Houses

[WigstonWanderer]

The process seems much simpler and faster here in Australia. Contract is drawn up virtually immediately and secured with a deposit that would be very difficult to get back as far as I can tell. Only bought once here though in 20 years, so my experience may not be typical, but most people who’ve experienced both systems seem to agree.

[Wolfox]

29 minutes ago, Raj said:

Buying and selling at the moment  seems to be like playing roulette!

Good luck to anyone in the market either buying or selling.

I wouldn’t be buying currently unless I needed to….  There will be a market correction soon (pick a %number)

 

in 2008 I elected to rent for 18 months…. I then (late 2009) brought a nice house for a lot less than it would have cost me 18 months earlier 

 

sellers will be far more prone to accept low offers even if headline prices remain inflated…

 

it looks as if quite a deep and nasty rescission is about to bite 

Edited 5 November 2022 by Wolfox

[Wolfox]

42 minutes ago, Raj said:

https://www.seths.co.uk/property-for-sale-3-bedroom-house-in-wakerley-road-leicester

 

 

Also, another reason to call their bluff is they may have been sat on a nice low interest mortgage offer for several months…. If they cock it up through getting greedy with you there deal is likely to expire if they have to start the process again

 

i suspect you may hold the cards here…. Maybe lean a little their way so they feel as if they’ve got something out of it?

[Raj]

23 minutes ago, Leicester_Loyal said:

Yeah that's a joke mate.

 

Speak to your agent, ask them if the property is relisted what they would expect to get now, the market has changed in the past couple of months.

 

Obviously you've got emotions involved, if it was my and it was my dad I'd be saying **** off I'd rather lose 30k to the next buyer, but as I'm not emotionally involved, I can say this easily from an outsiders perspective.

 

It might not be worth the hassle of relisting and going through it all again just for 7k or something (even less if you're splitting with siblings or other members of family).

 

We had this with my nanas house about 16 years ago, they waited until the very end and then said they wanted a few grand off it (it was only a 125k house at the time(, my mum was emotionally devastated, but after she split between her 3 sisters, only lost a couple of grand each at most. Sometimes time, effort and your mental wellbeing is worth more than money.

 

Lovely front driveway on the house btw.

Emotionally  it's most challenging.

I grew up there from 18 to 33.

Have great memories  but sad ones too, as my mum died in the main (red)bedroom 13 years ago and my dad collapsed downstairs  this year ultimately  costing him his life in August.

In a weird way I'm still trying to get HIM the best deal I can as if it's his house, like I did with his insurance,  energy deals, car thing..its really weird lol!!

The thought of the buyers taking him for a ride is the thing p1ssing me off more!!!

 

I think in the bigger scheme of things if they came back at 350 I'd accept it as in a way I just want the process completed.

They've not come back to me since I sent my email on Thursday, so not sure if this is good or bad news?

Might give the agent a bell on Monday, let everyone  think about it over the weekend.

Edited 5 November 2022 by Raj

[Raj]

1 minute ago, Wolfox said:

Also, another reason to call their bluff is they may have been sat on a nice low interest mortgage offer for several months…. If they cock it up through getting greedy with you there deal is likely to expire if they have to start the process again

 

i suspect you may hold the cards here…. Maybe lean a little their way so they feel as if they’ve got something out of it?

APPARENTLY  they are CASH buyers!

Estate agent has checked their credentials  and validated it, so no mortgage  involved.

[Wolfox]

1 minute ago, Raj said:

Emotionally  it most challenging.

I gre up there from 18 to 33.

Have great memories  but sad ones too, as my mum died in the bedroom 13 years ago and my dad collapsed downstairs  this year ultimately  costing him his life in August.

In a weird way I'm still trying to get HIM the best deal I can as if it's his house, like I did with his insurance,  energy deals, car thing..its really weird lol!!

The thought of the buyers taking him for a ride is the thing p1ssing me off more!!!

 

I think in the bigger scheme of things if they came back at 350 I'd accept it as in a way I just want the process completed.

