Renegotiate price after engineer's report

10% under agreed offer by bank's valuer.
house needs drains replaced - heating upgrading - but otherwise is in very good condition.

tomorrow speak to EA
 
okay OP, people have helped me before here, and I may be able to help someone for a change.
we sold our house this year. when it came to the engineers report of the purchaser, it showed that the drains needed to be replaced. in fact, it was slightly more complicated because one of the drains ran under the kitchen and we needed to have some underpinning done to that as well.
we could have claimed this under our insurance, but at the moment (post floods/big freeze etc) we were told by insurance company that the claim would take up to a year to process. so we decided to bite the bullet and pay for the work ourselves. i guess it was a gamble, because the buyer did not enter a legally binding contract (we would have preferred that). but we decided we had to do it as we could not sell it to anyone else in the future knowing that this work needed to be done and could lead to structural damage if we didn't rectify it. evidence of the problem existed previously ( a crack) and it was interesting two that of the three estate agents we spoke with before selling, two suggested covering up the crack!!! We went with the third because he seemed the fairest in every way anyway.
So next began the most interesting exercise of my life. I know nothing of the construction industry. We spoke to the 5 main ground engineering contractors in our area. Quoted prices varied form €11,000 to €45,000. 3 out of the 5 suggested (2 strongly) that the best thing was to effectively falsify an insurance claim. Those same three gave one price for insurance claim and one price if we paid ourselves. One of the 5 gave one price for cheque and one price for cash. Given the current climate they were all willing to start the following week.
Anyway, we went with the €11,000. We also got an engineer to supervise. That was the wisest thing we ever did, as the contractor was only interested in cutting corners.
In the end, the work took two weeks, the purchaser was happy but did two more drains tests as she was entitled to do. Thankfully the sale went through.
So to answer your question, why not get the vendors to do the job on the house and if you feel you don't want to lose the house, get in a legally binding contract for both parties conditional on the work being done to the satisfaction of both your engineer and theirs.
If they are like us, they will be just happy to sell, they will want to do a fair job (we didn't want this young girl buying a pup) and everyone will be happy in the end. We took the hit and have pretty much forgotten about it now. Life goes on...
 
Think about what value you place on your own time. If the alternative commute is (for example) 25 minutes each way, you would be saving a half-hour (2 x [25-10]) each day, or about 100 hours each year. If you value your time at €10 an hour, just over the minimum wage level, this is worth €10k per annum. If it gives you an extra half-hour each day with the kids, then it is priceless.
 
Ciano6 and complainer - THANKS for that!

Spoke with EA - he has put news to the vendor - should get word either way in next few days.
Thanks - v helpful advice here.
 
When we bought our current house ,we got a full structural survey done.
We got a quote of 10k for the work and asked the sellers to split it with us so 5k each and due to the work being essential they agreed.
 
Misterchuck,

could be a little game with them and EA, as william wallace in braveheart said "Hold Hold" with the arrows pointed!!! There are loads of properties and this crew have to be aware of the current situation in housing market, so its not over yet. Leave it a week or so and see does the EA come back. Play it cool and start looking for more properties and keep your options open, maybe even look at another property on the EA books, let him think you have moved on and now he could loose you.
 
Misterchuck,

could be a little game with them and EA, as william wallace in braveheart said "Hold Hold" with the arrows pointed!!! There are loads of properties and this crew have to be aware of the current situation in housing market, so its not over yet. Leave it a week or so and see does the EA come back. Play it cool and start looking for more properties and keep your options open, maybe even look at another property on the EA books, let him think you have moved on and now he could loose you.


I dont think the estate agent gives a dam what house the guy buys as long as it from him.
 
I dont think the estate agent gives a dam what house the guy buys as long as it from him.

Yes Tommy Joe but he lost the last sale so it is not looking good for EA. Go into EA looking at another house and fill EA with as much detail as he would fill you! say something along the lines of " I am looking at another house in Tommy Joe's area and I prefer it, pity about that other house I was looking at, but sure what's for ya won't pass ya, you know"!!!
 
I think running with the viewpoint that you are doing a vendor a favour by bidding is dangerous as people sell for very different reasons. As the house is older there is also most likely a fair degree of attachment and when people assume that a vendor wants to jump ship they forget that these people are selling their home and that they also need x amount to buy their next house.
 
Deal dead in the water for now.
Trying to summarise here the past few weeks.

Had agreed a price for house and was happy to pay it. Had loan in place. A week from agreeing price - engineer went in. His report stated it needed about 20k work. Bank of Ireland valuer stated house was worth 10% less than agreed price.
Tried to renegotiate with vendor through EA. Was firm on my stand. House was worth banks valuation and I was only willing to pay that. The vendor would not suggest a compromise price. I was willing to go a little higher than BOI valuation, but not go back to original price. I told them to go back to underbidder and see find out if he was interested still- but was told he was 'gone'. A surprise!
Vendor refused to budge. Deposit was refunded and house is back on market.
Vendor is naiive and arrogant in my opinion. EA insists he wants to sell only for the price we agreed on. Let him at put it back on the market I told him.
And there we have it - what an ordeal!

Hopefully we will find another 'dream' house.
 
On another note to this - this is what we are finding when we are viewing and bidding on houses (we have bid on 3 so far).

Ring up auctioneer and enquire about a house. No offer on it yet we are told. We arrange a viewing - arrive at viewing and told there has just been an offer on the house.
Arrange a second viewing and a higher bid has come on house. Bid on house and hey presto a counter bid comes in straight after that.
This happen in the three houses we bid on. Two were with an estate agent well known countrywide.
Coincidence - I think not.
 
I think running with the viewpoint that you are doing a vendor a favour by bidding is dangerous as people sell for very different reasons. As the house is older there is also most likely a fair degree of attachment and when people assume that a vendor wants to jump ship they forget that these people are selling their home and that they also need x amount to buy their next house.

I am not on about bidding, I am on about keeping your options open and not been sucked in by anyone. There is no love affair here, why would a buyer give 2 flying f about a vender. If they though so much about the house why are they selling it. The op has given some real comments above, but this aul love tripe is what ea like to fill you with.

OP keep the head man, i've seen ea come back two months later to ask will you buy the house now. You dont hear these comments floating around only "oh we have a new bidder and he is prettier than u, so I love him more but will u love me more now and give me 5 k more"

If any gob is in the real world, houses are not moving and they are only going one way IMO
 
Back
Top