Renegotiate price after engineer's report

M

misterchuck

Registered User
Messages
47
Hi,
First post for me.

Our offer on a house was accepted. Since then an engineer has looked at the property and has advised that the drains need replacing and one or two other jobs need doing also. He gave the figure of 20k.
Now, not being too au fait with house buying and negotiating - I am looking for advice what to do.

I don't want to get vendor's back up and cause them to pull out of deal, but how should I proceed?
Thanks
 
Tell the vendor that based on the report you are reducting the offer by 20,000. Simple as. No discussion. Let them put the house back on the market and take their chances if they like. Be firm. Dont even think of any other option. Trust me.
 
Would this be a normal occurrence when buying a house?
Do the vendors usually oblige?
If they pulled out of sale (do people think they would pull out?) - would the estate agent have to make it known to the next potential buyer that there is an estimated 20k needed to be done to house?
How do estate agents normally play this? Do they try to get the vendors to do the work - or do they force the original agreed price on the buyer?

Am new to all this as you can see.

Thanks!
 
I know a couple selling their house and when the surveyor came out there was a problem with the drains. The seller agreed to get the problem fixed, done the work and got it certified. Two weeks later the Buyer pulled out of the deal anyway.
 
liger79 said:
I know a couple selling their house and when the surveyor came out there was a problem with the drains. The seller agreed to get the problem fixed, done the work and got it certified. Two weeks later the Buyer pulled out of the deal anyway.
Click to expand...

Well - we are committed to the house. Hopefully they will agree to the work and all can go according to plan.

thanks for posting.
 
depends how much of a hurry the seller is in to sell. if they pulled out of your sale, they would then have the problem of finding a new buyer, who if they have any sense would get their own survey done, and would then be in the same position you are in. it would create a lot of uncertainty for the seller if they wanted to sell any time soon.
 
so you think they will oblige. I mean they have a commited buyer - why risk that, especially in today's market?

thanks
 
misterchuck said:
so you think they will oblige. I mean they have a commited buyer - why risk that, especially in today's market?

thanks
Click to expand...

You use words like oblige as if they are doing you a favour. IN this market you are doing them a favour by taking it off thier hands. If I am being honest your crazy to even think about buying now
 
I dont see it as being crazy - have been looking for a house in this location for a long time. the price is good and the time is right. I am not an investor buying just to make a profit. This will be family home - not a house.
I realise they need me more than I need them though and will play it accordingly.
Thanks for post.
 
You can mention the engineers report to the Estate Agent but it's impossible to know how the vendor will react.

How old is the house? If it's very old then some issues will always arise and the EA may say well that's factored into the price you're not buying a new house etc

Do the issues raised by the Engineer need immediate rectification? Can you live there without addressing them? You've got to remember the Engineer is working for you and will probably raise every single issue possible in order to help you to reduce your bid, the EA will state that the issues raised are not essential but optional works.

I'd mention it to the EA and tell them you're reconsidering your bid but that you'd be prepared to meet the vendors halfway. Also an important point to consider is were you in a bidding war or were you the only bidders? Did you have your first bid accepted or did you have to increase it a lot? If you were the only bidders that will help your case.
 
there may have been another bidder i am not sure - the two times i rang to find out about my bid - the EA said he was just off phone from other bidder who had only just now increased bid.
Thing is that now the bank's guy say the house is valued at about 10% less than my offer - which means my bank wont give me the mrogtage they were going to give.
the dilemma gets muddier.
I know there are many other houses out there. but still this has everthing - detached house with garage to the side - near swimming pool and schools and only 10 min walk to work for me.
 

IN todays market you are one of the few genuine buyers. Just put this info to the vendor give them 3 days to accept or reject new bid and then move on. There will always be another perfect house
 
lionstour said:
IN todays market you are one of the few genuine buyers. Just put this info to the vendor give them 3 days to accept or reject new bid and then move on. There will always be another perfect house
Click to expand...

Ya, I guess that is the way to look at it.

A question though - is it becoming much more common that banks are valuing properties much under the agreed price?

And I guess it will only continue for the foreseeable future.
 
misterchuck said:
and only 10 min walk to work for me.
Click to expand...
This is a huge benefit. I don't think it is a simple as some of the macho advice that you're getting on this thread.

Like most things in life, it is a matter of negotiation. If you are the only buyer, then they have a problem. If there are other buyers, then you have a problem.
 
True! I have the feeling that there was a phantom bidder (impossible to prove I know)...
But wouldn't another bidder find themselves in the same predicament?


Another question - would it be uncommon for valuers to have very different valuations - i mean could another come in and value it at 10% more than the other guy?
 
misterchuck said:
there may have been another bidder i am not sure - the two times i rang to find out about my bid - the EA said he was just off phone from other bidder who had only just now increased bid.
Click to expand...

I reckon you're being bluffed by the EA.

Make your offer, based on your bank's valuation, allow for the €20k work that needs to be done ....

Tell them it's your final offer, give them a deadline .... and move on!

Plenty more places out there that are detached with garage to the side - near swimming pool and schools. Might be more than 10 mins walk from work but a small compromise.
 
Will keep ye posted how it pans out. Would love house - but have to be realistic - market is what it is at the moment.
 

I assume your refering to my advice. Look at the evidence.

1. The house needs 20 grand work done.

2. The Irish property market has been in freefall over the last 3 years with no sign of stopping.

3. the bank has already valued it 10 grand under his original bid

4. The estate agent has other bidders for the same house? Must be a pretty special house (Needing modernisation)

I aggree living close to work is a bonus. But there will beother houses close to his work.
 
You must log in or register to reply here.
Menu
Log in
Register