They've not come back to me since I sent my email on Thursday, so not sure if this is good or bad news?

Might give the agent a bell on Monday, let everyone  think about it over the weekend.

Oh Raj…. Get the deal done mate…. Fingers crossed for you…

[Wolfox]

1 minute ago, Raj said:

APPARENTLY  they are CASH buyers!

Estate agent has checked their credentials  and validated it, so no mortgage  involved.

Oh…. Bluntly, you’re not in the strongest position then…. You both know the market is going to soften 

[Raj]

10 minutes ago, Wolfox said:

Oh…. Bluntly, you’re not in the strongest position then…. You both know the market is going to soften 

Understand that, but I KNOW this location is highly regarded for the muslim population.

ALL the offers were from muslims.

These cash buyers will know that too(Thet currently  live about half a mile away)

If they want it, we will see how much they want it.

Let's see what the weekend  brings....

[FoyleFox]

17 minutes ago, Raj said:

Emotionally  it's most challenging.

I grew up there from 18 to 33.

Have great memories  but sad ones too, as my mum died in the main (red)bedroom 13 years ago and my dad collapsed downstairs  this year ultimately  costing him his life in August.

In a weird way I'm still trying to get HIM the best deal I can as if it's his house, like I did with his insurance,  energy deals, car thing..its really weird lol!!

The thought of the buyers taking him for a ride is the thing p1ssing me off more!!!

 

I think in the bigger scheme of things if they came back at 350 I'd accept it as in a way I just want the process completed.

They've not come back to me since I sent my email on Thursday, so not sure if this is good or bad news?

Might give the agent a bell on Monday, let everyone  think about it over the weekend.

All of that makes perfect sense. There is your understandable emotional response, and you're seeing the rational financial consideration. I think your £350k is reasonable or to a meet in the middle deal.

 

The buyers are also going to know your offer is a good one, given the area and with fewer houses coming on the market now. Hopefully, there's a deal which is a suitable compromise for both of you.

 

 

 

[Nalis]

3 hours ago, Raj said:

https://www.seths.co.uk/property-for-sale-3-bedroom-house-in-wakerley-road-leicester

 

 

That garden is impressively huuuuuuge.

 

Glad you have some good memories from it.

[Raj]

16 minutes ago, Nalis said:

That garden is impressively huuuuuuge.

 

Glad you have some good memories from it.

Lol...loved ot when I was younger..had some great footy games there with cousins and nephews.

Hate it now in my 50s as it is a nightmare  to cut...bought  a self propelled  mower to help in summer, only used it 3 times before my dad died!

[fleckneymike]

20 hours ago, Raj said:

APPARENTLY  they are CASH buyers!

Estate agent has checked their credentials  and validated it, so no mortgage  involved.

I’d suggest they’re not buying it to live in if they’re cash buyers for that property. 
 

definitely ask to see what heir survey. It’d have to be a structural issue to warrant that reduction as it’ll have been priced with ‘cosmetic’ issues (new carpets, paint, light fittings etc)

[taupe]

@Rajyou can simply say no and put the house back on the market. You have that choice open to you. You don't even need to justify it. Knowing you have choices is empowering and liberating, exercise that freedom if you want.

 

If it suits your purposes to accept a lower offer then that to is your choice. Don't think of the buyer's motivation, only your own position.

 

 

[Raj]

Probably shouldn't post the full email, but it's probably all over now anyway...

 

"The surveying of the property has highlighted many issues that needs urgent attention such as:

 

*Asbestos roof on garage.which is starting to spilt and will need urgent replacing 

*damp

*Rot on doors

*needs replacing and restting to roof tiles

*holes on conservqtory roof-needs whole roof replacing

*10 double glazed units needs replacing

*rusty waste pipe

*needs to fit insulated plaster board to deter condensation

*needs replacing radiators pipes

*dangerous glass of porch window

*No earth wires

 

There are also other points which have been mentioned.

 

We are looking at around £50k approx just to make the property a liveable standard as per the surveyors notes. 

We are still keen to buy the property but the cost of work to be done is much higher than anticipated.

