Support me in negotiations

[buyer48]

We are buying a house in a popular village with good schools, amenities etc. Not much on market that we like and the house we have picked is the best on offer in our price range and with lots to love about it. We are pretty keen to move as are stuck in rented for ages now and not liking it.

We had an offer accepted below asking price and house had already been under offer and fallen through due to chain collapsing. We have no chain - moving from rented, small mortgage so are attractive buyers. Vendors are keen to move fast but not sure how much lower they can go on price.

House has been undervalued by 1% (approx £4k) on survey. We can afford the price we offered but should we try to negotiate a drop on price? Survey has identified a few things that need fixing so money would be handy.

Compared to price we are paying its not much and feels a bit like quibbling to me (am a rubbish negotiater) plus have heard that surveyors are being cautious at the mo due to uncertainty in market.

Can you offer me some encouragement to negotiate - I hate talking to estate agents about this kind of thing.

I wouldn't bother for the sake of £4k, tbh.

Don't be grateful to them for accepting an offer below asking price - that's fairly standard.
If surveyors are being cautious due to uncertainty in the market, then the same should apply to you, and it's a good reason.
Would you give 4K away to someone in the street? So why be prepared to write this amount off to your buyers? If they pull out and attempt to resell, then they're llikely to find that they end up with less anyway, as the market (in many areas, depends where you are) is dropping.
Ask for a reduction.

How much would you ask for - all of it or just some of it or leave it to them to suggest a drop? Any estate agents/ vendors out there - I need to get inside their heads!

I'd get estimates of how much the work that is required is going to cost (not decoration, but essential works). I'd then give a lower offer, based on the valuation and the costs of works. Start with a offer a bit less than the first offer minus the total reduction, aim to finish at paying about half. So say the costs of essential repairs is £8k and the valuation is £4k less = £12k I'd give an offer of £10k less and be happy to get £5k.

Having said that though, it would depend on the value and age of the house and how much of the works needed you knew about before you placed your offer. If the house is £300k and clearly in need of a new roof / kitchen / windows etc then it makes a huge difference to your negotiating position.

If you're happy to buy at the price you've already given, don't add any 'drop the price or else' threats.

Good luck
Good luck

For 1% I wouldn't bother. You could really cheese off the vendors and you never know how they might leave the house - see the thread about previous owners...

If you are willing to pay that for the house, then pay it. We bought our third house in 92; it was reduced from £149k to £97k and we got it for £95k; they would have taken less they said, and we knew there were things that had to be done, but it was worth that to us.

If it's the best of what's around as you suggest in your OP, then unless there are major works, as opposed to niggles, then either get the vendors to fix the niggles before you move in, or pay the offer price.

Oh eh. Don't think the things that need fixing will cost as much as £4k to fix so maybe your idea scary teacher is the best or just ask them to reduce the price by the value of those things.

I agree with NoseyNooNoo. If you can afford it, do not forget you are securing your future home. You are still paying out on rent each month. Instead, try to get some value by negotiating over fixtures and fittings, ask if there is any furniture they intend to get rid of - would it be useful - be practical. Good luck!

Am glad most people seem to agree that quibbling is not worth it - making me feel less wimpy. Chatelaine - sadly negotiating over f&f not an option as have got far too many of my own (currently languishing unloved and unused in storage unit) - maybe could ask for a drop in price and ask if they'd take a few chairs/ tables/ unsuitably large armchairs instead.