House Survey Offer Accepted

[FamilyKavanagh]

Good evening all,

I hope your all well. Quick question:

One year ago we listed our 3 bedroom detached house. In mint condition and lots of extra work done.

Fast forward we dropped the price twice in total of 20 grand. A month ago we had a viewing and the couple loved it. We accepted the price offered.

Buyer had surgery done two days ago and sadly the bank are offering them 15K less. Their mortgage broker called our estate agent and asked if we’re willing to renegotiate the price.

This means that they won't lend the full amount as they previously was to the buyer, they were wondering if we would be open to renegotiating the price at all

My questions is: What the best way of approaching this?

We can certainly afford to accept the bank’s valuation but 15K seems a lot so would like a little more.

Thank you all and have a pleasant evening.

Mrs house exhausted

If that’s all that people can get it mortgaged for yih will find it hard to get more from anyone else unless it’s a competitive situation- which clearly after a year on the market it isn’t

If you say no, do the buyers have the cash to make up the difference? It might affect their LTV and hence the interest rate they get on the mortgage. Are there other houses they might like just as much within their price bracket which means they could easily find somewhere else? Do you really need this sale?

Thank you. Very valid point. I am just wondering if they want to renegotiate from the org price or from survey. ie would we accept new price or somewhere in the middle. I guess I will find out tomorrow. Any idea on how long it takes them to get mortgage offered after survey

Thank you. Valid point as well. Let me put it like this. Yes there are other houses for sale but not as nice. However with money thrown after them they can be as nice as ours. We are need desperate for a sale but with that said we are looking to move abroad but time is on our side and luckily not due to financial issues. I think we will say. Yes we’re willing to renegotiate and whatever they offer that being the bank’s valuation or somewhere between org offer and banks we will say yes. I am sure they are looking forward to creating their home