Hence we want to revise our offer and make it to £340K. 

Please pass it to Sellers and let me know as soon as you can"

Edited 6 November 2022 by Raj

[Wolfox]

1 hour ago, Raj said:

Probably shouldn't post the full email, but it's probably all over now anyway...

 

"The surveying of the property has highlighted many issues that needs urgent attention such as:

 

*Asbestos roof on garage.which is starting to spilt and will need urgent replacing 

*damp

*Rot on doors

*needs replacing and restting to roof tiles

*holes on conservqtory roof-needs whole roof replacing

*10 double glazed units needs replacing

*rusty waste pipe

*needs to fit insulated plaster board to deter condensation

*needs replacing radiators pipes

*dangerous glass of porch window

*No earth wires

 

There are also other points which have been mentioned.

 

We are looking at around £50k approx just to make the property a liveable standard as per the surveyors notes. 

We are still keen to buy the property but the cost of work to be done is much higher than anticipated.

Hence we want to revise our offer and make it to £340K. 

Please pass it to Sellers and let me know as soon as you can"

£15k less? If that list is accurate, many of things listed may not be apparent until a survey was done…. The rewire for example 

 

£15k less for that list appears fair Raj…. Take it and move on is my suggestion 

[taupe]

Yep, that's a hefty to-do list (if accurate, and you'd have a better idea than anyone here) Having been made aware of them, can you relist it without making some remedial repairs?? The asbestos is what I'm primarily thinking of.

[FoxesDeb]

2 hours ago, Raj said:

Probably shouldn't post the full email, but it's probably all over now anyway...

 

"The surveying of the property has highlighted many issues that needs urgent attention such as:

 

*Asbestos roof on garage.which is starting to spilt and will need urgent replacing 

*damp

*Rot on doors

*needs replacing and restting to roof tiles

*holes on conservqtory roof-needs whole roof replacing

*10 double glazed units needs replacing

*rusty waste pipe

*needs to fit insulated plaster board to deter condensation

*needs replacing radiators pipes

*dangerous glass of porch window

*No earth wires

 

There are also other points which have been mentioned.

 

We are looking at around £50k approx just to make the property a liveable standard as per the surveyors notes. 

We are still keen to buy the property but the cost of work to be done is much higher than anticipated.

Hence we want to revise our offer and make it to £340K. 

Please pass it to Sellers and let me know as soon as you can"

I agree with @Wolfox, if much of the work on that list wasn't taken into account in the original price when the house was listed, £15k seems more than fair to me. 

[fleckneymike]

2 hours ago, Raj said:

Probably shouldn't post the full email, but it's probably all over now anyway...

 

"The surveying of the property has highlighted many issues that needs urgent attention such as:

 

*Asbestos roof on garage.which is starting to spilt and will need urgent replacing 

*damp

*Rot on doors

*needs replacing and restting to roof tiles

*holes on conservqtory roof-needs whole roof replacing

*10 double glazed units needs replacing

*rusty waste pipe

*needs to fit insulated plaster board to deter condensation

*needs replacing radiators pipes

*dangerous glass of porch window

*No earth wires

 

There are also other points which have been mentioned.

 

We are looking at around £50k approx just to make the property a liveable standard as per the surveyors notes. 

We are still keen to buy the property but the cost of work to be done is much higher than anticipated.

Hence we want to revise our offer and make it to £340K. 

Please pass it to Sellers and let me know as soon as you can"

That list doesn’t cost 50k. 
 

 

[Raj]

37 minutes ago, fleckneymike said:

That list doesn’t cost 50k. 
 

 

I'm with you on this one.

 

Fair enough if the surveyors  report is genuine, I would maybe negotiate  BUT to conclude with this statement  doesnt sit well with me.

The surveyor is probably related!!!

 

I'll see what they come back with over the weekend,  if they do...I've not heard anything back since Thursday.

Luckily ,thank god, this sale wont change my lifestyle at all, it will secure my kids education and university  etc if they choose.

Whatever will be will be...

