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Renegotiation of offer on house STC

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  • Renegotiation of offer on house STC

    Hi -

    Like most people, I feel a complete novice taking such a huge step as buying property, with no experience to help me assess the true value of a house and there is little happening in the market to help by comparison. But I am doing my best to be fair to the seller and to us.

    We had an offer on a 1960's house accepted subject to contract. We then commissioned a home buyer's survey and the surveyor has listed the usual types of things - poor electrics, evidence of previous subsidence in the extension (advised to get more details), some rot in windows and cladding, get the heating checked, etc. However, he has also given a valuation that is £17500 below our offer (and £40000 below the original asking price from the EA). We are cash buyers, assuming our own sale goes through, so this was an independent survey, not through a lender.

    To be honest, I was a little concerned that we were somewhat generous in raising our offer (my partner is a very sweet person and hates doing this kind of stuff). But am still surprised the valuation is so much lower (11%) than the asking price recommended by the EA. What is the usual form here? If we go back and ask to renegotiate the price, are we just behaving as expected in these circumstances? Is that just the fair thing to do? (I assume the vendor does not have to accept it.)

  • #2
    Renegotiate? Absolutely.

    On the basis of surveyor's valuation, offer them that figure.

    If they refuse? Renegotiate again. Offer them slightly more. If that's refused, renegotiate again and again until you find a figure you can settle on, hopefully not too far away from the valuation, and certainly a reduction on what you offered originally.