So I posted before about offering under an 'offers over' house and we were very happy to have our 5k under offer accepted just before Christmas. We;ve just had our level 3 survey back which was a bit of an eye opener (and I've read a few of these before!) so I'm pondering whether or not to revise down our offer.
Stuff that the survey brought out were things that were not visible or evident on viewings. E.g. Lead mains water pipe, Structural steels for loft not treated (not primed for rust/fire), vermin infestation in the eaves, rot to window frames, high levels of damp (high enough to warrent a damp specialist). All in all almost 40k worth of work, 30k of which is classifed as urgent. I was aware on viewing of the window frames and damp - It's an old house so I can accept moderate levels of this - but not to the extent that the survey picked up.
Now I know the surveyors are always trying to cover their bases as much as possible so these always read like armageddon. Our first offer of 955k was 20k under their initial asking price of 975k which they rejected so we upped to 970. But now I'm thinking our first number was actually a fairer reflection...
The estate agent kept the listing online over Christmas until our mortgage offer got confirmed, so they were obviously hoping for another bite over the break, but things still feel slow here (London). We don't want to lose the house but equally not wanting to move into an immediate money pit. The seller is motivated (we are their second buyer, first fell through over the summer) and the house was a rental so currently empty. We've exchanged and in rented so ready to move fast.
So my question is, do you think we should revise down our offer, and if so by how much? Or else just suck it up? Don't want to piss anyone off too much but at the same time this can't be a race to the bottom! TIA