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Can I revise my offer by 10k?


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Hi, 

 

I am looking for some advice and would be grateful if anyone has any experience with this! We are first time buyers and have offered 146K for a property with an asking price of 140K. We had a building survey completed which included extensive works (22K estimate) and a valuation of 135K. We have received independent quotes for: 

- Replacement of a gas back boiler 

-Complete rewiring and new consumer unit to the property

- Timber joist replacements and installing a DPC on the ground floor. 

 

The total costs of these works are 13K alone. We are thinking of revising our offer to 135K to match the surveyors valuation, but, being first time buyers, aren't sure if it's appropriate to revise an offer based on the issues above.  We put our offer in based on the property being ready to move in only to find out extensive works are required.  

 

Any help would be greatly appreciated! 

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Yes you can revise your offer as its usually 'subject to a satisfactory survey' as well as the valuation given your mortgage will be base on the valuation - the seller may or may not agree so you need to be prepared for them to walk away - though they may equally negotiate and ask to meet half way etc 

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I’d start at the 22k, you have a professional report to back this up, then when you eventually go 50/50 your £1k better than you initial £10k.

the work required makes those bits new, your offer is for a used/lived in house. Probably fair that you therefore pay for som of the betterment, which you could then possibly delay.

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  • 2 weeks later...
On 3/28/2021 at 4:45 PM, laura186 said:

The total costs of these works are 13K alone. We are thinking of revising our offer to 135K to match the surveyors valuation, but, being first time buyers, aren't sure if it's appropriate to revise an offer based on the issues above.  We put our offer in based on the property being ready to move in only to find out extensive works are required.  

Definitely revise your offer to £135k to match the valuation. 

I would be weary about asking for a £22k discount, because you asking to buy the price for less than your own valuation. You wish annoying the seller and killing the deal
 

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