Survey came back with issues..what next?

[muckymurphy 10]

I can see that this could be the case but feel it best to get everything checked out first.

 

However, we contacted the agents and they said the vendors believe the house is worth more than several different agencies said it was. The agent thinks that they will just refuse our requests for quotes or re-negotation based on the quotes...still waiting to hear back...

 

owner wants the highest price they can get. (higher)

agent selling wants a quick sale. (lower)

both will tell you about the queue of people wanting to buy (gazumping).

the valuer and mortgage company will decide the price- both of their values (internet) based on recent sales in that street -even if was 10 years ago.

these people must realise by now that they have an idiot in tow -desperately trying to part with their cash and buy their house, so they are going to get as much as they can.

you can try offering them double what they want (which i am sure they will accept)! but unless you have ready cash, you will not get the mortgage.

this house probably has more issues than have been spotted so far. why buy a dream home if it is going to become a nightmare prison?

there is good advice given on this forum but when given to fools it is often wasted.

heed it!

FOOLS RUSH IN WHERE ANGELS FEAR TO TREAD.

Edited January 6, 2010 by muckymurphy
spelling

[perplexed 10]

It's a good point, the survey on my house said that it needed a new roof, the old one is still fine 9 years later. It also said a full rewire, nothing's apparently wrong with the electrics though.

I think some of it, they just put down to cover their own backs.

 

True. I've experienced surveyors basically finding nothing, but having to come up with something to justify their not inconsiderable fees...Buyer gets something to clout the vendor with, and gets a nice warm feeling and says "phew Muriel, good job we got that fella to have a look, who knows what we'd have bought..."

 

I'm not saying that's the case here, but it is something to be wary of. The surveyor is working for the purchasor, and if he provides information which can be used to lower the price, then he's "pleasing" his "employer".

[Puplet 10]

owner wants the highest price they can get. (higher)

agent selling wants a quick sale. (lower)

both will tell you about the queue of people wanting to buy (gazumping).

the valuer and mortgage company will decide the price- both of their values (internet) based on recent sales in that street -even if was 10 years ago.

these people must realise by now that they have an idiot in tow -desperately trying to part with their cash and buy their house, so they are going to get as much as they can.

you can try offering them double what they want (which i am sure they will accept)! but unless you have ready cash, you will not get the mortgage.

this house probably has more issues than have been spotted so far. why buy a dream home if it is going to become a nightmare prison?

there is good advice given on this forum but when given to fools it is often wasted.

heed it!

FOOLS RUSH IN WHERE ANGELS FEAR TO TREAD.

 

 

 

Asking for advice would insinuate that I am not an idiot nor that I want to rush without getting things checked out!

 

We have two ears and one mouth so that we can listen twice as much as we speak. ~Epictetus

[Puplet 10]

True. I've experienced surveyors basically finding nothing, but having to come up with something to justify their not inconsiderable fees...Buyer gets something to clout the vendor with, and gets a nice warm feeling and says "phew Muriel, good job we got that fella to have a look, who knows what we'd have bought..."

 

I'm not saying that's the case here, but it is something to be wary of. The surveyor is working for the purchasor, and if he provides information which can be used to lower the price, then he's "pleasing" his "employer".

 

Totally agree, if any quotes or inspections came back and said actually...things aren't really that bad its just £500 or so then Id accept that and not hassle the vendors. But, its probably best not to proceed without getting things checked if they have, for whatever reason, come up on the survey report.

[Akrasia 10]

Different vendors will respond to requests to renegotiate in different ways. Work out what the property's worth to you, in light of the survey, and adjust your offer accordingly. If the vendors will sell it to you for that, proceed. If they won't, pull out.

 

I was in a similar situation to you before Christmas: had had an offer accepted, but then the survey identified ~£15k's worth of problems (in addition to those that I already knew about, which had been priced into my offer). Fixing these would have been a condition of the mortgage.

 

I initially asked the vendors to meet 75% of the cost of these, then 50%. Why I was so generous I don't know; defects with the vendors' property are the vendors' problem, not the buyer's. In the end we couldn't reach an agreement, so I walked away, and am now buying another property with fewer problems.

 

On the other hand, my parents were selling a property with similar problems at the same time. When the survey identified these, they agreed to meet the full cost of the repairs, and their sale completed just before Christmas.

[Puplet 10]

Thanks for letting me know HarrietStar, thats really helpful. At the moment they are still 'considering' whatever that means...

[jonno77 10]

I would take the surveyors report with a pinch of salt - it is their livelihood and they air on the side of caution so no comeback. So if you like the house don't let this unduly put you off. Get a quote from a builder and see if the the vendor will accept this deducted from your offer. I agree with an earlier comment that you saw the state of the roof when offering so you can't expect to be able to reduce your offer by the cost of a new roof but just the vents. But then again it is a buyer's market but you could risk aggravating the vendor.

 

We were selling and the survey came back with problems, things like checking the electrics were under urgent. We had a builder and a sparkie in that were working on a house we were doing up and they couldn't believe how alarmist the survey was. The purchaser got some exhorbiant quotes and the sale fell through.

 

Subsequently we had another purchaser and their survey raised similar things. The purchasers got another builder in and he agreed that the majority of stuff in the survey was not not warranted and the sale progressed.

 

Ultimately you've just got to weigh up how much you like the house and is it really worth losing haggling over say £500. Alternatively don't haggle but say you expect the fixtrue and fittings to be included now at no extra cost.

[Puplet 10]

Thanks Jonno, the estate agent has told us something similar. However, the vendor is considering whether to allow access for quotes at the moment so...waiting to hear anything to consider how much we are actually talking about.

[HarrietStar 10]

it's all very well saying take the survey with a pinch of salt, but unfortunately the mortgage company generally takes it seriously and ours refused to lend us the original amount we agreed, they were only happy when we agreed a discount to account for the survey.

[Cyclone 10]

Unless the surveyor also says that the property is worth less than the asking price the mortgage lender wouldn't generally be interested.

[Puplet 10]

Exactly what has been said to us by the lenders, they are only interested in the value part of the survey to lend

[HarrietStar 10]

So if the value is less than what you've agreed, the vendors need to either do the work so that the value is increased (obviously that will require a revised survey) or agree to a lower price so that the price matches the value and the mortgage company is happy. We did the second one as it seemed the easiest and our vendors agreed.