Arrgghh!!

pors99

Our buyer has had a the mortgage buyers survey done and has highlighted 2 minor points that need to be addresed. contatcted a B/S who has looked a beleives that theese are indeed minor and in no way affect the structure of the house. Indeed the report says no repairs needed no report or structual engineer needed either. But she said that she wants these repairs done before exchange. She has had her mortgage approved for the accepted bid on the house if changes done then the house price in the statement would rise accordingly. Iam i missing somthing here would a company approve a mortgage on a property which need repairs?As the person is FTB she is understanderbly cautious, would it be wise to ask her to come and view the property and explain to her about the alterations? she has been around befroe and measured up!thanks in advance!

morg_monster

no my view would be, if you weren't already aware of the minor repairs that were needed, then the buyer wasn't aware and so the price you agreed upon assumed repairs weren't needed. yes we can quibble about how minor is minor etc, but i would think that arguably the price should be dropped by cost of the repairs if they are not done, rather than rising by cost of repairs if they are done.
if she already knew about them when she made her offer, then that is a different kettle of fish.

if they are only minor, and she sounds like a good buyer, then I would either get them done and keep the price the same, or get a couple of quotes and agree to drop the price by that amount, even it is a small amount. to be honest in the current housing situation you don't want to lose her even if it does mean going above and beyond what would usually be reasonable. but yes the idea to get in touch with her and explain they are small minor jobs might also help settle her mind on doing them herself, FTBs can be understandably skittish.

housesitter

Yes. I would explain the situation to her but be prepared to fix them yourself and take the hit.

If as you say they are minor then I'd assume the costs wont be too high and quite honestly taking the hit verses losing your buyer is a sensible way forward.