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Original poster

House we lost is available again...

40 replies

Piccy · 13/08/2022 15:00

In a nutshell:

Really liked a house valued at £575k. Ticks 7/10 boxes. It went to best and final, we bid £591k. We're cash buyers, chain free. Someone else offered more (not a lot more, EA said) so we were unsuccessful.

This was two months ago - I've had a call this morning from the EA to say the house is available again. The buyer's survey found a few issues and the vendors accepted lowering the price. But then the buyers wanted the vendors to investigate more, potentially reduce the price even further, and the sale fell through.

So - EA has said the vendors will accept our bid of £591k but no less (ie, we can't negotiate money off despite the survey).

What would you do?

OP posts:
LightandMomentary · 13/08/2022 15:02

Nope and nope....there's a reason the sale fell through and it sounds as if the vendors know there's a problem and just want buyers to ignore it.

KittyCatsby · 13/08/2022 15:02

Tell them you could be interested but want to see the survey.

SwedishEdith · 13/08/2022 15:02

Offer less. You don't know what the issues were and vendor and EA are probably trying it on.

Fancypants2022 · 13/08/2022 15:03

No way! No way you can agree to that without the survey

ImWell · 13/08/2022 15:15

Tell them to send you the survey over and you’ll get back to them.

If they don’t have a copy they’ll need to ask for it / buy it from the other buyers or from the surveyor.

Northernlurker · 13/08/2022 15:16

Are they having a laugh? Tell them you will consider making an offer if you see the survey first.

Bellyups · 13/08/2022 15:17

Survey first, then consider an offer

xJoyfulCalmWisdomx · 13/08/2022 15:19

ha, tell them your offer is 575,take it or leave it.

Original poster
Piccy · 13/08/2022 15:19

The EA has said the issues were:

Minor roof repairs
Damp in one downstairs room
Active woodworm

It's a mid 19th century house.

I was thinking if we offered again, it would be £575k, so a big reduction they're likely to reject anyway. And they bought it for £315k in 2017 so they're doing okay!

But it did only meet 7 out of 10 needs, would need more money spending to get it right, and we're not in a rush.

OP posts:
xJoyfulCalmWisdomx · 13/08/2022 15:21

Actually, of course, other posters are correct, you need to see the survey first!

ChateauMargaux · 13/08/2022 15:21

Nope... you would have had a survey and discovered the same issues... the price was based on the house as seen... the house is no longer what you bid on as other information has come to light. Either they share and allow you to come to your own assessment of what the house is worth given these issues or you walk away...

AlmostThereMaybe · 13/08/2022 15:22

The circumstances have changed. Even in two months look at what has happened with respect to energy prices, interest rates etc. The previous buyer paid for the survey so may be willing to sell it to you. The issues may not be that bad and the previous buyer could have been unrealistic over how much they could negotiate the price down. Just trying to put a different perspective forward!

Cervinia · 13/08/2022 15:23

Active woodworm would be a concern to me, can you imagine if it’s active in all the beams and floorboards?

Original poster
Piccy · 13/08/2022 15:25

Thank you so much for the replies! I admit my initial reaction was to tell them we're not interested.

Truth is, we realised before we bid that there would be issues, we've had older houses before, and if they'd have accepted our cash offer then we'd have not asked to reduce.

I also wrote a letter to them saying why we loved the house and it would be a family home, that we had a solicitor lined up, would be happy to wait for them to find their onward purchase, were cash buyers etc etc but still they went for a slightly higher offer, in a chain, with mortgage needed.

Made me feel they're all about the money! They insisted on 'best and final' offers twice, too. The EA was very apologetic.

OP posts:
ChateauMargaux · 13/08/2022 15:27

Thee is a possibility that its something like.. 'The roof (on a 120 year old house) has exceeded it's useful life and should be investigated.. recommend replacement imminently'.

The sellers might have said.. the roof is fine.. we have maintained it well and it's a 120 year old house with an original roof.. this is not information that you did not already have when you made your offer and no... we are not prepared to pay for a full survey and go halves on the cost of a replacement roof.'

Equally could be electrics not up to standard.. or something similar.. but could be loft conversion not to regulations..

Without the details, you cannot assess your position on this.

Whinge · 13/08/2022 15:29

They insisted on 'best and final' offers twice, too. The EA was very apologetic.

How an earth does that work Confused Surely best and final is just that.

Op I would walk away. This has disaster written all over it.

Original poster
Piccy · 13/08/2022 15:33

Absolutely, I'm not one to panic over surveys as they can be over cautious - understandably, to cover themselves.

I'd want to see the survey and check the cause of the damp and extent of the woodworm. But I don't know whether to bother!

Luckily we have experience to draw on with older houses, but still, I can't shake the feeling these vendors are tricky. And everyone here will know that even if the house is great, if you have difficult sellers, it's a nightmare...

OP posts:
Spudlet · 13/08/2022 15:35

I would want to know how widespread the issues were before I committed to anything. Which would mean seeing the survey. I certainly wouldn’t take the estate agent’s word on it, especially with ‘active woodworm’, which is potentially pretty worrying I’d have thought!

WibblyWobblyLane · 13/08/2022 15:37

How much would you be willing to spend on repairs? Because if the woodworm is active in the joists of your roof for example, that's going to be costly. I certainly wouldn't be looking at offering more than it's worth with those big red flags.

SurpriseSurprise · 13/08/2022 15:37

Goodness no! Especially with woodworm and the provision that they wouldn’t accept anything lower than your original offer. You don’t know what the survey said

Original poster
Piccy · 13/08/2022 15:39

Whinge · 13/08/2022 15:29

They insisted on 'best and final' offers twice, too. The EA was very apologetic.

How an earth does that work Confused Surely best and final is just that.

Op I would walk away. This has disaster written all over it.

I'm so glad it's not just me!

Yep, they actually insisted on best and final twice. In the first instance, we were given a date and time to submit our best and final offer by.

A day later, the EA came back to apologetically ask for a FINAL, best and final. He said the vendors had drawn up a shortlist of 4 buyers from the first bids and we were all invited to offer again.

We stuck with our original bid! As cash buyers without a chain (we were the only buyers in this position) I admit I was surprised they didn't go with us.

OP posts:
sjxoxo · 13/08/2022 15:40

Agree that active woodworm is potentially quite a biggie.. you’d be looking at fumigation and even then it’s not really a done deal that it’s gone. They sound v greedy!!! I would be asking for the survey and then deciding to make an offer or not but it will absolutely be lower than 591k!!! What a cheek!

ToffeeNotCoffee · 13/08/2022 15:41

Walk away from this one.

Imagine you were trying to sell it.......because you will one day, even if it's sold in the future as an estate sale.

Do you really need to pour money into this house to sort damp and live woodworm infestation from day one ? Would that money not be better invested in the things you really want to do to the house ? Things that will enhance your comfort and convenience ?

Personally, only ticking 7/10 boxes would not make it a strong enough contender for this level of corrective work to be done.

Why wasn't the damp and the live woodworm problem sorted before it was put on the market ? Because the vendor is selling the problem on.

Don't be a mug.

Mindymomo · 13/08/2022 15:47

Woodworm is a massive expense and inconvenience. My friend purchased a house a good few years ago that the mortgage company insisted in the woodworm being dealt with. All floorboards, skirting boards, stairs, rails, door frames, cupboards etc had to be taken out and replaced. I would offer to pay the previous buyer the survey.

Oblomov22 · 13/08/2022 15:53

You would be foolish to not review the the survey.