House sale/electrics check

[SJRSJR]

Hi. Am in the process of selling my mother's house. It was built in 1960 and has never been re-wired. It's a 3 bedroom terrace.

The surveyor called me to clarify some points and mentioned it was a 'sound little house'. The buyer went ahead with the purchase but just as we were close to exchange, she asked us to drop the price to cover some minor points. Our solicitor said she was chancing it so we declined as we'd already accepted her offer at 10% below the asking price. She now says she wants to get the gas and electric checked, which is fair enough but she could have done that earlier. I'm expecting her to come back wanting to knock the price down for re-wiring.

Before we put it up for sale we had been thinking about renting it out so we had the gas and electric inspected last year. We had a new CU installed and have provided the certificate. Due to the age of the house he said the lighting circuit wasn't earthed and that tenants should be told not to change the fittings to metal, but otherwise it was in good condition.

Would the buyer's inspection be the same kind of inspection that we had and would that help me justify a refusal if she asks for more off? Thanks.

 

[EFLImpudence]

You don't have to justify anything.

Tell them the asking price is/was for the house as it is and they have already had 10% off and you have accepted their offer.

It depends how desperate you are to sell.

 

[securespark]

Wot he said....

You have not hidden anything, you have shown the cert to the buyer.

They are just fishing for more of a bargain but 10% sounds like a decent drop in the Smoke anyway, so hold out for a sale!

 

[JohnW2]

You don't have to justify anything. Tell them the asking price is/was for the house as it is and they have already had 10% off and you have accepted their offer.

I agree totally. I've been through similar situations many times, and my attitude is always the same. In your position, I would tell the prospective buyer that she is very welcome to have any inspections/surveys undertaken (at her own cost) but would, as EFLI says, make it very clear that the asking price (and, in your case, already 10% off that!!) takes into account the fact that the house is being sold 'as is' and that there is absolutely no way that you are going to entertain any attempts to reduce the price further on the basis of the results of her inspections/surveys.

Kind Regards, John

 

[ban-all-sheds]

She now says she wants to get the gas and electric checked, which is fair enough but she could have done that earlier.

No she couldn't, because her plan always was to wait until late in the cycle, when you, emotionally, consider the house sold, so that she increases her chances of pushing you into a reduction so as not to lose the sale.

What JohnW2 said was a good summary. Stand up to her. If you do lose this buyer, there'll be another one soon, and you'll probably get more.

 

[SJRSJR]

Thanks all, was hoping you'd say that.

 

[securespark]

You're in London, say no more!

Sit tight, no worries.

 

[phatboy]

Do report back with what happens in the end!

 

[SJRSJR]

My mother's house is up north, her whole street could be bought for the price of a London house!

 

[JohnW2]

My mother's house is up north, her whole street could be bought for the price of a London house!

That reminds me of when, about 35 or so years ago, we were looking for a house. We were looking for a decent sized house in the 'south-east' or 'south midlands' but, despite instructions, Estate Agents (who seem only to notice the size of one's budget!) were sending us particulars of properties all over the country. One confused us, since, although it was in the upper part of our price range, it appeared to be just a small terraced house/cottage in Cornwall. When we read more carefully, it emerged that what was being sold (for the price of a SE house) was a terrace of about a dozen houses!

Kind Regards, John

 

[sparkwright]

As hinted at, you say the price of the house is slightly low to allow for the cost of a rewire.

Heard that rubbish so often, but works every time.

 

[ban-all-sheds]

As hinted at, you say the price of the house is slightly low to allow for the cost of a rewire.

I'd advise not saying that, because that will look like an admission that he knows the house needs rewiring.

The thing to say is "It's lower because you made an offer below the asking price, which we accepted. We will not be accepting an even lower offer. We go ahead with the current offer, or the house goes back on the market."

 

[conny]

As hinted at, you say the price of the house is slightly low to allow for the cost of a rewire.

I'd advise not saying that, because that will look like an admission that he knows the house needs rewiring.

The thing to say is "It's lower because you made an offer below the asking price, which we accepted. We will not be accepting an even lower offer. We go ahead with the current offer, or the house goes back on the market."

Which is basically what I said to my buyer.
24 hours before completion she said she wanted the roof and chimney stack inspected as she wasn't sure that it was watertight. I told her to go ahead and get it inspected at her cost but I would not be reducing the price as I had already accepted her offer, which was below market price.
She said if it needed work doing then she would either offer a lower price or pull out if I didn't agree. I told her she had till 10.00am the next morning to make a decision after which time I would put it back on the market at full value as I was not that desparate to sell. She phoned her solicitor at 9.00am to complete at the original agreed price.
(And yes, the roof is watertight! )

 

[JohnW2]

I told her she had till 10.00am the next morning to make a decision after which time I would put it back on the market at full value as I was not that desparate to sell. She phoned her solicitor at 9.00am to complete at the original agreed price.

We need Punch and Judy here, 'cos "that's the way to do it" . Well done, and I'm glad it all worked out for you!

Kind Regards, John

 

[SJRSJR]

As an update, they haven't had the electrics inspected yet because as her electrician hasn't been able to fit it in. She told me it'd take a couple of hours, is that about right? It's a small 3 bed terrace, no more than 10 sockets in the house.

Am attaching the certificate we got when we changed the CU last year and were thinking of letting it. Does it only cover the CU? I don't want to be unreasonable or defensive as I know they should satisfy themselves about the electrics but should I be pushing them to accept this as proof of the condition of the electrics or could her electrician be doing something more comprehensive? Thanks.
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