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Property/DIY

Would this be really awful,so near to exchanging?

13 replies

Bubbaloo · 05/06/2008 23:34

We've found a house that ticks all the boxes and we're meant to be exchanging contracts in about a weeks time,with completion for the end of this month.
We are getting just a 10% mortgage and had a basic survey done but we then decided to have a Homebuyers survey done,for peace of mind.
Anyway,the survey was done today and although I haven't seen the report yet,my surveyor phoned to say it's fine but has the usual small things that need doing on a house of that age and that the hardwood windows would probably need replacing in a few years time.He has also valued the house about 20k under what we are paying for it,as did the other surveyor and he said we should negoiate some more with the vendor as it's overpriced and in his opinion he thought the vendor would probably be willing to drop the price a little more.
Part of me feels a bit mean doing that when we're so close to exchanging and completing,but now he's got me thinking and if it does need a few things doing and possibly changing the windows in a few years time,then obviously every penny helps.
Does anyone have any views/opinions please?
Thanks.

OP posts:
Tinker · 05/06/2008 23:38

Why did you not renegotiate after 1st survey?

tyaca · 05/06/2008 23:39

people routinely argue price down after a survey throws up things like this. why would you want to reach into your own pocket to pay for these things (either now or when you come to say sell further down the line). i would feel awful, and would let dh take over negotiations, but 20k is a hell of a lot of money to let slip through fingers

amner · 05/06/2008 23:39

Well if your surveyor is suggesting that you do that then they may have a point......

Mind you don't be surprised if the vendors say no.

I would try it tbh.. what have you got to loose? You'll only regret it in the future if you dont ask now.

OneLieIn · 05/06/2008 23:56

I would negotiate IMO. We bought a few years ago and the survey valued it at 30K under the price we had offered. We negotiated the 30K off.

20K is a stack of cash and its a buyers market at the mo.

Bubbaloo · 05/06/2008 23:56

Tinker-we only got our mortgage offer today,along with the basic survey report and it just so happened our other survey was done today aswell.
It also shows that the house has some structural movement,although it clearly states it is non progressive and any other significant movement seems remote and there also appears to be a problem with the damp course.
We love the house and really don't want to rock the boat as such.They are property developers,haven't had the house very long and are moving in with relatives on completion so are probably not in as much of a hurry to move as we are.

OP posts:
muttonbird · 06/06/2008 00:09

I would say go for it by all means, but first do try and put yourself in the seller's position - think how you would feel if a buyer did this to you just a week before exchanging, and perhaps what your response would be.

We were in the same position as the seller (though not as property developers!)- nothing wrong with the house, just usual surveyor speak in the report. We told the buyer who wanted the reduction that if they weren't going to stick with their original offer they could bugger off

Bubbaloo · 06/06/2008 00:15

Exactly-I don't want to upset them.Infact they were a bit peed off that we only decided yesterday to have a survey done,as we didn't realise the other one was so basic.
It is a house that we're hoping to stay in for many years,so it's not as if we're going to sell it again in 5 or 10 years time,but obviously if it needs more money spent on it than we originally thought,then if we could get some more off,it would be a bonus.

OP posts:
muttonbird · 06/06/2008 00:20

Of course - you'll lose nothing by asking, so long as the response doesn't (potentially ) offend!

Good luck with the negotiation

Bubbaloo · 06/06/2008 00:27

Hmm,maybe I'll wait til I have the survey in front of me and I'll decide once I've highlighted everything that's been picked up on it.
Thanks.

OP posts:
helenelisabeth · 06/06/2008 07:33

I had to re-negotiate the price of the house we live in now twice, the second survey we had done devalued it by a further £10,000. The Seller had no choice but to lower the price as the mortgage company would not lend us the money had we paid the original price.

I would definitely lower your price, its a dog eat dog world out there, the seller would probably do to the same to you if he was in your position. Why pay £20,000 more for a house that is not worth it? Just think of what that £20,000 could buy!

llareggub · 06/06/2008 08:03

Just wanted to add another perspective. A house price is only set when the price you are prepared to pay is equal to what the seller is prepared to sell at. It isn't really set by the valuer, or the agent, but a complex set of variables influenced by emotions.

You should only negotiate if you are prepared to walk away. If this is the house you will stay in for years then this current housing blip, combined with your huge equity, makes the current valuation irrelevant.

You were prepared to pay the extra £20,000 and IMO morally you are prepared to pay it. Unless of course, the survey says something like the roof is about to fall off.

noddyholder · 06/06/2008 08:07

Ask them to meet you halfway.

Upwind · 06/06/2008 08:25

I would renegotiate

They are property developers, that is a business, don't worry about hurting their feelings. But if it is not worth the hassle for £20k don't bother.

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