Newbie Here! Need some Advice Please!

[Blackeyez09]

Hi Everyone

I'm new on here but have been spying on threads
and this seems like this a great place to go..

I put on offer on a 3 bed mid terrace Victorian property. It was
On the market at 148500 and I saw it within the the first
week and offered 145000 initially. That was accepted
but then the estate agents told me the vendors had a "private
viewing" and a higher offer was put forward. Of course
without really knowing if this was true and with myself really wanting
the property I increased my offer to asking price. This was all accepted
and I have since been sorting out all the afterwork.

My mortgage application was accepted however the valuation
came out to be lower (146000) with a recommended retention
of 2500. The main issues highlighted was suspected damp and
the need for an electrical survey. I have since had an independent
damp and timber survey which only seems to find an adequate
damp proof course and wood worm in one area that needs treating cost
375. My structural survey has just been done no major issues accept
sorting out rear garden fencing, areas of brickworks hat need repointing
in maybe 5-10 years, and other minor things.

My question is assuming my electrical survey turns out
ok... Would it be ok to renegotiate the asking price and reduce by
the recommended retention which would cover minor bits and pieces needed...

I just want some advice really as I'm the first person
in my family to buy a property so lacking on experience!
my friends and family obviously all agree with me but they
ate biased as they want the best for me!

I need some impartial advice please! Would be much appreciated

[Blackeyez09]

Just bumpin this no replies as yet :(

[OnePlanOnHouzz]

I would show the estate agents the paperwork and say exactly what you said here ! honesty is the best policy ! any other potential buyer would be in the same position !! so if they don't agree with you - they will have the sane problem next time with the next buyer !! good luck !! :-)

[MrsBucketxx]

I think this is cheeky, you offer what you are wiling to pay.

Dont be surprised is you lose out if you take this option. The vendors will ve looking for another house based on what you have offered. Mess them about and it wont end well.

[Blackeyez09]

Thanks for your swift replies I was really prepared to pay 145000
but had to up my offer because of a mysterious buyer that I don't even
know exists...

I don't want to lose the house obviously but felt its only a negotiating
of course they are perfectly entitled to say no I guess

[karron]

They have already messed you about by accepting and then making you up your offer so don't feel bad about asking. The question is if they refuse what will you do? Can you still afford it with the retention? Are there other houses you could buy instead?

When you ask remember the sellers will know you've already spent money you can't get back so you need to make it clear that you can't afford to go ahead - even if this is a bluff!

You do need to find out exactly what work needs doing as it might cost less than the £2500 retention to do.

The options are they, the sellers, get the required work done and you pay £146000.

You buy for £146000, the bank retains £2500, and you get the required work done. You will need to think about whether you have the money to pay the extra £2500 to buy it and then to pay for the work on top of it. You can then reclaim the retention.

You renegotiate and get them to sell for £143500.

You walk away.

Good luck!

[Blackeyez09]

Hi
Thanks a lot Karon... I think so far immediate work is totalling less than 2500 I am still awaiting electrical report.
I think I'm likely to try to renegotiate to 146000 get the work done myself (scrimp and save, use savings) and then may or may not ask for the retention.

I just hope the work is no less than that and that buyers are willing to renegotiate