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  • FIRST POST
    • anode_seller
    • By anode_seller 16th Jun 17, 8:01 AM
    • 13Posts
    • 3Thanks
    anode_seller
    Buyer wants to reduce price based on homebuyer report - yet another thread
    • #1
    • 16th Jun 17, 8:01 AM
    Buyer wants to reduce price based on homebuyer report - yet another thread 16th Jun 17 at 8:01 AM
    Hi

    We are in process of selling our house, which is around 55 years old.

    Potential buyers are FTB
    My house had 5 viewings in May and these buyers were the only one offering the asking price
    They have strong financials and should get mortgage offer in the next couple of days.

    Buyers have told the estate agent that the valuation has come at the asking price.

    When viewing, they asked estate agent about when was the property last re-wired and we (me + estate agent) didn't give any year but just mentioned that wiring was checked 6 years ago. Buyer is mentioning if they had received a direct response to their question on when the property was last rewired, then they would not have made an offer without asking for upgrade to the wiring.

    Homebuyer report mentions that property should be re-wired immediately else there is high risk of fire. Everything else including gas, water, external walls is perfect on the homebuyer report. Only electric wiring is the issue highlighted.

    We have been living here for over 15 years with no electrical related incident.

    Buyer has obtained quotations of £2700 for rewiring and wants us to contribute 50% to the cost. At minimum, buyer wants us to pay for the Electrical Conditions Report which will cost me £225.

    Are these demands fair and reasonable, given that valuation has come at the agreed price?
Page 2
    • Blakey74
    • By Blakey74 16th Jun 17, 2:33 PM
    • 15 Posts
    • 7 Thanks
    Blakey74
    The issues were unforeseen at the time of offer and its not a surprise that the buyers are looking for a reduction.

    You have to decide whether you believe that if you put it back on market you would get the same price or more plus not get the same issues at the next survey.

    The buyer will also have to consider that they have paid money for the survey plus in likely solicitors fees which will be lost if they pull out.

    It may be worth getting someone qualified in and agreeing to split the difference if issues are found.
    • anode_seller
    • By anode_seller 16th Jun 17, 2:40 PM
    • 13 Posts
    • 3 Thanks
    anode_seller
    You have to decide whether you believe that if you put it back on market you would get the same price or more plus not get the same issues at the next survey.
    I am assuming that any other buyer will want a HomeBuyer survey done and if the current surveyor found an issue with the electrics, the next one also will.

    Based on all the comments on this thread and advise from other sellers, I am deciding to go for a EICR (at my cost) and will see from there.

    If the EICR highlights no major issue that require immediate fixing, then the buyer can s**k up.
    • martindow
    • By martindow 17th Jun 17, 11:38 AM
    • 7,038 Posts
    • 3,883 Thanks
    martindow
    Have you asked to see this report yet? Like the others I would be amazed if a homebuyer's report said anything more than saying it should be checked by an electrician as they are a building surveyor and are not qualified to comment on electrics.

    I wonder if the report values it at the sale price?

    If these buyers won't show it to you, you can assume they have exaggerated the comment.
    • parking_question_chap
    • By parking_question_chap 17th Jun 17, 11:49 AM
    • 1,257 Posts
    • 1,010 Thanks
    parking_question_chap
    How desirable is your house at the previously agreed price? did it sell quickly?

    Imo, if there are load of houses like yours on the market I would negotiate. If its the kind of house that doesnt come on very often and was fairly priced, tell them you will not budge.

    If they have fabricated the wording on the statement, I would not negotiate, they are likely to be a pain.
    • Crashy Time
    • By Crashy Time 17th Jun 17, 2:03 PM
    • 4,247 Posts
    • 1,988 Thanks
    Crashy Time
    It`s just an excuse, they are having cold feet about paying too much, or even buying at all. Call their bluff, give them the reduction.
    • anode_seller
    • By anode_seller 17th Jun 17, 7:06 PM
    • 13 Posts
    • 3 Thanks
    anode_seller
    Have you asked to see this report yet?
    Yes. They have promised to send the relevant section on Monday. A copy paste of the text and also a screenshot to confirm they have not made the text up. Waiting for Monday....

    How desirable is your house at the previously agreed price? did it sell quickly?
    My house had 5 viewings in May and these buyers were the only one offering the asking price

    Call their bluff, give them the reduction.
    I would rather get the EICR report done and then if the report is good, refuse a reduction of even a penny.
    • swingaloo
    • By swingaloo 17th Jun 17, 8:05 PM
    • 1,708 Posts
    • 3,042 Thanks
    swingaloo
    Is it really worth losing a sale for £1300? Most buyers try to get a bit of a knockdown for one reason or another.

    If you let these buyers go then you may not get the asking price next time.
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