenance free and ready to move into in the same price range. Just because you love the house doesn't mean you won't love another. If the seller is not willing to budge, you have the right to back out and by doing that, the seller usually calls you back with some kind of bargaining.
2007-02-15 04:26:30 · answer #3 · answered by blaze 4 · 0⤊ 0⤋
It all depends on you and the seller.
I was looking to buy a house when I came across an older home that needed an inspection and it turned out the roof needed replacing. I went to the owner and said I'll buy your home if you replace the roof. I have proof it needs fixing. They said no. They wanted full price and proclaimed the roof was not that old. Ha..
Well I moved on. Then house I'm in now, the lady gave us cash money to replace the counter top stove that wasn't working right for her. I ended up installing a new dishwasher instead because the stove just needed adjusting.
So it all depends on who your dealing with.
I would ask them to lower the price for that cost. At least enough that you don't have to pay it all.
2007-02-21 17:35:17 · answer #4 · answered by Anonymous · 0⤊ 0⤋
Hi,we had a similar problem the sellers were told to either reduce the price or get it fixed that was by our morgage lenders.You do not have to pay anything to them.Do not exchange contracts untill they have either dropped the price or had the work done
& give you the documents stating that all work has been carried.Good Luck
2007-02-15 05:59:03 · answer #5 · answered by Ollie 7 · 1⤊ 0⤋
did you put your offer in before you had a survey done?..i guess you did ..now its up to you ..either accept that you have to pay for a new roof ..or you go back to the owners .show them your survey report ..and ask them to adjust the price accordingly ..if they wont ..i would pull out of the deal ..as you don't seem to be getting a bargain
2007-02-15 05:35:31 · answer #6 · answered by boy boy 7 · 1⤊ 0⤋
seems straight forward to me you can try to renegotiate the asking price based on the cost of repairs....however its not incumbent on the seller to drop their price...if they wont then you have to decide if you are willing to pay the asking price and thn pay for the building costs or not....its all down to how much you want the house
2007-02-15 04:21:23 · answer #7 · answered by cosmic 2 · 0⤊ 0⤋