House sale on a knife edge over..........£500 FFS
Discussion
Mrs Fun Bus has sold her house (subject to contract) to someone who will be renting the house out. I sold my house 18 months ago so we are buying together. An offer for £7,500 less than asking price was accepted and things were progressing nicely. Survey took place on 28th December and nothing heard up until last night when we heard from our estate agent.
Our buyer has had the survey and approched her local builder to quote on work she wants doing to the house. The builder hasn't been in the house - just driven past and has quoted £1,200 for new guttering (it's a 1960's terraced house), lead flashing round the chimney breast, a new window to meet the rules of renting out the property. She wants us to contribute £500 towards this. I wanted to tell the Estate Agent to tell our buyer to get f
ked but didn't think this would help things along. Our buyer is now taking the attitude of "I don't have to buy this house" whilst we're hanging on and hoping she sees sense. I'm not best pleased and, as rants go it's rubbish I'll admit, but I know I might get some pearls of wisdom to help keep the worry at bay.
My name is Fun Bus, thanks for listening.
Our buyer has had the survey and approched her local builder to quote on work she wants doing to the house. The builder hasn't been in the house - just driven past and has quoted £1,200 for new guttering (it's a 1960's terraced house), lead flashing round the chimney breast, a new window to meet the rules of renting out the property. She wants us to contribute £500 towards this. I wanted to tell the Estate Agent to tell our buyer to get f
ked but didn't think this would help things along. Our buyer is now taking the attitude of "I don't have to buy this house" whilst we're hanging on and hoping she sees sense. I'm not best pleased and, as rants go it's rubbish I'll admit, but I know I might get some pearls of wisdom to help keep the worry at bay.My name is Fun Bus, thanks for listening.
Ultimately it's a bluffing game, but things are usually sold 'subject to survey' - ie if the survey finds problems then there are grounds for negotiation. They want £500 off and may or may not pull out if they don't get it. They may not get the work done and just pocket the saving of course.
It comes down to how much they want to buy the house, and how much you want to sell it. As they aren't going to live in it, they won't have any 'passion' about it. If you tell them to stuff it and they pull out, will you be happy with that? Or you could say you're under no obligation to help but will meet them halfway as a gesture of goodwill and offer £250. Up to you!
It comes down to how much they want to buy the house, and how much you want to sell it. As they aren't going to live in it, they won't have any 'passion' about it. If you tell them to stuff it and they pull out, will you be happy with that? Or you could say you're under no obligation to help but will meet them halfway as a gesture of goodwill and offer £250. Up to you!
Edited by Simpo Two on Wednesday 26th January 13:11
Buyers will almost always try and haggle the price down a bit after a survey, especially if any bad points were found in the survey.
Personally I don't blame them, my parents recently bought a house to let out and after the survey they managed to get a £10,000 reduction in price (more than 10% of the house value) for work which would need doing at some point over the next few decades but still hasn't been done!
From a buyers point of view it's worth a haggle, fro a sellers point of view if it's worth sealing the sale then drop the price by £500, if you are confident you could sell it to someone else for the same or a higher price then tell them to stuff it, chances are they will buy it anyway because they have had to fork out for a surveyors report.
Personally I don't blame them, my parents recently bought a house to let out and after the survey they managed to get a £10,000 reduction in price (more than 10% of the house value) for work which would need doing at some point over the next few decades but still hasn't been done!
From a buyers point of view it's worth a haggle, fro a sellers point of view if it's worth sealing the sale then drop the price by £500, if you are confident you could sell it to someone else for the same or a higher price then tell them to stuff it, chances are they will buy it anyway because they have had to fork out for a surveyors report.
Fun Bus said:
98elise said:
What rules are there on windows for renting out?
I have no idea, but this is coming from a woman who also said the gas needs earthing.in respect to OP's original question- in the current market i'd bite the bullet, take the £500 hit and make it clear that you will pull out if she doesn't exchange within 2 weeks.
pugwash4x4 said:
Fun Bus said:
98elise said:
What rules are there on windows for renting out?
I have no idea, but this is coming from a woman who also said the gas needs earthing.98elise said:
I'd tell them no thanks
You have already dropped £7500, that is your contribution.
What rules are there on windows for renting out?
+1You have already dropped £7500, that is your contribution.
What rules are there on windows for renting out?
Edited by 98elise on Wednesday 26th January 13:17
if i sell a property and i have accepted a lower than asking price, i make it clear that that is the lowest i will go , no matter what is found when the survey is carried out.
Seriosuly, have you had any other ineterest? Do you have anywhere you want to buy? If you haven't and you have found somewhere then take it and move.Simpo Two said:
Then again the property market is shaky, the recession continues - it might remain unsold all year...
+1Had a similar situation from our buyer a couple of years ago -
All going through nicely then a 'late' survey was called which resulted in her wanting 3k off the already dropped asking.
I told her that we would meet halfway and drop £1.5k provided we could complete within the month.
Would do the same again.
TBH unless you have no sale no fee conveyancers acting for you you'll be looking at droping more than £500 in legals on the next sale assuming that you find another buyer at the same price.
To properly advise I'd need to know the answer to a load of questions I haven't got the time to type out. Gut says take the hit, but subject to a deadline to exchange and complete that you are happy with. Assuming that this works move in with Mrs FB and forget about it.
That's the practical, get you on with your life, answer that is almost always the most sensible one. When it starts to get to be more than the legal fees on a new sale would be then it's time to think about bluff calling and so on. I might try £250 but we all know that it's the cost of her survey she is trying to recover off you.
To properly advise I'd need to know the answer to a load of questions I haven't got the time to type out. Gut says take the hit, but subject to a deadline to exchange and complete that you are happy with. Assuming that this works move in with Mrs FB and forget about it.
That's the practical, get you on with your life, answer that is almost always the most sensible one. When it starts to get to be more than the legal fees on a new sale would be then it's time to think about bluff calling and so on. I might try £250 but we all know that it's the cost of her survey she is trying to recover off you.
I bought late last year. When picking up the key from the agent, he gave me the tale of previous near sales on he house. Apparently my sellar fell out with a previous buyer over £500. The sale fell through. 8 weeks later had to accept my offer at £10k less than previous. This was on a £500k+ house. Nose & face come to mind.
hornetrider said:
For £500 whilst it's a bit galling I'd suck it up. The market is slooooow.
Exactly. My sale fell through a couple of weeks ago, we would've been completing now otherwise. If someone knocked my door today and offered £500 less than I'd previously accepted, I'd snap their hand off. The market is on it's arse, you may end up 6 months down the line, still selling for less. Gassing Station | Homes, Gardens and DIY | Top of Page | What's New | My Stuff