Renegotiating before exchange
I’ve offered on a house that has the potential to be a dream home (after a lot of expensive, time consuming, and intrusive work). I overpaid a little (I paid 5% more than almost the same house sold for last year in the development, and it was sold after being marketed for 2 years). it’s a probate property.
since then however survey has revealed a lot of issues, high subsidence risk, DPC bridged, air bricks covered (patio needs lowering), dual boiler setup one of which is vented (15 years old, on last leg), walls full of holes because of accessibility, and some quite serious cowboy jobs around the house. it needs a full reskimming potentially plasterboards replacing. it’s 50 years old, wiring condition is unknown (executors don’t know much about the house), roof original. it needs 30-50k spending even if diy.
since february in the area prices have been asolutely hammered, the ratio is 2:2:1 of properties reduced, added, and sold which is a heavy buyers market, and previously watched properties fallen down to prices it’s hard to ignore even though they don’t have the same potential as this one.
how do I go about this? morals aside, money is money, they would have asked me to increase my offer too if someone came with a bigger offer. there are tens of thousands of differences here for which I have to save years, and if the market is leaning to my direction, I would be a fool not to take the opportunity. should I explain them all the above, so try to explain the logic behind it, or the estate agent knows, so I just give them the new number?
we are at the stage where everything is pretty much ready, solicitors just clarifying enquiries between themselves, exchange would be this month I assume.