Survey came back with issues..what next?

[feccers 10]

Hi, Im a first time buyer so any advice would be greatly appreciated. We recently had an offer accepted on a house (just below the asking price) but the survey came back today with several serious issues on it.

 

1) Roof problems, mostly that vents will need to be put into the roof as mould was discovered on the timbers and it has said budgeting for a new roof should be considered.

 

2) Damp-proof course failure in areas on the ground floor.

 

3) Repointing of a select area at the side of the property.

 

So...does anybody know what happens next?

Is it likely that the vendor will take responsibility for the repairs?

Will we have to get quotes and start to renegotiate the price?

If the vendor refuses to budge in any way is it best to pull out?

 

Thanks for the help!!

[Grandad.Malky 11]

As I see it you have 3 options :-

 

Get them to do the repairs

 

Knock the price down to reflect the repairs and get them done them yourself ( at least you would know they were done properly)

 

Walk away

[feccers 10]

Has anyone had any experience negotating when in this sort of position and what did you do?

[neeeeeeeeeek 10]

How big is the house? how much is the house? How much do you want it??

 

If you were going to put in an offer then take another 10k off what you wanted to pay to cover the costs.

 

Be aware that they might not be in a hurry to sell so could just wait for someone who did not do a full survey, a lot depends on hwo much you want the house.

[Aries22 10]

I would make another offer at a lower price, so that you can do the repairs yourself. If that is refused, walk away, or they may come back in a short time if nobody else has made an offer. There is usually plenty of houses for sale in Kiveton, or surrounding area's

[feccers 10]

it was nearly 135k we had 134500 accepted in the end after a very trying 'negotiation' and its a terrace. We know they have already bought somewhere elsewhere and, like us, are ready to move.

 

We really like the house but would need money off it to cover repairs if they werent willing to do them but like you said I suspect they will refuse to budge after the way they were about the price so we will have to just accept that and walk away

[muckymurphy 10]

Hi, Im a first time buyer so any advice would be greatly appreciated. We recently had an offer accepted on a house (just below the asking price) but the survey came back today with several serious issues on it.

 

1) Roof problems, mostly that vents will need to be put into the roof as mould was discovered on the timbers and it has said budgeting for a new roof should be considered.

 

2) Damp-proof course failure in areas on the ground floor.

 

3) Repointing of a select area at the side of the property.

 

So...does anybody know what happens next?

Is it likely that the vendor will take responsibility for the repairs?

Will we have to get quotes and start to renegotiate the price?

If the vendor refuses to budge in any way is it best to pull out?

 

Thanks for the help!!

 

 

the seller is selling so he will not be spending money on repairs.

if you are taking out a mortgage on this house, your lender may refuse when they have seen the survey as they have to be sure the house is worth the money and that if they need to repossess the house in the future, they can sell the house to get their money back that they lent to you.

the house should have a HIP (home information pack) by law, which should give you more info about the house.

if you are getting a mortgage, you will need life insurance.

also, you will need to get buildings (and contents) insurance which could be difficult if the house has unresolved issues.

your surveyor is possibly a good start when estimating the cost of repairs.

find out what similar properties in the same street have been selling for - deduct cost of repairs and this will give you and idea of what to offer for the property. your lender will have a valuation done before they lend you the money.

if the seller then refuses your revised offer. GO ELSEWHERE.

hope this helps.

[Grandad.Malky 11]

If they are arguing over 500 quid they are hardly likely to pay thousands for a new roof and damp course

[Cyclone 10]

Just show them a copy of the report, and ask them to either get the work done or discount the price.

If they are waiting to move then you're the one in the stronger position now, after all you can still walk away.

[feccers 10]

If they are arguing over 500 quid they are hardly likely to pay thousands for a new roof and damp course

 

That was our thinking but I will try with the discount price or get it fixed routes first. The report is very clear as it will be for anyone else that came after us and put an offer in.

 

But...like others have said perhaps they will just wait it out for someone to come along and not bother with a survey. The mortgage people only care about the valuation part which it passed so this is now about what it will cost us and how able we would be to sell it on in the future.

[neeeeeeeeeek 10]

They might be unaware that those things need doing so if you can get a couple of quotes for all the work and make them an offer. If you walk away they might loose their new house and the next buyer will probably get the same report. If they won't budge then you must really want the house to basically add 5-10k to the asking price!

[feccers 10]

By all accounts they have already bought their new place but thats not really our issue. Will get quotes like you said and go from there but I dont think id be prepared to overpay on a property.

 

Thanks for the advice everyone