Negotiating after having bought a place..

Experience_day

Is it possible?

Mortgage wasn't as much as I hoped, so I reckon I'm around 5k short. Would I be likely to have much luck negotiating it off, or would YOU tell me to do one?

First time buyer so this is all new to me...

JimsAlterEgo

Experience_day wrote: »

Is it possible?

Mortgage wasn't as much as I hoped, so I reckon I'm around 5k short. Would I be likely to have much luck negotiating it off, or would YOU tell me to do one?

First time buyer so this is all new to me...

Were you the only interested party or was there a bidding war?

mickdw

Get survey done and drop price based on survey report as there will surely be something of interest in it.
That would be pretty standard whereas dropping now for no reason would make you look like someone who is not a serious buyer.

MarkAnthony

You've not bought it then?

It really does matter where you are in the process to give you any sort of informed answer.

ted1

Why did you bid so high if you couldn't afford it?

did you have Mortgage in Principal from the bank?

cpoh1

mickdw wrote: »

Get survey done and drop price based on survey report as there will surely be something of interest in it.
That would be pretty standard whereas dropping now for no reason would make you look like someone who is not a serious buyer.

Personally think this is brutal behaviour from buyers - unless you are buying a brand new build a house will have issues. This is why you bid with your eyes open and do your research before wasting peoples time.

ted1

mickdw wrote: »

Get survey done and drop price based on survey report as there will surely be something of interest in it.
That would be pretty standard whereas dropping now for no reason would make you look like someone who is not a serious buyer.

No it wouldn't be, would you expect a 30 year old car to be fault free?
If you agree a price you pay the price agreed. Unless there is something significant wrong

An old house will have poor Windows , insulation the boiler will be years old ,etc these are not used to lower the price as they are expected in an old house

MarkAnthony

Meh on the survey - it is abused but there are also very genuine issues that affect price that only come to light at that point.

Experience_day

I had some unforseen bills to help family. This didn't help. Bank didn't give full 3.5x mortgage so that didn't help. House requires more work than initially thought. The survey came up good, but its got work that needs to be done...

I've been approved by the bank for the mortgage for the place so quite far along...

In terms of changing your mind or asking for a change in price, you're nowhere along until you've signed a contract with the seller. Has the bank done their valuation yet?

If you can't honour the offer you made, you should at least let the vendor have your new offer ASAP.

I'd say you would need to be looking for the loan of 5k of family etc as the seller is more than likely not going to be interested in dropping the price by 5k.

handlemaster

Experience_day wrote: »

I had some unforseen bills to help family. This didn't help. Bank didn't give full 3.5x mortgage so that didn't help. House requires more work than initially thought. The survey came up good, but its got work that needs to be done...

I've been approved by the bank for the mortgage for the place so quite far along...

Im sure the vendor would like to know you dont have the cash to buy so they can put the property back on the market. It must be very frustrating dealing with buyers like this. I suggest be honest say you can afford X and move on if they dont except it. The OP has to understand this wasting of time costs the seller money.

December2012

Have you signed the contracts? If not you can pull out of the purchase.

April 73

I can't understand people who bid on houses & go sale agreed without having a firm offer of a mortgage amount. Bad form.

ted1

handlemaster wrote: »

Im sure the vendor would like to know you dont have the cash to buy so they can put the property back on the market. It must be very frustrating dealing with buyers like this. I suggest be honest say you can afford X and move on if they dont except it. The OP has to understand this wasting of time costs the seller money.

It's <MOD SNIP > like the OP why Estate agents look for proof of funds

MarkAnthony

April 73 wrote: »

I can't understand people who bid on houses & go sale agreed without having a firm offer of a mortgage amount. Bad form.

ted1 wrote: »

It's <MOD SNIP >like the OP why Estate agents look for proof of funds

Stupid Irish system as usual. This crap doesn't happen in Scotland. I've no idea why we can't adopt their system.

Peregrinus

Experience_day wrote: »

Is it possible?

Mortgage wasn't as much as I hoped, so I reckon I'm around 5k short. Would I be likely to have much luck negotiating it off, or would YOU tell me to do one?

First time buyer so this is all new to me...

You say you've bought the place. But . . .

1. Have you signed a contract? Or

2. Were you the successful bidder at an auction?

If neither of these things has happened then you haven't bought the place. You are free to negotiate on anything you like, but you may lose the house if the seller doesn't like what you are proposing. He is still free to sell it to anyone else, or not to sell it at all.

If the place has been sold to you at auction then you have bought it. You are free to negotiate with the seller to change the terms of the sale, but good luck with that. There is no reason why he should agree to any change that is disadvantageous to him. He can enforce the sale against you on its present terms, if he wishes.

If you have signed a contract, then it crucially depends on what it says in the contract. Contracts will typically provide that the sale is subject to mortgage approval, or subject to satisfactory survey, or both. If that is the case you can go back and negotiate new terms if you don't get mortgage approval, or if you don't get a satisfactory survey. Again, you run the risk of losing the house.