Can price be re-negotiated @ sale agreed stage?

N

Nanners

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Hi

We've gone sale agreed on a property & have received the surveyor's report back. There's a lot of fundamental work to be done (wiring, heating, insulating, etc) so we're getting ideas of costings. Does anyone know if we can go back to the EA at this stage to re-negotiate the selling price? We love this place but obviously if the cost of getting it done is huge, we won't be able to take it on, unless we can re-negotiate. Has it been done?

N
 
This is done everyday...so no harm is trying to negociate the price down to compensate for essential works that need to be done.
 
You can always try and renegotiate but was all of this work not entirely obvious and therefore factored into the price anyway?

If there are other keen parties, you may find that the vendors simply walk away from you.

Its always worth a shot.

me
 
Hi mf1

no, work to a heating system, earth bonding, water tank, damaged slates, lack of insulation in walls, fire proofing (to name but a few) really aren't obvious until you get it surveyed. We had anticipated that work needs to be done on the wiring & windows but not the heating or above bits.

We were out-bid on this property a few weeks ago & that buyer pulled out because of the work required. We're now sale agreed at a lower price than we originally had offered but now that we're realising the potential cost of work involved, we may not be able to afford it. The vendor may well just want to get it sold asap at this stage - I know it's a risk so we're just trying to weigh up our options
 
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