House we lost is available again...

[Piccy]

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?

Active woodworm can mean many things from a few holes with active worms but structurally sound and needs anti woodworm solution, right through to the investation is so bad that timbers need replacing immediately. also it depends on how many locations, in our house there was some on the shelves in the attic and some skirting in dining room but nothing elsewhere, but at present you don't know whether it is hardly worth bothering about and needs 5 litres of treatment or it would cost 10,000's or somewhere in between
you can almost certainly buy the survey, also though you have cash the cost of living has risen , the telegraph property writer was saying today prices will fall between 5-10% in South east by 2024

Buy the survey off the original buyers and decide what you are prepared to pay

Woodworm, damp and minor roof repairs are solvable issues. We had the same issues and the total cost was 5k. However it depends on the size of the work needing completion

They sound like chancers and potentially difficult. Jolly cheeky expecting you to stick with your well over asking price offer when there have been problems raised at survey which have caused a sale to break down. The market has also changed in the last 2 months and that is having a negative effect on prices. If they choose to re-market, they may well have considerably less interest.

If you still think you would possibly like to buy the house you could ask to see the relevant sections of the survey as it sounds as if the EA has access to this but I definitely wouldn't stick with the initial offer.

Offer them a provisional £525k on condition you have sight of the survey, and can ascertain the extent of the woodworm problem.

Of course it is all about the money, you were being naive to think it was about emotions when it’s a huge business transaction. I would need to see a survey before making a decision about whether to offer or not, woodworm sounds scary

I had active woodworm in a previous house, it was very cheap and easy to fix via specialists, also I've dealt with many damp issues that were simple to sort once you identify the issue, so luckily I'm not frightened easily!

But still, PP have quite rightly pointed out that woodworm/damp etc can be huge and costly issues so I'm reminded my previous experience really shouldn't make me feel at ease, and I would insist on seeing the survey as well as getting further specialist advice.

Really appreciate the replies, thank you.

That's a 'no' from me. They can't legally bind you to a price anyway unless you're in Scotland where it may be different- you could choose to drop it whenever you liked whatever you agreed now. So their request is not just aggressive and a warning sign, it's silly as well. And I'd be sure to have my own survey done for any house- especially one where survey problems have been flagged up- in that case, I'd go to town on a full survey.

We had a best and final with this one, after having an offer 'accepted' but on hold for months due to the vendors' problems. We won the best and final. Then the other bidder just came back and offered more. With a legally very complex sale this put the spanner in the works well and truly, the EA was furious but had to pass the offer on. Fortunately both the vendor and the court agreed to accept our offer, as up to then we had been very patient for months with the sale. IMO people who up their offer after a best and final stink- and so do sellers who accept such offers. Your word should be your word.

I‘d avoid completely - they sound like flakes

Thanks again for the replies.

My gut is to let this one go!

I'd also let this go. The sellers sound hard work for a start. Their demand that you offer what you did before tells you clearly what they're going to be like for the whole transaction.

Maybe the prvious buyers after getting the survey back deided to drop their offer. Since that's what you'd do as well, may as well save yourselves the bother of the part where you do that, they refuse and you withdraw anyway!

I'd let it go I think, it doesn't sound like the dream home even if the problems which the survey identified didn't exist and the sellers sound demanding and difficult

@Piccy go with your gut!
its 7/10
with issues
& tricky/greedy vendors
making it what a 4/10 or 5/10
nah!
absolutely walk away!!
For interest you could ask the vendors to purchase the survey and allow you to read. If they refuse in any way then walk away. I doubt they’ll do anything to help with your decision making tbh.

I think it all depends on how much you love the house/ want to move. I wouldn’t let a potentially difficult seller put me off completely if I loved the house and wanted to move. But yes as others have said I would definitely say you need to see the survey and will consider offering again after that- do not believe the summary the estate agent has given. If the previous buyers have shared it with the EA then you should be able to see it, albeit that you wouldn’t be able to rely on it against the surveyor.