Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

Thanks for any advice
Dave.

On Tue, 13 Dec 2005 12:54:33 +0000, Mingin wrote:

Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and
1100 worth of work needs doing, the buyers have (via solicitors) asked for
us to reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult
position regarding the negotiations over the work that needs doing? Or
should I expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit
of hindsight!)

Thanks for any advice
Dave.

If the houses are selling so quickly why accept this offer? You have a
simple choice reduce the price as asked and hope that this purchase then
proceeds to completion quickly or refuse to reduce the price and see what
happens. If as you say yours is worth the selling price and the houses
are going quickly my inclination is to say no to the further reduction as
he has already had one bite at the cherry.

--
Regards
Tony
(Take out the garbage to reply)

"Tony Hogarty" wrote in message
newsan.2005.12.13.13.03.59.968781@tjhpropertygar bage.co.uk...

If the houses are selling so quickly why accept this offer? You have a
simple choice reduce the price as asked and hope that this purchase then
proceeds to completion quickly or refuse to reduce the price and see what
happens. If as you say yours is worth the selling price and the houses
are going quickly my inclination is to say no to the further reduction as
he has already had one bite at the cherry.

--
Regards
Tony
(Take out the garbage to reply)


Well we saw a house we liked and wanted to get in there. We made an offer
but it wasn't taken off the market until we had a serious buyer. Also there
was a quiet period of sales, it had picked up a lot since we accepted an
offer TBH!

On Tue, 13 Dec 2005 12:54:33 GMT, "Mingin" wrote:

Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

If it's a sellers market as you say then tell them to pay up the price
as agreed or find somewhere else. They will have already ****ed away
money on a survey and possibly the legal fees so I will cost them more
than you.

Bad time to be selling a house though!


--

Matt wrote:
On Tue, 13 Dec 2005 12:54:33 GMT, "Mingin" wrote:

Hi,

I am selling and have agreed a price with our buyers 2000 under the
asking price, the property is worth the asking price of 120,000 and
houses are going like hot cakes in our road (3 went up and sold over
last two weeks). Ours has been commented by estate agents as being
up at the top end of the condition of the houses in road so
definately worth the asking price. (ie double glazing / central
heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back
and 1100 worth of work needs doing, the buyers have (via solicitors)
asked for us to reduce the cost of the house by this amount to cover
the costs.

By accepting 2000 under the price have I put myself in a difficult
position regarding the negotiations over the work that needs doing?
Or should I expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then
simply reduce the price to pay for the work (but then we'd all like
the benefit of hindsight!)

If it's a sellers market as you say then tell them to pay up the price
as agreed or find somewhere else. They will have already ****ed away
money on a survey and possibly the legal fees so I will cost them more
than you.

I disagree, I'd put the price back up to the original 120k, bodge the repairs
so they don't 'flag' next time and wait for another buyer.

Mingin wrote:
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

Does the work *need* doing. Most surveys have some work that they recommend.


By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I

Only if you choose to. What's wrong with

"I've already reduced the price by 2K. No."

They can always come back with another offer if they want. If the houses
are selling like hot cakes then why reduce the price any more?

Ben

What works need doing? The surveyor takes the price it is selling as a
"fair market value", so increase the asking price and tell the buyer to
get knotted.

As they have already paid the survey fee and possibly a few legal costs
they may be willing to stick to the price agreed. If 120k is really
the value then they are getting it cheap(ish) anyway.

Mingin wrote:
I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

How much did the other houses go for, compared to your asking price? How
long have you been trying to sell your house for?


However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

Do these prices seem reasonable?


By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

I don't think so - the decision is really up to the buyer.


With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

Has the possible buyer incurred any cost so far? If so, they will
probably be loath to drop out for less than 1% of the price. They
may be trying the reverse of the "a little extra would be nice"
tactic used sometimes when selling at a reduced price.

"Chris Bacon" wrote in message
...
Mingin wrote:
I am selling and have agreed a price with our buyers 2000 under the
asking price, the property is worth the asking price of 120,000 and
houses are going like hot cakes in our road (3 went up and sold over last
two weeks). Ours has been commented by estate agents as being up at the
top end of the condition of the houses in road so definately worth the
asking price. (ie double glazing / central heating / new roof all within
4 years old)

How much did the other houses go for, compared to your asking price? How
long have you been trying to sell your house for?


However for a quick sale we accepted 118,000. The surveys came back and
1100 worth of work needs doing, the buyers have (via solicitors) asked
for us to reduce the cost of the house by this amount to cover the costs.

Do these prices seem reasonable?


