cpoh1 wrote: » Absolutely spot on, ive said it here many times Surveys will always find something and they are very "covey my own ass" due to the Irish litigation culture. You will need to distill through the items that are quirks with the house and things that need fixing asap as safety/structural - subsidence, burst pipes, roof defects, electrical/wiring safety issues etc. You should get a second opinion on the €40k figure if you really have your heart set on this house, and as easy as it is for people to say walk away they are not the ones who want to buy the house!
davo10 wrote: » As it looks like you will miss out on this one OP, I think you should remember something in future, surveyors work for you, you employ them to find faults and they always find them no matter how new or old the house is, no matter how well built it is, there will always be faults with the survey. What you have to weigh up is how important these faults are (for instance when you buy a house built in the 60's it may not be wired/plumbed/insulated to today's standards). If 10 buyers have the same house surveyed, you are likely to get 10 different reports so sellers will usually swot away reduced bids based on a "bad survey". If the faults are dangerous then of course they would need to be remedied immediately or if the house is subsiding/pyrite effected then you know the faults can't be overcome, but a boiler that isn't working or windows that aren't triple glazed or an attic that isn't insulated arent big defects, they are just not the standards accepted as the norm today.
Stressedms wrote: » Update on events, we dropped our offer to 660 based on survey. It has been rejected outright by both the solicitor and the estate agent (who we are avoiding). They are looking for the full 700k and to know by tomorrow otherwise it goes back on the market.
seamus wrote: » The sums here are actually pretty simple. You take whatever you think the house is worth. Let's say €700k. Then you subtract the estimated cost of essential repairs, plus 10% for ancillary decorative work plus 15% again contingency costs and various fees. This works out about €57k (when you include VAT). You also won't be able to live in the property while the work is going on. So you're either going to have to rent for this period, or if you hold onto your current property you'll be paying a bridging loan for this period. There's a big chunk of work to be done, let's say 6 months @ €2k rent/loan per month. €12k in total. That's €69k before you can even live in this property. So you have two options: 1. Make a revised offer of €630k or less. Put it in writing along with your calculations, attach a photocopy of the surveyor's report and make that price your absolute ceiling. Be clear and firm that you will not be offering more than that. If they refuse, walk away. If you allow yourself to be convinced to pay more, then you will be throwing your money away. 2. Walk away. You haven't signed contracts. You have no reason to be "nice" about it, but you can say that the surveyor's report has proven the house is a wreck and you have no interest in spending time renovating the house. You're an adult with a budget of at least €700k. Don't let yourself be bullied. This is a business transaction. There is no such thing as the perfect house. Many houses are just as suitable for you as this one, and come with less baggage and cost. It's very easy for people to get really attached when looking at houses and invested in the dream, but by and large these people end up way overpaying and regretting it when they find the house isn't the panacea they thought it was, or they get their heart broken when they don't land the house.
Stressedms wrote: » Hi I could really do with some advice. We went sale agreed after a very stressful process with estate agent. He hadn't gotten back to us before going sale agreed despite our offer being higher. When we found out we were very upset. I phoned and complained he didn't know who I was and when I asked price agreed he said 'no less than 650k no more than the asking €695'. We rang days later and said we wanted a chance to bid he told us he'd only do it if we we went to 700k, asked him the price at present and he refused. We feel he bullied us to 700 and from his early words suspect the offer was region of 650's. We have just gotten a survey that's not good news we need 40k plus vat to do 'essential' repairs as house while advertised as renovated is an old house that had been covered up and structurally needs a lot of work. We now can't afford this house at price he pushed us to. We now think he pushed us this high as we suspect previous bidders were trying to drop their price after survey. Question is do we drop back to 660k? Or do we risk losing house (we're trying to cut agent out as he's mean). We figure from the agents earlier comments that house got in the 650's which means 660 is still higher, but we can hold back some money to do basics . Thanks so much
The_Conductor wrote: » Until you have signed contracts- either party can walk away. From what you have said here- at very least I'd be offering a revised offer to take into account what the survey has unearthed- but most probably I'd be walking..........
Stressedms wrote: » we're trying to cut agent out as he's mean
