Asking for money off after survey ...

[ELBBUBKUNPS]

Is it too cheeky to ask for money off after survey ? To put into context the place is probate I knew it needed work 15-20k just to sort basics and my offer reflected that but a few un-expected / non visable things were found during the survey that I have quotes of around 12k to sort and had not put money aside for.

I don't want to lose the house as rare for them to come up for sale on the road but I'm thinking of asking nicely it they would consider reducing the price by 12k or go 50/50 as these were none visablei / expected issues. I feel a hypocrite though asking as I always said I would stand by my offer but in retrospect I was a bit of a dick to say that.

How would others approach it just take the hit or ask ? I had offered top £ on the place above asking price, places had tenants and is now empty, if it went on market now it would sell in minutes though I recon I'm 2-3wks off exchange and thats only due to the vendor Im buying off.

Thanks

[ASB]

It is a bit cheeky when you said you wouldn't. But if there are substantial additional works then talk and negotiate. You also suggest it would sell quickly. So it may well be the vendors tell you to do one. Though presumably anybody else getting a survey will discover the same issues.

if you believe you are overpaying then why would you want to proceed.

[BlasterBates]

If there is something in a survey I see no reason why not.

Unless faults are explicitly mentioned before you buy then it's not cheeky to ask for money off.

The sellers won't necessarily agree, but the point is you do have a valid argument, you're not just putting the price down, so still within the etiquette. Obviously they will point out that you said you would stand by your offer, but don't worry about that.

Happened to me and the vendors did say no. It is normal for old houses to need upcoming repairs, you won't get one in pristine condition but you need to compare it to similar houses you're bidding for. Perhaps ask and not be too hard, if you really want the house. Location is a major feature of a house and it is personal.

If this house has been on the market for a while and there isn't much interest you'll probably get the discount, if it's a bouyant market probably not.

[Whorty]

Nothing wrong with asking for money off after a survey, but be very specific about what the money off is for. We've just bought and sold, and both our buyer and us have, after the survey, asked for cash off for extra repairs. Our buyer stated what was wrong and asked us to fix these before he moves in or pay part towards the fix - we offered £x towards the costs and he accepted.

The place we're buying we did the same. We quoted the survey and what needed fixing and offered the vendor to fix these before we move in, or give a discount. They accepted to fix the problems before completion.

The key is being very specific with what the extra discount is for.

[tomtomagain]

15k is a lot of extra money to pay for something just because you might feel slightly embarrassed.

If the survey has shown up that it needs 15k of work then I personally wouldn't hesitate to reduce my price. Just the same as if I was selling my own property and a survey showed it was worth 20k less than the offer price I wouldn't expect someone to pay that extra.

[oracleslave]

15k is a lot of extra money to pay for something just because you might feel slightly embarrassed.

That's the crux of it in my view. Significant new information has come to light that has altered the boundaries within which your original statement was made. I think a frank discussion is well within your rights.

[TykeMerc]

That's the crux of it in my view. Significant new information has come to light that has altered the boundaries within which your original statement was made. I think a frank discussion is well within your rights.

I agree completely.

If it was £2k I'd probably ignore it, £5k offer to split it or something, but £12k buys a lot of remediation so it's got to be pretty serious.

[Halo Jones]

That's the crux of it in my view. Significant new information has come to light that has altered the boundaries within which your original statement was made. I think a frank discussion is well within your rights.

+1

You had a survey done as you are not an expert on the matter: you have now been advised & yes you are within your rights to ask. You need to decide if the vendor says no, is the property still worth it.

I did the same on our property: & yes there were things that came up so I gave a copy of the survey to the vendors with a cost estimation & we came to a 50/50 split which both parties were pleased with.

[vetran]

we did ask as there were some damp issues, we had however offered above the asking price as it was a house a few people were after. The vendor went halves with us.

[ELBBUBKUNPS]

Thanks for the feedback everyone appreciated.

I'm going to do as suggested so thats be nice about it , provide them copy of home buyers thats shows ALL issues but explain I'm only concerned about x, y and z and provide quotes I've had for them, then give them the options,

1. They sort it out before I exchange and they pay for it.
2. They knock off 100% cost of the repairs from asking price and I deal with it.
3. I deal with it and we go 50/50 on cost.

thanks