Well without going into details (due to the public nature of usenet) - I
would argue about 400 quids worth of the work isn't essential (I've asked to
see the lenders reply to the surveys carried out)


By accepting 2000 under the price have I put myself in a difficult
position regarding the negotiations over the work that needs doing? Or
should I expect to have to reduce the cost further?

I don't think so - the decision is really up to the buyer.


With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit
of hindsight!)

Has the possible buyer incurred any cost so far? If so, they will
probably be loath to drop out for less than 1% of the price. They
may be trying the reverse of the "a little extra would be nice"
tactic used sometimes when selling at a reduced price.

I don't know this for certain I'm afraid, although I have my suspicions that
they haven't spent much yet.

I'm thinking that I will say I won't reduce the costs any further and see
what they say.

On Tue, 13 Dec 2005 12:54:33 GMT, "Mingin" wrote:

Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

If houses are indeed "selling like hot cakes" give them until the end
of the week to accept £118,000 or you'll look for another buyer
elsewhere.

You have the upper hand at the end of the day. Don't budge any
further.

sponix

In article ,
Mingin wrote:
I am selling and have agreed a price with our buyers 2000 under the
asking price, the property is worth the asking price of 120,000 and
houses are going like hot cakes in our road (3 went up and sold over
last two weeks). Ours has been commented by estate agents as being up
at the top end of the condition of the houses in road so definately
worth the asking price. (ie double glazing / central heating / new roof
all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and
1100 worth of work needs doing, the buyers have (via solicitors) asked
for us to reduce the cost of the house by this amount to cover the
costs.

By accepting 2000 under the price have I put myself in a difficult
position regarding the negotiations over the work that needs doing? Or
should I expect to have to reduce the cost further?

If the prospective buyers have gone as far as getting a survey which threw
up these points they're serious buyers. So 1100 quid is neither hear nor
there. You've already reduced for a quick sale so bluff them out.

--
*Why doesn't Tarzan have a beard? *

Dave Plowman London SW
To e-mail, change noise into sound.

Mingin wrote:
I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are

Out of interest, what part of the country do you live in? I recently
bought a one-bedroom flat for that much :|

alex

"Alex" wrote in message
...
Mingin wrote:
I am selling and have agreed a price with our buyers 2000 under the
asking price, the property is worth the asking price of 120,000 and
houses are

Out of interest, what part of the country do you live in? I recently
bought a one-bedroom flat for that much :|

alex

Hi,

In the Midlands, i'd prefer not to give specifics just in case the buyers
read this. (paranoia!)

Alex wrote in message
...
Mingin wrote:
I am selling and have agreed a price with our buyers 2000 under the
asking
price, the property is worth the asking price of 120,000 and houses are

Out of interest, what part of the country do you live in? I recently
bought a one-bedroom flat for that much :|

alex

Huh, my brother recently sold a lock-up Single garage for that amount.


-

"Mingin" wrote in message
k...
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and
1100 worth of work needs doing, the buyers have (via solicitors) asked for
us to reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult
position regarding the negotiations over the work that needs doing? Or
should I expect to have to reduce the cost further?

Why on earth should you have put yourself in a difficult position? Just say
no.

The only reason for not saying no is that you think you might have
difficulty finding another buyer. You have already told us that's not the
case. There is no obligation (moral or otherwise) to drop the price at all.
I wouldn't personally raise the price again having made an agreement as I
(rather old-fashioned I know) regard a [wo]man's word as their bond but
reducing it further would be going too far!

A flat "no" is much more effective than a "well, I 'm not sure" as well, so
don't leave any ambiguity!


--
Bob Mannix
(anti-spam is as easy as 1-2-3 - not)

"Bob Mannix" wrote in message
...


A flat "no" is much more effective than a "well, I 'm not sure" as well,
so don't leave any ambiguity!



Thanks, the general concensus seems to be I'd be nuts to reduce the price
any further so a flat "no" is the answer they will get!

Cheers all!

On Tue, 13 Dec 2005 12:54:33 GMT, "Mingin" wrote:

Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

Thanks for any advice
Dave.


You say that you have "accepted 180,000" Is this just verbal or has
their written offer been accepted? Was their offer "subject to
satisfactory survey?"

BeeJay wrote in message ...
On Tue, 13 Dec 2005 12:54:33 GMT, "Mingin" wrote:

Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and
1100
worth of work needs doing, the buyers have (via solicitors) asked for us
to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult
position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit
of
hindsight!)

Thanks for any advice
Dave.


You say that you have "accepted 180,000" Is this just verbal or has
their written offer been accepted? Was their offer "subject to
satisfactory survey?"

