Offer: Accepted.

octatonic

richardhomer said:

octatonic;23785" said:

Yes, we are looking at this now.

Grandmother/eggs on my part! Apologies...

Don't worry, I didn't take it badly.

We did get into a bidding war so I'm sure the agent will suck in their teeth and say 'Well, the vendor will probably go with one of the other offers' but I'm always prepared to walk away if needs be.

Obviously that sets it up for the same thing to happen to our place- in some ways I'd rather pay what we've offered on the place we're moving to but absolutely refuse to budge on the price we've been offered for our place.

That puts the responsibility back on the agent to do the work to keep the deal together.

If they come back to me later with our buyer asking less I can say 'Well if we reduce our sale price then we need a corresponding reduction in the place we are buying- because of XXX work needed'. I've already been rumbling about how much extra work it needs so they won't be surprised by this.

It is an elaborate dance.

We're doing the sums now- not just on what it will cost to fix up, but also where we think this place will go in terms of resale in 3-4 years time. It makes not a lot of sense to me to lose a £100k profit by quibbling over £10k now and losing a sale.

It all depends on the dynamic, the agent, the buyer's position and our position/mood.

Can you tell I love it?

[Deleted User]

octatonic;23802" said:

Can you tell I love it?

Yes-and I take your point about taking a longer term view of future value.

That said, agents don't usually like deals falling through and their client is selling a property with a sufficiently big issue that many buyers would be deterred by it.

The fact that you are not concerned about it makes you the ideal buyer for the house. The agent should have an appreciation of that and be making sure the seller 'gets' this also.

octatonic

richardhomer said:

octatonic;23802" said:

Can you tell I love it?

Yes-and I take your point about taking a longer term view of future value.

That said, agents don't usually like deals falling through and their client is selling a property with a sufficiently big issue that many buyers would be deterred by it.

The fact that you are not concerned about it makes you the ideal buyer for the house. The agent should have an appreciation of that and be making sure the seller 'gets' this also.

Yup- agree with you here.

Also if this falls through for them they lose two sales.

We won't sell ours if we don't move into the one we offered on.

I made that clear from the outset- so they really have to keep us happy.

octatonic

Well, what a difference 48 hours makes.

After speaking to our builder and getting a cost of works, including the structural stuff, it just doesn't make sense to buy it at the price they are asking.

I reckon to make money in 2-3 years it would have to be £50k cheaper.

Going to speak to the agent tomorrow but I'm 99% sure we're going to pull out.

Disappointing, but not as disappointing as frittering away the money we've made from the place we're in on a house that won't recoup in the short to medium term, especially given the covenants in the charges register.

I think it is a property for someone willing to stay in it for 5-10 years, which isn't us.

Oh well- we have a lovely home at the moment so nothing is lost.

[Deleted User]

A 'project' only makes sense if the figures work. I have a friend who has made serious money out of renovations over the years and is absolutely dispassionate about walking away from those that don't add up. His rule of thumb is that you should never factor inflation into the outcome - just incase it doesn't transpire. I accept in the London market that this may not apply, as gains are probably more predictable.

As I previously acknowledged, you clearly know what you are doing but the agent needs to advise the seller appropriately. These issues will affect any future purchaser and the vendor saying 'no' to a revised offer may simply be a matter of them deferring having to accept reality. It would be a shame if your investment in time, survey/legal costs simply paves the way for a subsequent buyer to secure the deal you are after.

I recommend fully disclosing your survey and quotations to the agent in order to strengthen your case (including allowing them to take copies to provide to their client - though not to any future buyer, if the sale falls through).

I would be happy to advise further if you want to PM me.

dindude

Admit it, it was all a ruse just to show us your nice house

octatonic

LOL- I wish it was- we're about £1000-1500 down in costs so far- all for nothing.

chillidoggy

What a pisser.

octatonic

Ok the deed is done.

We're staying put for 2-3 more years and then moving to the Cotswolds once I'm finished my degree. 

No more looking at rightmove, I promise.

chillidoggy

Best stick to the far-eastern bondage pornography, then.

octatonic

chillidoggy said:

Best stick to the far-eastern bondage pornography, then.

Obvs.