Gazundering

nicjp

So I thought i had a buyer, price agreed, survey done and the valuation on the survey is the same as the offer made by my buyer. This morning she has come back to say that she wants 15k off due to the survey. Is it me or is that completely mad? Any ideas?

pawpurrs

Sorry to hear that, what did the survey actually say was wrong with the house? Or was it just the normal surveyor covering his back clauses, saying check electrics, woodworm etc.

nicjp

Estate agent said the survey is good and thinks she is playing games. I'm waiting for some more feedback, she was supposed to be coming to measure up this evening, all very strange.

p00hsticks

Depends on exactly what the survey says and how far your original pricing took into account any work that might need doing

In my experience sometimes surveys say something like ' it needs this, this and this done, and our valuation is based on these things being corrected..', in which case she MIGHT have a case. If I was in your position, I'd ask her to show you the survey to see exactly what it says - if shes citing that as a reason for asking for the reduction then she shouldn't have problem with letting you see what is said to demonstrate her case......

pawpurrs

I would ask on what basis she is asking for a reduction, if something major came up, like a whole new roof, thats one thing. But she needs to show you some evidence.
If she pulls out, do you have any other interested parties? How long have you been trying to sell?

nicjp

thanks for the comments. Its a 1980's purpose built flat with new bathroom and kitchen, nothing that could in my view warrant a huge reduction, which is what's puzzling me. I will ask about the survey but when i had mine done on purchasing most of the issues raised then we have fixed over the time i've lived here. I'll see what else is in the survey.

mustang1

If her survey doesn't show any genuine repairs needed then she is probably just trying it on to get a last minute price chip. She may feel that she has you over a barrell if you are close to exchanging and that you won't want to walk away from the deal.

Call her bluff - ask to see her survey and justification for the price chip and if she can't give you this then tell her to get lost (this is hopefully on the basis that she will then come crawling back!!)

Does depend really on how long you've been trying to sell and how much for - what percentage of your sale price is 15k?

nicjp

she made the offer after the flat had been on the market for a couple of weeks, this was 5 weeks ago now. 15k is just under 10% and she already offered 4% below a realistic asking price. So in all honesty i think i can walk away for now and see what happens. I won't be out of pocket, just have to go back to that keeping everything super neat and tidy again :-(

themanbearpig

So your flat has sold for about £150k, and she wants it for £135k.
Do you think you can sell is quickly for the same price, or are you just going to have to accept about £135k in a few months?

Remember after the peak spring/summer season, the market always dies, and prices will have to fall again.

Gwhiz

The buyer will be on here soon asking "I think I offered too much for a flat, do you think I can get another £15K off if I blame the survey?"

ShelleyC_2

It maybe that the valuation has come in at 135 she may not be able to get a mortgage on the 150.

But she may just be pushing it as she thinks prices are going to drop further and you'll give in as you want the sale