Wouldn't make any difference as "subject to satisfactory survey" means they
can withdraw their offer (which they have already done, as would be their
right). A new offer £1100 cheaper is a new offer and the seller can just say
no. Never start arguing the toss over words - it's a new offer, you don't
like it, you don't think you will be disadvantaged, say no not maybe!


--
Bob Mannix
(anti-spam is as easy as 1-2-3 - not)

Mingin wrote:
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

Just BTDT...

Presuming this is a normal transaction in England or Wales, their offer
of 118k will have been "subject to survey" and your acceptance "subject
to contract", so everything is still negotiable.

Unless you want to go back on your acceptance of 118k (which I believe
you're legally allowed to at this stage, though IANAL), you're only
actually negotiating about the additional 1100.

A surveyor will always find something that needs doing, so you should
ask for a copy of the relevant parts of the report so you can see
exactly what he said. Try to place each item of work somewhere on a
scale running from "structural and urgent" all the way down to "he
cannot be serious!"

For example, on our 80-year-old property the surveyor found one item of
non-urgent remedial work that was a fair cop, so we decided we should
pay for it. But dig your heels in about things the that surveyor found
but the buyers already knew about - they should have taken those into
account in the initial offer.

Having identified your strong and weak points, negotiate accordingly...
but remember that these building-related issues aren't everything. It
could be worth making concessions here in order to get more of your own
way about something else - especially the timing of the move.

And having come to an agreement, get the contracts exchanged PDQ to nail
it down!


--
Ian White

The message
from "Mingin" contains these words:

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back
and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

It depends how desperate you are to sell but if anyone tried that on me
I would tell them to **** off and put the house back on the market at
the original asking price, or even a bit higher so there was some
negotiating leeway with the next buyer. If your original buyer is
actually really keen he would then have to increase his offer.

--
Roger Chapman

Mingin wrote:

Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000.

But you didnt get a quick sale. In fact you got more delay & hassle.

Unless there were some reason I needed to move out desperately fast, ie
a very brief buying opportuntity I couldnt say no to, I'd tell them
thankyou for your offer, the answer is no, and will remain no. I'd also
add I'm going to put the property back on the market, and do so. If
they want it at 118 theyll jump. If they dont, you wont waste any more
time.


NT

Mingin wrote:
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

Thanks for any advice
Dave.


To be fair, they are probably just trying it on to get a better price,
they almost certainly expect you to say no (I certainly would!).

Mike

In message , Mingin
writes
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

Thanks for any advice
Dave.

If it was me, and I was sure of the market around me, (having given them
a chance), I would tell them that I was putting it back on the market,
and do so! I would also tell them that if they wish to buy it, they
could have it for £118,000, but that I wouldnt take it off the market
until they can show me an unconditional mortgage offer, and their
solicitor can confirm that he has received unconditional mortgage
instructions and a local search he/she is happy with.

If I got another offer, I would proceed with it and, if/when the first
people were able to satisfy my terms, I would consider the position at
the time.

--
Richard Faulkner

In message , Mingin
writes
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

If it were me, I'd tell them that the reason you agreed to a lower price
was because you knew there was a bit of work needed doing and could they
make a quick decision as several other people had expressed an interest

--
geoff

In article ,
Mingin wrote:
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

"I'm happy to do that. If you're offering us 120,000-1,100=118,900 then I'm
pleased to go ahead with that deal. I'll still offer you the 118,00 if you
prefer ..."

--
John Cartmell john@ followed by finnybank.com 0845 006 8822
Qercus magazine FAX +44 (0)8700-519-527 www.finnybank.com
Qercus - the best guide to RISC OS computing

In article , Mingin
writes
Hi,

I am selling and have agreed a price with our buyers 2000 under the asking
price, the property is worth the asking price of 120,000 and houses are
going like hot cakes in our road (3 went up and sold over last two weeks).
Ours has been commented by estate agents as being up at the top end of the
condition of the houses in road so definately worth the asking price. (ie
double glazing / central heating / new roof all within 4 years old)

However for a quick sale we accepted 118,000. The surveys came back and 1100
worth of work needs doing, the buyers have (via solicitors) asked for us to
reduce the cost of the house by this amount to cover the costs.

By accepting 2000 under the price have I put myself in a difficult position
regarding the negotiations over the work that needs doing? Or should I
expect to have to reduce the cost further?

With hindsight I could have held out for the asking price and then simply
reduce the price to pay for the work (but then we'd all like the benefit of
hindsight!)

Thanks for any advice
Dave.


Yes, we had buyers who said a very similar thing after the survey, we
told them we had taken that into account when we set the price.
--
David