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Re-negotiating sale price after survey

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  • 19-02-2013 1:00pm
    #1
    gmisk
    Registered Users Posts: 32,797 ✭✭✭✭


    Is this a common thing?
    I am getting a full structural survey on Thursday on a house I have gone sale agreed on, EA said these issues should be minor (some damp in a back bedroom issue with join to a flat roof by looks of it).

    If however the survey comes back and shows damage is more substantial and it will take more money to resolve it, is it usual/acceptable to renegotiate the sale price?


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    #2
    D3PO
    Registered Users Posts: 7,879 ✭✭✭D3PO


    everything is fair game until you sign the contracts. if they dont like it they dont have to sell.


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    #3
    gmisk
    Registered Users Posts: 32,797 ✭✭✭✭gmisk


    Cheers I thought so. Just wanted to check, hopefully survey only comes back with minor issues because I do like the house and the area.


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    #4
    Tigger
    Closed Accounts Posts: 16,705 ✭✭✭✭Tigger


    gmisk wrote: »
    Is this a common thing?
    I am getting a full structural survey on Thursday on a house I have gone sale agreed on, EA said these issues should be minor (some damp in a back bedroom issue with join to a flat roof by looks of it).

    If however the survey comes back and shows damage is more substantial and it will take more money to resolve it, is it usual/acceptable to renegotiate the sale price?
    Yes

    There are two types of sucssful business transactions
    Ones where both sides should feel that it was a good transaction and will be doing similar again
    Ones where one side is distinctly happier but it's fine because this is a one off

    As you are only buying once then any ill feeling cause by renegotiating the price will not effect future business so there is no downside

    Personally in the circumstance of buying a house I'd be doing everything I could to knock the last thousand off the price


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    #5
    gmisk
    Registered Users Posts: 32,797 ✭✭✭✭gmisk


    Thanks for that. Having said that I have been sale agreed before (on another house) and tried to renegotiate sale price after survey....its didnt end well alas!


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    #6
    Tombo2001
    Registered Users Posts: 6,657 ✭✭✭Tombo2001


    Bottom line is this.

    You and all the other bidders or interested parties have been bidding on the belief that the house has no structural issues.

    This is what the Estate Agent has told you.

    If you find out from the survey that thereare structural issues, and that these will cost €x to repair, then I would be either asking for reduction by that amount or I would be pulling out.

    Why? Because when you were bidding you were bidding in good faith that there were no structural issues. More importantly, the people you bid against were doing same.

    Note: I would only take this approach if there genuine structural issues. In other words, I wouldnt use it as a way of playing poker or messing about the vendor.

    Note II: I am telling you how I would approach it. I cant tell you that this is the right approach.


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    #7
    NIMAN
    Registered Users Posts: 33,613 ✭✭✭✭NIMAN


    I got €3k off after the survey as a few things needed done.


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    #8
    mathepac
    Banned (with Prison Access) Posts: 4,991 ✭✭✭mathepac


    gmisk wrote: »
    ... I am getting a full structural survey on Thursday on a house I have gone sale agreed on, ...
    This mythical "sale agreed" status drives me nuts. It's simply EA speak for an expression of interest. As pointed out above, nothing is agreed until it's written in a contract and signed.
    gmisk wrote: »
    ... EA said these issues should be minor (some damp in a back bedroom issue with join to a flat roof by looks of it)....
    EAs say lots. Just remember the two golden rules:
    1. EAs work for the seller who pays them
    2. If their lips move the chances are they're lying to you
    gmisk wrote: »
    ... If however the survey comes back and shows damage is more substantial and it will take more money to resolve it, is it usual/acceptable to renegotiate the sale price?
    A lot depends on your surveyor's advice, it might be to just walk away.


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    #9
    TheDriver
    Registered Users Posts: 12,505 ✭✭✭✭TheDriver


    gmisk wrote: »
    Thanks for that. Having said that I have been sale agreed before (on another house) and tried to renegotiate sale price after survey!

    The one thing that springs to mind is that you seem fixated in getting more money off no matter what and that should have been the case when it went sale agreed unless something is actually discovered. I have heard of people trying to get money off over silly crap


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    #10
    UDP
    Closed Accounts Posts: 1,188 ✭✭✭UDP


    TheDriver wrote: »
    The one thing that springs to mind is that you seem fixated in getting more money off no matter what and that should have been the case when it went sale agreed unless something is actually discovered. I have heard of people trying to get money off over silly crap
    why would it matter if it is considered silly crap by someone? In of the day it is about the overall price which is a negotiation that either party can pull out of at any time. If it were me I would use every negative issue to try and reduce the price as much as possible since I would be aiming to pay as little as possible. The seller can say no at any time and stick with whatever price they want.


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    #11
    gmisk
    Registered Users Posts: 32,797 ✭✭✭✭gmisk


    You couldnt be more wrong, so you might need your springs adjusted!

    I wanted money of the cost price when asbestos was found in the house (to pay for some of the removal) I previously came close to buying, this was despite assurances from the EA that there was none in the property.

    "you seem fixated in getting more money off no matter what"
    I honestly dont see where you got that from my posts tbh...


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    #12
    kristian12
    Registered Users Posts: 361 ✭✭kristian12


    We negotiated a better price after the survey, we just went back to them with the surveyors report and said this is what he found and what any other will do to, if you want to sell this is what we'll pay. You can only try it and if they say no and you're happy to pay original offer then go for it.


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