Changing Agreed price

T

Tubbs

Registered User
Messages
85
Ok - similar asked below but didn't want to hijack their thread.
Things happened in following order.

1. Found a house we liked.

2. Few people interested (may have been 'ghosts' but thats another story) - anyway we out bidded them.

3. When it looked like we were reachin our limit we decided to get a building survey done - no suprises in the results.

4. We win the bidding etc and get things moving to buy.

5. We talk to solicitor who strongly recommends getting septic tank assessed.

6. We decided after deliberation (a few weeks) to get it investigated. Turns out it is in dire need of replacing and will cost approx 10k to fix.


Where do we stand on getting vendor to agree reducing the sale price. I want to knock 10k off the price agreed.

We are being pestered to sign contracts by our solicitor and theirs.
How do we renogiatiate the price?


Do we have to approachg estate agent, get it agreed, go to bank to change our loan amount and then get contracts to be reisssued ? or how do get the price down by 10k?

We have not signed anything at solicitors yet.

Thanks
 
Ithink in the current climate that the vendor will have to agree reduce the sell price by €10K. Hold out for the decreased price - in fact, hold out for a month, and the vendor will then be very eager to sell at your price.
 
Yes, ask for the 10k reduction. If it is agreed ask broker to have loan offers re-issued with new price. The contracts will only need amending as regards price, not a big issue.
 
and make sure you have £10k in the bank to sort out the septic tank if you go ahead.
 
Hi Tubbs,
If it's any help, as you referred to I wrote previous similar post. On advice I got there, I talked to our surveyer and he said it was normal to ask for money off to do things that are going to add up to a reasonable amount.
Ours is slightly different in that overall our place is fine but the few things could add up...for us we're probably going to seek some money off as contribution to the costs...in your case it would seem very obvious that the work will need to done so your offer price didnt anticipate extra €10,000.
best of luck...
 
You must log in or register to reply here.
Back
Top