Edited 6 November 2022 by Raj

[taupe]

No, maybe the list doesn't cost 50k (it's kinda moot imo) but that's not what they're asking for. Or am I mistaken?

 

You ignore the pressure they are perhaps trying to exert and focus instead on what you want from the deal. There's a lot to be said for the old 'bird in the hand' approach, particularly if the money isn't the most important thing. 

[Raj]

Should do a poll🤣🤣

 

I think I've hijacked  this thread enough now, I'll keep you informed what transpires.

 

 

Edited 6 November 2022 by Raj

[kenny]

1 hour ago, fleckneymike said:

That list doesn’t cost 50k. 
 

 

I disagree, to fully renovate the house then £50k is about right.

 

As for the highlighted issues, you can see fr the photos that it is a home an elderly person has lived in. I would expect to be rewiring as part of the work unless its stated that it was done recently.

 

I doubt there is anything in the report that they weren't expecting when they put the offer in.

[FoyleFox]

23 hours ago, Raj said:

Probably shouldn't post the full email, but it's probably all over now anyway...

 

"The surveying of the property has highlighted many issues that needs urgent attention such as:

 

*Asbestos roof on garage.which is starting to spilt and will need urgent replacing 

*damp

*Rot on doors

*needs replacing and restting to roof tiles

*holes on conservqtory roof-needs whole roof replacing

*10 double glazed units needs replacing

*rusty waste pipe

*needs to fit insulated plaster board to deter condensation

*needs replacing radiators pipes

*dangerous glass of porch window

*No earth wires

 

There are also other points which have been mentioned.

 

We are looking at around £50k approx just to make the property a liveable standard as per the surveyors notes. 

We are still keen to buy the property but the cost of work to be done is much higher than anticipated.

Hence we want to revise our offer and make it to £340K. 

Please pass it to Sellers and let me know as soon as you can"

There are some fairly chunky costs involved in resolving some of those issue, if that list is accurate. And I can understand why they have reduced their offer as they have now. My neighbour had a similar issue with a very similar conservatory roof, which has cost them about £8k to repair. Anything involving asbestos, damp and roofing is also going to cost a fair amount.

 

Fixing the above list and the general refurbishment internally, I can easily see where they have calculated £50k now. I think they have worded the email badly which has prompted your understandable emotional reaction, but based on that list there is definitely more to do than general refurbishment.

 

Unfortunately, if you decline the offer and relist, they are going to come up on the next survey too.

 

Hopefully, you can negotiate a deal with suits you both, but I don't think your initial £2k off will seal the deal. I'd see if you hear anything today, and perhaps have another chat with your agent.

[danny.]

On 05/11/2022 at 11:09, FoyleFox said:

Absolutely no way that needs £50k to be liveable (assuming no damp/roof issues). A lot of hard work decorating, new kitchen, bathrooms and carpets. £25K max.

I don’t think 50k is unreasonable. I doubt you’d even even the kitchen and bathroom sorted for £25k with 2022 pricing. If it needs rewriting/plumbing/plastering etc it would eat 50k easily, if anything structural far more. 

[FoyleFox]

1 minute ago, danny. said:

I don’t think 50k is unreasonable. I doubt you’d even even the kitchen and bathroom sorted for £25k with 2022 pricing. If it needs rewriting/plumbing/plastering etc it would eat 50k easily, if anything structural far more. 

Indeed, as I said, the £25k was based on there being nothing significant, no damp or roofing issues etc, just cosmetics of kitchen, bathroom and general flooring and decor. Now we've seen the additional repair list, £50k isn't unreasonable. There are a few things on the list which could easily swallow a lot of money.

 

I've just refurbished a good-sized 4 bed, removed 2 1/2 structural walls, large kitchen with island and utility, 2 x baths, the works for £45k so £25k would've been doable for a house of that size. Obviously, does depend on how much work you do yourself and kitchen style. We would've saved loads if we'd gone for a shaker not a truly handless kitchen and everything wasn't integrated. How it's £500 for a bin cupboard is a mystery!