Put holding deposit on this property. Did build And pest. Raised some queries with the build and sent it to the agent. The agent forwarded tot he vendor solicitor and maybe vendor. I'm sure the agent won't help the vendor here but I hope I can get a better price. Last contact with agent was I told him to speak to the vendor and come back to me. If successful for a price reduction.. What are the next steps? New contract of sale?
Renegotiating price under cooling off..next steps
- Thread starter r3ckless
- Start date
If it's the kind of stuff that every house of that age has - such as paint needing repair, maybe a bit of rust in gutters, worn carpet, old HWS units and other things that building inspectors highlight that one should expect anyway - then my view as both a vendor and purchaser is that all those things should have been assumed and taken into account in the purchase price.
If you've discovered, however, that there is a huge termite infestation eroding the joists, or that the whole structure is unapproved, then if they don't agree to a significant price reduction then you should cool off.
You haven't given enough information for me to know whether you're in this category or not - so if not, it's not directed at you and apologies if this sounds rude
- but my point is that I think it's both rude and a bit delusional to enter into an unconditional contract to purchase with a $1-2K penalty for cooling off, and expect the buyer to reduce the price for things that cost, say, $800 to remedy, or for a laundry list of $100 jobs.
The purpose of a B&P inspection is not to ensure you're buying a pristine house rather than an ordinary house, but to give you security that you're buying a house with no major problems.
People trying to renegotiate after B&P in order to make the ordinary house a pristine one just **** me off no end as a vendor, and erode all goodwill. Assume that every house you every buy needs up to $2K in repairs, and take that into account in your offer, and don't get pissy over missing door stops and chipped paint.
</RANT>
And again, if this is not your situation, apologies if rant misdirected. I don't know your situation, so am directing this more at readers generally than you personally.
If you've discovered, however, that there is a huge termite infestation eroding the joists, or that the whole structure is unapproved, then if they don't agree to a significant price reduction then you should cool off.
You haven't given enough information for me to know whether you're in this category or not - so if not, it's not directed at you and apologies if this sounds rude
- but my point is that I think it's both rude and a bit delusional to enter into an unconditional contract to purchase with a $1-2K penalty for cooling off, and expect the buyer to reduce the price for things that cost, say, $800 to remedy, or for a laundry list of $100 jobs. The purpose of a B&P inspection is not to ensure you're buying a pristine house rather than an ordinary house, but to give you security that you're buying a house with no major problems.
People trying to renegotiate after B&P in order to make the ordinary house a pristine one just **** me off no end as a vendor, and erode all goodwill. Assume that every house you every buy needs up to $2K in repairs, and take that into account in your offer, and don't get pissy over missing door stops and chipped paint.
</RANT>
And again, if this is not your situation, apologies if rant misdirected. I don't know your situation, so am directing this more at readers generally than you personally.
It is really between the solicitor's the agents job is done, any further negotiations shouldn't be done with the agent as you are bringing a 3rd party to a contract.
The agent may help or assist if they choose but even if you get an agreement they will need to change your CoS which only the solicitors can do.
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